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Getting an SRA

Discussion in 'General Appraisal Discussion' started by zdfenton, Oct 15, 2010.

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  1. zdfenton

    zdfenton Junior Member

    Nov 13, 2008
    Professional Status:
    Certified General Appraiser
    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
  2. leelansford

    leelansford Elite Member

    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser

    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.
  3. Restrain

    Restrain Elite Member

    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    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.
  4. DonRico

    DonRico Member

    Nov 26, 2002
    Professional Status:
    Certified General Appraiser
    South Carolina
    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.
  5. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    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.
  6. Riick

    Riick Elite Member

    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    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.

  7. Michigander

    Michigander Senior Member

    Oct 23, 2003
    Professional Status:
    Certified Residential Appraiser
    That has been precisely my experience as well.

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

    Doug Meyer Senior Member

    Sep 13, 2003
    Professional Status:
    Certified Residential Appraiser
    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).
  9. Elliott

    Elliott Elite Member

    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    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.
  10. rijman

    rijman Junior Member

    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    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.
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