In an age of instant access to unlimited sources of information, I find myself being more discerning over what is a true fact. It would be like watching Fox News and then flipping the channel to BBC America. The content and interpretation of information would be based on the same story, yet their presentation wildly different. So which source do you trust? The answer is simple - trust your instinct. An instinct based on review of lots of different sources filtered through your critical-thinking brain.
Critical thinking is a style of thought that questions assumptions. It is a way of deciding whether a claim is always true, sometimes true, partly true, or false. Critical thinking a great skill set for commercial real estate appraisers in many situations, especially with valuations issues with disparate information. However, I think the time is now for commercial appraisers to reevaluate how they create and deliver their product. Commercial appraisers need a strong defense to declining fees and the commoditization trend.
Critical thinking was beaten into my head at Jesuit High School. At first I did not appreciate it. The teacher would ask a question which I would correctly answer. Being quite proud of my success, I was then annoyed when the teacher asked, "that's the correct answer, but why is it the correct answer?" Huh? It took me years later to realize that the teacher was looking for a more thoughtful analysis of the answer, or that there might be multiple "correct" answers.
My teachers came to teach me that blindly believing other people's opinions is often a lazy path to gain insight to the world around you. You would learn "facts" but the teachers would challenge you to contemplate that life is fuzzy and often not black and white.
Critical thinking can require many things but most importantly:
- Recognize problems and find workable solutions
- Understand the importance of prioritization and problem solving sequencing
- Gather relevant information
- Interpret data, to appraise and evaluate evidence
- Test conclusions via a basis of wider experience
Many appraisers have large doses of skepticism in their DNA, sometimes a positive attribute but other times it can be an anchor that diminishes progressive thoughts. Critical thinking clarifies goals and examines assumptions. The colors of the spectrum are not limited to a black and white mind.
Are you willing to acknowledge and correct flaws in your thinking when it comes to improving how your appraisal product is created and delivered? At first I was not willing to look at myself in the mirror. But I slowly realized that not doing so caused more pain. I figured out it's much more productive to be eager to acquire and apply the best knowledge in our appraisal field.
Look for appraisal best practices wherever you find them, seek out gurus of appraisal automation and efficiencies, create roundtables with your peers, share ideas and methodologies, and find effective solutions to the challenges we face together. You are never too old to empower yourself, to invest in your future.
If you would like to join a discussion about this topic or Appraisal Best Practices contact Jeff Hicks.
