Newbie interested in an appraisal career.

[Bob Ipock]

Locate 10 appraisers in your area. Contact all of them and ask if they are taking on a trainee or plan to in the near future. You would not get good news in my county.

 

[FL Man]

Yep, that's my next step. I wanted to at least learn a little before I started making contact. Which this forum has provided. Thank you.

 

[Michigan CG]

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.

Not even close. One report a day at $400 = $2,000/week or $100,000/year gross. I think most appraisers average about seven a week +/- in cookie-cutter world.

 

[bnmappraisal]

I've had a few inquiries over the past few years from newbies wanting to see a "day in the life"

Although I was not, and am not, looking for a trainee, I was glad to set up a day for them to see (partially) what goes into an assignment

I had them go with me on an inspection (each time it was a vacant property - I would not bring them to an occupied property)
I explained what I was doing regarding measuring, walking through the property - what I'm looking at and notating - photos, looking at the surroundings/neighborhood
Obviously this inspection took WAY longer than my normal one does, but I made the time and factored that in

I did have one person who met me at my office. With that person I did go over the preparation I do before an inspection and then went over the post inspection; showed them MLS, etc

So even if an appraiser is not willing to take on a trainee at this time, they may be willing to have you sit/visit with them
It may not hurt to offer to "buy them lunch" or "pay them for their time" ... Personally I did not/will not take compensation for the above mentioned, but that's just my personal business model. But offering that may help you get the attention of other appraisers in your area

FWIW, I am strictly RES. Good luck

 

[bnmappraisal]

Not even close. One report a day at $400 = $2,000/week or $100,000/year gross. I think most appraisers average about seven a week +/- in cookie-cutter world.

C'mon MCG, the OP had quoted a "median" salary

Yes, 1/day x 5 days x ... at $400/report is $100k

But you and I know that's not the "median" for all appraisers

What do you typically post? I know I'm paraphrasing, but roughly, RES avg/median is $50-70k and COMM avg/median $90-110k? Am I wrong?

 

[bnmappraisal]

The OP even said they may take on AMC work

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.

So run those numbers a little differently
AMC RES work ... $250/report x 5/wk x 50 weeks = $62,500 gross
AMC RES work ... $350/report x 5/wk x 50 weeks = $87,500 gross

 

[Michigan CG]

But you and I know that's not the "median" for all appraisers........

$300 x seven a week is $2,100/week.

$70k per year for residential includes assessors. Most of them around here make $60k but their assistant assessors are at $15-$20/hour.

 

[Joe Flacco]

If you gross $100k then your adjusted gross income is probably in the ballpark of $70k-$80k.

 

[Joe Flacco]

$100k revenue = $80k net business income = $55k adjusted gross income.

Probably something like that.

 

[FL Man]

Thanks guys. Those numbers are encouraging. I make about $55k now plus pretty good benefits. I'm just completely burnt out and would like to make at least that doing something new.

I imagine the commercial world has a lot less volume than residential just based on how many houses I see versus businesses. How many commercial appraisals per week would you say is the norm? If a norm even exists.