Slowdown?

[TerryRohrer]

SRA had more value 30 years ago.
I don't see it as valuable outside lending work. Otherwise, I would have gotten it.

If you have never had it, how could you possibly have the slightest idea of its value? Do you apply those same principles in your appraisals?

 

[Fernando]

If you have never had it, how could you possibly have the slightest idea of its value? Do you apply those same principles in your appraisals?

I know appraisers who had it. SRA worked well for them 30 years ago. Don't see value now.
However, if I was a commercial appraiser, I would get a MAI. AI really supports commercial appraisers better.

 

[glenn walker]

SRA had more value 30 years ago.
I don't see it as valuable outside lending work. Otherwise, I would have gotten it.

Agree it pretty much died after State licensing was enacted. After that banks and S & Ls quit asking for it.
When I managed a lender fee panel we did not want SRAs as most charged more and they were too high strung for Loan Production type of work. The same with the ASA designation today its not worth much in lender world. As far as Graduate Degree it needs to be utalized in a different profession. I also have a graduate degree but sometimes its better to not advertise it on your business cards as people wonder why you are doing residential appraisals. If you get your MAI or CG it would be a nice addition on your business cards advertzing etc.

 

[Fernando]

Agree it pretty much died after State licensing was enacted. After that banks and S & Ls quit asking for it.
When I managed a lender fee panel we did not want SRAs as most charged more and they were too high strung for Loan Production type of work. The same with the ASA designation today its not worth much in lender world. As far as Graduate Degree it needs to be utalized in a different profession. I also have a graduate degree but sometimes its better to not advertise it on your business cards as people wonder why you are doing residential appraisals. If you get your MAI or CG it would be a nice addition on your business cards advertzing etc.

Same with me. I have a Master degree and I only put it in my resume. I don't even put it on my business card.
I like to appraise residentials. Having a Master degree is irrelevant.

 

[J Grant]

I plan on obtaining SRA designation. I also earned an M.A. degree in economics which provides me with a little bit of an edge on my competition. I do not want to work for anyone. I used to work as a FCPA analyst and I did not enjoy being taken advantage of and used for my education and experience.

If you get an SRA it will put you above the rest. I never got one and did well but if I had to do over would have gotten it - a path to more bank and private work and source of referrals - good luck!

 

[J Grant]

Same with me. I have a Master degree and I only put it in my resume. I don't even put it on my business card.
I like to appraise residentials. Having a Master degree is irrelevant.

I have a masters degree too but in a different field so leave it off resume. College and advanced degrees do help wrt develop reasoning and I sold RE for 5 years which helped me understand markets

 

[Terrel L. Shields]

All a person can do in a downturn is generally to upgrade their skills, license, and to identify a niche and market it hoping for the best.

On the office level it might mean taking a part time job, or working for the government. Being super conservative with spending. And spend on shoe leather. I feel that the personal touch is absolutely necessary when expanding your market. Yes, you can expect to have a low percentage of 'hits' both in person and on line but both help. Getting your name out helps. Offer to give presentations to bankers on what problems you face and ask for feedback from them. Some of our conflicts with banks result from their rules clashing with the rules of USPAP.

Having a Master degree is irrelevant.

Sort of, but the 6.5 years I spent in college could be said to not have any direct application to appraising OTOH, a good education should make you more and fundamentally better at most any thing you do. It's not much of a sales pitch in a world full of MS degrees though.

 

[glenn walker]

If you get an SRA it will put you above the rest. I never got one and did well but if I had to do over would have gotten it - a path to more bank and private work and source of referrals - good luck!

A SRA may help in Private work although that mostly what I do and never been asked if I had one. But if it ups your education and skill set than by all means get one. Just dont become a school teacher get a PHD and expect to be called doctor LMAO

 

[glenn walker]

I have a masters degree too but in a different field so leave it off resume. College and advanced degrees do help wrt develop reasoning and I sold RE for 5 years which helped me understand markets

Looks like the Masters Degree has become the new High School Diploma . I Never encountered so many form filling UAD type people with Masters Degrees --Will we see PHD'S entering residential loan production work in year 2023 ? Inquiring minds want to know. Maybe its time for the AMC recruiters to start to hit the Harvard and Yale campuses

 

[J Grant]

I am not sure its possible to make enough money to make this a good living with AMC work. Your expenses, needs and wants in your 30s are different than in your 40's. My advice is to go commercial as well or find a new career path before you are too old to pivot. I just do not think this is a viable full-time career for most. Sure it can happen, but typically not. There are other careers where one can work from home as a 1099 outside of appraisal. Hell, many corporate jobs are fully remote now. You are not master of your domain, but its close. And with benefits. I have to imagine in your area you need well into six figures to live, save, and play. That's a ton of AMC work.

I started in my early 30's and now in my 40s have no real wealth to show for it like my counterparts in corporate. I never made enough money appraising to adequately save for retirement and buy a small cabin on top of supporting my family. And I worked many 50+ hour weeks, weekends included. Sure I had a few great years, but always followed by down years. Only now am I almost compete with my transition out of appraisal. Part of my problem is that I was never really excited or ambitious enough to want to work on complex valuations. (So you need to be the opposite of me), I also hated the boots on the ground marketing work. It was exhausting to me just to get a 1004 here and there. Even the property tax lawyer in my town was constantly trying to low-ball me. It was a constant struggle completing tasks that did not directly result in revenue. After years of it, the struggle just wears you out man. then you get jaded and bitter like I am about this job.

Not sure your degree will help. I have BS, MBA, (had the SRA gave it up this year), numerous certs and AMCs could care less.

I just hate to see someone waste their prime earning years chasing a buck just to get by not really building wealth. Especially when one might be able to snag a corporate analyst (financial or real estate) job working from home.

When I entered this field in my 30's it was rough but there were no AMC;s. I would never enter it now with AMC;s being so dominant. I think it is disgusting that appraisers have to lower their fees to get AMC orders when things slow down. It is due to the fee split/bundled fee which I wrote about extensively. Unless a regulatory decision or class action suit changes things, it will continue that a minority of appraisers are able to avoid it but a majority will be stuck in the AMC system. If your only strategy is to undercut the other appraisers, the next week they will undercut you. That is not a career. That is economic suicide.

If the OP is intent on getting the SRA and pursuing the niche of complex and private such as litigation work, then get on it and don't start chasing low fee AMC work which leaves no time for continuing education. It is demoralizing chasing low fees and imo is what made appraisers bitter and unhinged. Reading the posts here more than a few are mentally fried . It is false to say "Pride" does not matter - getting stepped on every day takes a toll - I've never encountered as many mentally fried people as I see here and I doubt they started out that way.