Commercial real estate is amid a historic reset.

In a few short years, the industry felt the shock of a pandemic that emptied offices, the pain of inflation that supercharged expenses, and the distress of interest rate hikes that clogged capital flows. As CRE searches for its footing, the role of appraisers to help determine property values has taken on new meaning.

But the appraisal industry has problems of its own. An evaporating talent pipeline and accusations that the industry contributes to racial discrimination in housing are two major issues. Perhaps the most glaring challenge, however, is the industry's relationship with the body with the power to write its rules: The Appraisal Foundation, or TAF.

As Bisnow reporters Sasha Jones, Ryan Wangman and Matt Wasielewski found over the course of a four-month investigation, TAF's secretive practices, questionable moneymaking tactics and recent moves to distance itself from its regulator have appraisers on high alert.

“They are not leaders. They are their own silo in the valuation industry,” Jonathan Miller, the CEO of appraisal firm Miller Samuel and an outspoken TAF critic, told Bisnow. “It has severely damaged the public trust of the appraisal industry, something that they're responsible for.”

— Molly Armbrister, Bisnow West Coast Editor