How to get through this slow period.

[timelessgizmo]

Hi, I work mostly in San Antonio Texas and have noticed a sharp slowdown in the last two months. I mostly work with Reggora and a Broker my trainer was friends with for years. But I need to branch out. Does anyone have any ideas or advice to help? I'm thinking of approaching banks like Frost but I'm not sure how. I'm licensed not certified. Thanks for any help.

 

[Mark K]

Diversify into other avenues of appraising besides F/F and secondary market mortgage appraisals. Probably 75% of that business segment will be gone in 5 years, taken over by AI, Waivers, AVMs, etc. It will be difficult to make a decent living if you rely only on that line of work.

 

[Tim Hicks (Texas)]

Pre-listing appraisals in this market are happening. You need to reach out to agents that know you.

 

[OSU Beavers]

How much does the local CAD pay?

 

[Terrel L. Shields]

Take slack time to upgrade your license, preferably to Cert General.

 

[Mark K]

Take slack time to upgrade your license, preferably to Cert General.

Much easier said than done. The CG classes aren't that difficult but finding a mentor for the experience hours these days is nearly impossible.

 

[Terrel L. Shields]

The CG classes aren't that difficult but finding a mentor for the experience hours these days is nearly impossible.

If you have the hours of class then passing the CR test is easier. But go for the CG even if it takes you five years of begging one mentor or another to let you tag along and help.

 

[timelessgizmo]

Thanks for all the replies. I haven't heard back from the bank but I've managed to pick up a few land appraisals. In my area a lot of home owners who own big tracts of land between 100 and 200 acres are starting to break that up and selling it to kids or others. I'm also looking into getting VA work if I can. I know finding a mentor for CR can be hard but I think I can get the letter of recommandation. That's what my supervisor said was the strength of the VA consistent work.

 

[Alsie35]

Well, in 8 months I won't be competing with you anymore, so that ought to help some.

Seriously, there is no substitute, even during this slowdown time, to having built up a thick client list over the past decades. As far as alternative work, I can't help you there cause I've never done any.

Though, I don't do any land, MF homes or Multi Family appraisals, so I don't know how much overlap we have.

The impending "UAD 3.6 Abomination" is a good place for me to get off. Good luck to you in that 'Brave New World'.

 

[Alsie35]

Oh and - GET CERTIFIED. There are tons and tons of lenders out there who only use certified residential appraisers. So by not being certified, you're cutting yourself out of not just the FHA market but a very significant portion of the other GSA lending work.

I did not take the certification test until I was licensed for 14 years, because during the time of the great crash and the subsequent recovery, it really wasn't necessary as most property values were well below 1 million $, even in Northern California where I was located at the time, and the volume of work in the market was huge.

But after I got certified in 2018, the amount of work and clients that we got increased significantly overnight.

Now, you have the double whammy of much less work, for a whole variety of reasons, in the marketplace, and the fact that many many major lenders will require a certified residential appraiser regardless of the amount of the loan or the property value.

If you're really serious about continuing in this business, especially keeping in mind the rapidly changing landscape that's coming in 2026, you must get yourself certified.

And if you're experiencing as big a slowdown as I've seen, this is the time to do it, because you have the time.

Get your classes done, assemble your work logs, take every test prep you can get your hands on, because I don't think any in person classes are available anymore sadly, and then pass the damn thing.

You will thank me, and so will your business.