Trainee/Supervisor dynamics and finding a supervisor

[Michigan CG]

Let me know what tactics you have used/are utilizing to get these hours.

You want your HOURS. I would not be interested in hiring you.

 

[Overimprovement]

At this point in my life, I would not be interested in teaching anyone about real estate, or using software, etc. Anyone wanting me as supervisor would need to:

A) Have a very good knowledge of general real estate--have gone through at least two good real estate books.
B) Have a good knowledge of the residential appraisal process--again, having already taken the courses, or already having the knowledge
C) Have a copy (I think trial versions are available) of alamode (I would only work with someone fairly fluent in that).

My time with a trainee would need to be spend teaching how to appraise, not teaching what a setback is, what an easement or encroachment is, what metes and bounds vs government survey vs lot/block is, the ins and outs of home construction, etc. Those things can be learned outside a formal supervisor/trainee setting. I would want to help someone create a very good quality, well-supported report, not be a school teacher.

Now, that's just me, I am only one person, but I think some of principles might apply--we want to build a good appraiser, not teach someone about real estate, homebuilding, or form filling software.

Hope that helps!

 

[Dana-GigHarbor]

Be sure inform yourself about the realistic income potential of a residential appraiser in your area and the future outlook. Do not make a bad career decision. It can be a long road and for some it may not be worth it in some areas. At least not as a sole source of income. Appraisal is never like the classes. Not even close. Some adjustments can take hours to derive and the AMC dominated arena does not want to pay for that. I do not know much about the commercial side, but residential - no way. That said if you want to go commercial do that from the start. My experience of those around me shows that 9 out of 10 who say they will go commercial after residential never do. Once you have the trainee experience, you will probably not want to go through it again. Long, long hours and no to little pay for 2 years. Supervisor says jump you say how high. That's how it is since is it so difficult to find one. Sorry this post is a negative tone, but thats how it is here. When I was a trainee, I never made more than 14k in Philadelphia working 60+ hour weeks for a solid 2 years. I urge everyone I know who has expressed interest in this to look for something else. I don't know, maybe appraisal in your area is easier. Around here nothing is the same. Its not like you will gain many years of experience and a decade later be able to command higher fees either. The AMC model is about lowest price. Old heads with mid-life expenses cant compete with 19-year-olds who live at home with no expenses.

After all that if you still want a supervisor - they will most likely want you full time, they will work you to the bone and pay garbage. And you will be fortunate to have that supervisor. Sending emails will most likely be no use. Perhaps you can try the larger or staff appraisal firms in your area. Like someone else said make it clear you can offer value and approach a smaller or 1-person shop. Offer to do anything you can to help. Offer to work for free for the first 6-months then a gradual increase to 30% until you get certified. (I worked for free for 3-months when I started)

Appraisal can be a phone heavy thing. You must must must call agents brokers. Calling agents and brokers no mater much info in in the MLS is one of the most important steps and can really reveal new information. So many simply do not respond to emails and when appraising complex properties waiting for emails to be returned just is not efficient.

1. Gather all appraiser emails and addresses.
2. Make a marketing flyer (am MLS sheet for yourself). Take the guesswork out of it for the potential supervisor as most have not even been a supervisor. Provide your pay schedule on the sheet ( 0% 6 months, 15% months 6-9, 20% months 9-12, 30-35% months 13+) Bullet points of what you can offer: all data entry, full office support, prospecting local lenders, attorneys CPA';s for non-AMC business (be sure to state "non-AMC" - that gets attention)
3. snail mail and email flyer, resume and maybe short bio to all of number 1 above.
4. Attend an appraisal meeting. AI - or ASA or anything appraisal related and network network, network.
5. Call, not email, the appraisers who are in charge of the larger appraisal firms in your area. At a minimum you can ask if they know anyone you can contact.
6. This last one is out of the box, but can impress a potential supervisor. Assuming you have MSL access, Find a home that recently sold in a development with no or little comparable sales. Locate a potential comparable sale in another area that might need a location adjustment or GLA adjustment or whatever. Use MLS data to generate adjustments. Present your work in an excel sheet and write a brief description. While this is not an appraisal, it is you showing you can use data to derive a supported adjustment which would impress the hell out of me if I saw it from a potential trainee.

Hi - I appreciate your experiential advice and saved your 6-step list of reaching out to potential Supervisors.
Question: How may I download what appears to be two attachments to your post:
ADJUSTMENT DATA SHEET.pdf
EXHIBITS.pdf
I'm new to the forum so please let me know if there is a tip to accessing these attachments other than merely a click.
Thanks!

 

[Basically Rectangular]

If you want this to be your career, set your sights for a general appraisal license and look into the MAI certification. You don't need to go through all of that, but if you like tests and stress, I would go that route. I would apply to commercial appraisal firms and try and get on as a trainee. So many more doors are open with the general license, although you can still just do residential assignments if that is your cup of tea.

 

[Salty]

I thought you could just click on it. I guess not. Not sure. I posted images below. I do this sort of thing for all my adjustments every time. New adjustments for each report, unless I am in the same development. Just placing a number on the grid with no support is not an option in what I do. Below is also an example of why there are no such thing as 45-minute products in my office. If you produce something like that a potential supervisor might be impressed. I do not review many reports but the ones I do see never have anything more than a sentence as to how an adjustment was derived. In fact many I see just have an adjustment number with no explanation whatsoever. I believe actually showing it for the big ones shows competence, a quality product and keeps the reviewers off my back.

Keep in mind it might be very difficult to make a decent living producing quality output for AMC's due to there business model of lowest fee that places everyone on the same rung regardless of experience or quality.

Like someone else said. go commercial. Residential is a dead career. (I use the term career loosely) Don't do it. Worst career decision I made. 15 years later I still feel it was a mistake. The earnings are simply not there in my area for someone with my education and experience. All my colleagues I left behind in corporate when I decided to do this are significantly better off financially. This "career" has caused endless financial stress for my family and I. Sure I work from home and do what I want, but without the income what's the point.. At this life stage I would rather have a million in a 401k, solid medical coverage, 6 weeks vacation, and a house not in need of repairs that residential appraiser income does not quite cover. As I sit here now I am facing an endless barrage of emails for work that equates to minimum wage after costs, rising rates, little inventory for sales to appraise and despite what AMC's will tell the public, an oversupply of appraisers with many willing to work for low fees. Sorry guy - had to get all that off my chest while i am pumped with caffeine.

 

[Salty]

 

[Terrel L. Shields]

I was in RE for 5 years which is when I first considered appraisal

Your skill set is probably fine but I see this as a market peak and think the next couple of years will be rather challenging for appraisers...especially to enter the field.

 

[Timothy R]

Does it make sense to get a CR first on your way to getting a CG?

It seems like it might take longer, but they don’t seem mutually exclusive.

 

[Tiffany Gibbons]

Does it make sense to get a CR first on your way to getting a CG?

It seems like it might take longer, but they don’t seem mutually exclusive.

As someone who was a CR, then upgraded to CG, I would just go straight to CG. You can appraise whatever you feel like and only go through training once. You just need a mentor who does both residential and commercial. It is not mutually exclusive.

 

[George Hatch]

I nominally straddle both markets, even though I live in a large metro region. I *could* have chosen to spend my entire time appraising the big investment grade properties but TBH I just don't enjoy the work and I don't enjoy those client relationships. I have always preferred to work with the community-oriented properties and the lenders who do business therein. That puts me into a very broad spectrum of property types including the weird ones. I get referrals for SFRs on occasion, usually from other appraisers and other clients, and some of the land appraisals I do are for lots with HBU for one or more SFRs; so I still need to understand SFR appraising. I suppose you could call me a general practitioner, not a specialist.

AFAICT the property types I work with will still need human-performed appraisals long after the machine takes over most of the more typical properties among the SFRs and commercial properties.

Speaking strictly in terms of stability, I would say that unless you live/work in a large metro area that has enough non-res activity to commit to doing that full time that you might do better for yourself by learning both, starting with residential. With that said, better to be all-in for what you do than to make your decision based solely on the income. If you prefer doing 1-4s for the GSE pipelines then commit to doing that as best you can and you'll probably do fine for yourself over time; much better in some years and worse in others. Over time, it isn't how much you make that counts anyway; it's what you spend.

My opinion only.