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  #1  
Old 12-31-2009, 12:47 AM
pdxexpert79 pdxexpert79 is offline
 
Join Date: Dec 2007
State: Oregon
Professional Status: Licensed Appraiser
Posts: 11
Default Company or start a shop?

I am going to be taking my state license exam in the upcoming week. I have been an assistant for a while. Now with the new management company requirements and people are now on a rotation, it seems you will get the same amount of orders whether your working for someone or on your own if you're smart about getting on lists. The difference is ones a split? Now I understand there are costs and hassle involved with ones own shop but given the little overhead I am torn between the two? Originally I planned to wait a couple years and get my name established but given the circumstances I don't know if thats necessary? Is anyone familiar with the difficulty of getting on these lists as a "newby", I anticipate some trouble but hopefully not all. Does anyone have advice as to what approach to take starting out and what to expect? I think given the changes its more debatable than ever. Ideally I would like to partner up with someone sharing a small office space and feed off eachother w/ ideas and issues as each one still has their own name. That would seem like the most logical set up today. Any ideas or thoughts to my best approach would be appreciated?
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  #2  
Old 12-31-2009, 12:54 AM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 17,265
Default

Quote:
Originally Posted by appraisaltrainee44 View Post
I am going to be taking my state license exam in the upcoming week. I have been an assistant for a while. Now with the new management company requirements and people are now on a rotation, it seems you will get the same amount of orders whether your working for someone or on your own if you're smart about getting on lists. The difference is ones a split? Now I understand there are costs and hassle involved with ones own shop but given the little overhead I am torn between the two? Originally I planned to wait a couple years and get my name established but given the circumstances I don't know if thats necessary? Is anyone familiar with the difficulty of getting on these lists as a "newby", I anticipate some trouble but hopefully not all. Does anyone have advice as to what approach to take starting out and what to expect? I think given the changes its more debatable than ever. Ideally I would like to partner up with someone sharing a small office space and feed off eachother w/ ideas and issues as each one still has their own name. That would seem like the most logical set up today. Any ideas or thoughts to my best approach would be appreciated?
So, you have been trained by an appraiser, and will take your test soon and now you want to leave your mentor to become his/her competition?

Do you think you owe anything to your mentor?
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  #3  
Old 12-31-2009, 01:15 AM
pdxexpert79 pdxexpert79 is offline
 
Join Date: Dec 2007
State: Oregon
Professional Status: Licensed Appraiser
Posts: 11
Default

Hi Tim, thanks for response. Great point, it was a rough time when i first got started and nobody was hiring. I completly agree and that was important for me to relay to him at that time. Although I will say, since than I've grown familiar with the set up there and where things are at. He has 2 appraisers already working for him, they are not even keeping busy enough. The office hasn't shown signs of growth and he seems very content with where things are at now. I also sense the appraisers will not be enthusiastic of me barging in on what is already a up and down flow of orders. I've brought it up to him at times that I may need to find more work due to the lack of at times. He has been receptive to that and I really don't sense urgency or diar need of me being there. He has already made out very nice with my help there with a minimal salary and less hours for him (not that I'm complaining its part of the gig). We get orders in that can be re-assigned if an appraiser is not available as long as they are on the approved list. I will maintain that relationship and be on call for him if or when I may be needed. I'm not one to burn bridges and relationships are everything in the business.
  #4  
Old 12-31-2009, 02:00 PM
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Happy Val Happy Val is offline
 
Join Date: Oct 2008
Location: At my house
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 197
Default

My advise is to stay with the guy that trained you. You'll be a better appraiser for it. Nothing makes a better appraiser than time on teh job and support from those more experienced around you.

Good luck
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Last edited by Happy Val : 12-31-2009 at 02:16 PM.
  #5  
Old 01-16-2010, 01:05 PM
firstchoiceappraisal firstchoiceappraisal is offline
 
Join Date: Feb 2009
Location: Portland
State: Oregon
Professional Status: Appraisal Management Company
Posts: 456
Default

Trainee - you need to stay with your mentor longer than 1-2 years. We have an appraiser who just passed his 5 years with us. We've watched his ability and confidence blossom in the last 6 months. My husband stayed with his mentor for 11 years before we started our company.

On average, the difference in the quality between someone who works with an experienced appraiser for a long time vs one who just gets licensed and goes out on their own is dramatic.

It's one thing that we look at when an appraiser applies to the panel, how long they have been licensed, how long they stayed with their mentor and who their mentor was.
.
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Last edited by firstchoiceappraisal : 01-16-2010 at 01:06 PM. Reason: Removed last sentence because it made no sense.
  #6  
Old 01-16-2010, 04:20 PM
PLCG PLCG is offline
 
Join Date: Jul 2006
State: Pennsylvania
Professional Status: Certified General Appraiser
Posts: 823
Default

If you are comfortable working with your mentor, why don't you work out a fair fee split for business you bring in?

p.s. Hope all went well and you are now licensed!
  #7  
Old 01-25-2010, 12:12 AM
Golfman Golfman is offline
 
Join Date: Jul 2008
State: Oregon
Professional Status: Licensed Appraiser
Posts: 3
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Are you just getting state licensed and not certified? That would be a big mistake. If you are getting certified you can do FHA work. FirstChoice's response is comical to me. I have applied to over 50 AMCs. Most don't care about your experience. It's the piece of paper and your fee. I agree with the advice about staying with an experienced appraiser for a while. My wife and I started our business about 5 years ago. You will be confronted with difficult assignments and you will have many questions. It is totally different being on your own. I would suggest a 6 month period with your mentor when you see properties on your own. You will find that talking with UWs and doing addendums that it is totally different when it's YOUR license on the line and not your mentor's. Good Luck.
  #8  
Old 01-25-2010, 04:08 PM
firstchoiceappraisal firstchoiceappraisal is offline
 
Join Date: Feb 2009
Location: Portland
State: Oregon
Professional Status: Appraisal Management Company
Posts: 456
Default

Golfman - you're correct. Most AMCs don't care about your experience...that's why the current system is trash!

We do care about it...but we are only a small AMC with 2 smaller clients compared to the big guys of the world.

As far as licensing...my experience is that unless you work with a Certified appraiser, a lot of AMCs (including us) won't accept your application because of the client's needs to switch to FHA at a lower cost to the borrower. The only workaround we found was to have the Licensed appraiser have a Certified who will switch to FHA for the reduced fee...thus working for a certified.

I hate that they (FHA & HUD) are discriminating against a large group of appraisers, some who are vastly more competent than a majority of those "Certified".
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  #9  
Old 01-26-2010, 09:58 PM
hettiem hettiem is offline
 
Join Date: Sep 2007
Location: Medford, Oregon
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 74
Default

As an appraiser who had to venture out on her own after being licenssed I can atest that it is not easy starting your own shop. The support system of having other appraisers is helpful. Also, there is a lot that goes into running hte business portion that has nothing to do with appraising. You need to be able to have about 20 balls in the air at once. This alone is worth paying a split. Alos, you may want to check which AMCs would sign on an appraiser who has not been fully licesned for a period of time. Most require two years fully licensed. THe ones that do not be wary of, the pay very little have extreme time constraints without care to how complex a situation may be. With attentionon AMC's most appear to be somewhat more picky with who they are hiring. I really encourage you to stay with your mentor or at the very least extensively research what it takes to start a new business and if it is even a possibility of getting work
  #10  
Old 02-01-2010, 12:05 PM
OregonArcher OregonArcher is offline
 
Join Date: Mar 2003
Location: Springfield OR
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 63
Default Newbie coming in?

Well, I'll be honest, trying to start your own shop, with the business environment we are in now is asking for fast bankruptcy on your part. Right now and in the coming future, we're all seeing less, and less work to go around, and less and less fee as well. Its dead out there, and when the $8000 tax credit sunsets purchases will most likely slow down too.

My advice. Do yourself a favor, and us seasoned Appraisers already in the business. Stick with the place you at, and be glad for whatever fee split you can negotiate, and whatever work your thrown. Stick with the shop your at, get Certified in another 2200 hours, 2.5 years, and then think about going out and setting up shop.

The ONLY advantage of having your own shop is you get all the fee. But ALL the expenses too, and al the headaches with the ups and downs in this biz.

A S-L-O-W time like we're in now is DEFINITELY NOT the time to go out on your own and hang a shingle as an appraiser.
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