Getting an SRA

[zdfenton]

I know this thread has been done before, but I'm considering acquiring an SRA, and wanted to ask the SRA's out there if they think its worth the cost (almost $2,500 when I added up all the classes and fees).

Thanks in advance for your comments

 

[Lee Lansford]

I know this thread has been done before, but I'm considering acquiring an SRA, and wanted to ask the SRA's out there if they think its worth the cost (almost $2,500 when I added up all the classes and fees).

Thanks in advance for your comments

As an obvious sign that you have risen above the pool of appraisers with the bare minimum (licensed issued by the state) of requirements and proficiency, the answer is definitely "yes".

At the end of the process, you will be a better appraiser for having qualified for the designation. Seriously.

In my experience, the benefits (financially and professionally) of professional affiliation outweigh the costs.

 

[Restrain]

The training would be worth it, in and of itself. As to whether it will "pay" for itself will depend on the market. A heavily saturated market, unless you want to do testimony, etc, probably not. If it's not heavily saturated, and you want to stand out, probably.

However, a lot will depend on what happens after Oct. 21. The appraisal market will change again, with the potential to move back to lenders, and away from AMCs. But whatever you do, if you want to move from basic residential appraisal, it can help. The biggie is the MAI, if you want a designation that gets people's attention.

 

[DonRico]

zd --

I recently joined AI, and I can tell you my thought process. As a Certified, you don't have to take the 2 Basic Procedures courses. You also have a big chunk of the 3000 hours of experience already.

There are 6 remaining courses in the SRA Track, all of them very interesting to a Residential Appraiser -- the Cost Approach, Statistics, and HBU in particular. Once you get into the Report Writing, and Case Studies you're on a roll.

I looked at it this way......you need to take Continuing Ed courses for the State anyway. Why not take the AI courses ?? My local chapter, Metro New Jersey is very pro-active in bringing in courses.

When you factor in the discount for members, I think your estimate of $2500 is on the high side. You also have to subtract the cost of your CE from whichever provider you have been using.

Lately, the AI has made some changes and they seem to recognize that there are more than just Commercial Appraisers in the world. The Residential Appraiser should look into the efforts the AI has made lately.

 

[Metamorphic]

Its more a question of what other options are there? If you want to or need to distinguish yourself from the herd of people with the exact same lincense as you there are not a lot of other choices.

For me it boiled down to 2 things. One simple, and one a larger ethical/philosophical issue.

1) I have to take classes any way, might as well take classes that will contribute to something besides my next renewal.

2) I believe its caustic to a person's soul to do unvalued work (see 90% of government agencies). Too often in appraising all our clients care about is a whether the deal goes through or no. The could care less about truly understanding the property or the real market value. I know for myself I would not be satisfied long term just feeding this system. Despite whatever financial rewards might be available issuing a long string of "thumbs-up" appraisals, I would not be happy doing that...ethical considerations aside. So I knew early on I wanted to work for clients that WANTED, NEEDED, MUST HAVE a quality, reliable product. Bottom line I want to work for people that WANT to read every word of the report. I think a SRA will help me cultivate that kind of client base. Hopefully I'll be able to turn in all my work for the designation in 2011 some time.

 

[Riick]

Though I've complained loudly about the AI, my SRA has clearly helped me get
business I would never have had otherwise, both with Lenders, and Attorneys.
In addition, as a "fraternity", it's also gotten me friendly receptions and entre to
data sources I needed, as well as a well-paid reviewer's job once.
Overall, it's paid for itself many many many times over.


.

 

[Michigander]

Though I've complained loudly about the AI, my SRA has clearly helped me get
business I would never have had otherwise, both with Lenders, and Attorneys.
In addition, as a "fraternity", it's also gotten me friendly receptions and entre to
data sources I needed, as well as a well-paid reviewer's job once.
Overall, it's paid for itself many many many times over.


.

That has been precisely my experience as well.

I also echo Restrains comments about the education alone being worth the investment.

 

[Doug Meyer]

Any professional designation is well worth the money. Meeting and working with other designated professionals is always a pleasure and helpful (when I need the help). Just remember there are other professional designations from other great groups that are also helpful with each other and are as professional as an SRA (unless your a certain moderator on this site).

 

[Elliott]

When I was very young, a girl friend suggested I'd be a good priest.
So I went to my priest and talked to him. He said, "Most people who
go into the priesthood feel they have a 'calling.' Do you think you have
that 'calling?' " I said, "No."

Getting a designation is a good question for appraisers to wrestle with.
The industry is not very structured and fee is probably the only selection
criteria that is being used by lenders and AMCs. So I'd say, if its part
of professional calling to be designated, then go for it. If your business
plan is to maximize your income, its probably not necessary.

 

[rijman]

I recently joined the AI and attended my first luncheon seminar yesterday, which was great. I was already committed to this path having thought about joining for years. The education and designation are well worth the effort and don't overlook the association with other professionals. I had two long time members tell me they thought the association with the other members was the most important part for them. I joined 19 years ago and walked away after the first year for a few reasons, but looking back I wish I had stayed. I'm interested in the SRA designation also.