Newbie interested in an appraisal career.

[FL Man]

It's tougher to obtain, but in the long run worth more than a res cert.

Copy that. I'm in this for the long run, next 20+ years.

 

[Doug Wegener]

Hello folks, first off just wanted to say thanks for having this forum and sharing information. I have learned a lot just from reading the threads here. I've been in my current career for 15 years and I'm looking to transition into something else in about 5 years from now. Real estate in general has been an interest of mine and specifically the area of appraising seems like something I would enjoy being a part of. The combination of field work and desk works seems like a good balance.

I don't want to drone on too much so I'll keep it short. Basically just wanted to introduce myself and I'll post some questions as they arise.

Thanks again,
Brett

I would not advise any young person to go into residential appraising

 

[FL Man]

What about a middle aged person?

 

[EddieB]

A lot would depend on your financial needs. You should expect very little in pay for several years. There are appraisal firms that may take on the brightest for the training period. I would recommend obtaining your general certification regardless if you go res or comm. Skimping on quality education and the highest quality of mentor ship is not a good recipe for success.

If you’re serious, I would recommend meeting with some reputable appraisers in your area as your first step.

Good luck!

 

[Salty]

I will reiterate that others have said. Do NOT go into residential only appraising. You will waste your prime earning years trying to eek out a living only to find your self even older looking for a new career yet again. This is not a joke. The numbers just do not work for residential only. The only way I see residential working is if you commit yourself to appraising the un-appraiseable. The ones with no comps. The ones so unique that even I run from them. Of course it takes years to be able to do that properly and that means years of sub-standard income. Go commercial. But before you do that be sure to research your area and get candid responses from commercial appraisers on the viability of the career.

 

[FL Man]

I appreciate it guys. Even though it's not really what I was hoping to hear.

Anyone start their own pressure washing business? Lol

 

[Michigan CG]

A lot of good advice above.

First of all I highly recommend taking all coursework through the Appraisal Institute. There is no better education out there.

I would not recommend trying to be the typical house appraiser. I would look for a mentor that has a wide variety of clients with as few AMC clients as possible and I would look for that mentor to have a CG license.

There is good appraisal work out there and the AMC world is not it. The new people now coming in will know only how it works in the AMC world of 48 hour turn times and low fees. There is a whole other world out there if one works hard to get that work but it takes time, energy and getting to know people.

The work can be rewarding and enjoyable if you come to the point where you can be picky with clients. I have a CG license and do a mixture of residential, farm and commercial. Clients include credit unions, ag lenders, small lenders and a couple regional lenders and no AMCs. My work this year will be over 50% private work that is a lot more flexible than lending work. I have multiple assignments scheduled for December fight now.

If you find a mentor that gives little training and within a week or two hands you a list of adjustments and has you writing reports that is the wrong mentor to have.

 

[Tom Woolford]

I'm finishing up my 34th year of residential appraising. Many have expressed an opinion RA is doomed. I disagree. There will always be a demand for specialty residential work. General lending sucks. Find a specialty or two and sell yourself, and you'll have a respectable income and not drive yourself completely crazy. Its not all about money: The wife and kids are just as, if not more, important.

 

[FL Man]

Thank you for those perspectives. Maybe I could do the crappy AMC work for a while while I still keep my full time job just to gain the experience and a few bucks. Then after a few years transition into something better. Figure someone has to do the undesirable jobs. Might as well be a newbie.

 

[FL Man]

So I've been curious about this since I started learning about an appraisal career. Do you guys think this is fairly accurate. Obviously, there are many factors at play but is it in the ballpark?


The median annual wage for appraisers and assessors of real estate was $54,980 in May 2018. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.