Advice On Continuing Mentorship While Starting My Own Appraisal Business

[FD REA]

Understood! Here’s a version that’s in between the two:


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Advice on Continuing Mentorship While Starting My Own Appraisal Business

Hi everyone,

I’m about to finish my classes and hours to become a certified appraiser. Right now, I’m working for free to complete my hours, with plans to do appraisals as side income alongside my main job. However, my mentors won’t have enough work to offer me once I’m certified, and I’ll need to branch out on my own to find clients.

I really value the guidance my mentors have given me and would love to continue learning from them, but I also need to establish my own business. How can I maintain a relationship with them while also building my client base?

Any advice would be greatly appreciated!


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This version provides enough context while r
emaining concise.

 

[FD REA]

Hi everyone,

 

[sputnam]

Understood! Here’s a version that’s in between the two:


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Advice on Continuing Mentorship While Starting My Own Appraisal Business

Hi everyone,

I’m about to finish my classes and hours to become a certified appraiser. Right now, I’m working for free to complete my hours, with plans to do appraisals as side income alongside my main job. However, my mentors won’t have enough work to offer me once I’m certified, and I’ll need to branch out on my own to find clients.

I really value the guidance my mentors have given me and would love to continue learning from them, but I also need to establish my own business. How can I maintain a relationship with them while also building my client base?

Any advice would be greatly appreciated!


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This version provides enough context while r
emaining concise.

Just my opinion... but, I've been an appraiser for a minute. I've been mentored and I have mentored. I doubt you are ready. Most appraisers should remain with their mentor for about 5 years before striking out on their own.

Just accept that you may not be able to maintain a relationship with your current mentors. Think about what you are doing. You asked for their help to become an appraiser, they invested time and money in your training, and as soon as you are legally able.. you abandon them to become the competition. Most people aren't goint to thank you for that. IMO, that behavior, which is too common btw, is one of the reasons it is so hard for trainees to find a mentor.

 

[FD REA]

Just my opinion... but, I've been an appraiser for a minute. I've been mentored and I have mentored. I doubt you are ready. Most appraisers should remain with their mentor for about 5 years before striking out on their own.

Just accept that you may not be able to maintain a relationship with your current mentors. Think about what you are doing. You asked for their help to become an appraiser, they invested time and money in your training, and as soon as you are legally able.. you abandon them to become the competition. Most people aren't goint to thank you for that. IMO, that behavior, which is too common btw, is one of the reasons it is so hard for trainees to find a mentor

I completely agree with your point.

My situation is a bit tricky, though. The company doesn't have enough work to pay me right now, so I'm essentially working for free to finish my license. Luckily, I have another job with benefits and a flexible schedule, which helps a lot.

Once I’m certified, I’ll need to start bringing in my own business, as they don’t have any work to pass my way. My question is how to structure this moving forward. Should I start my own company and work on a profit split with them, or try to bring in business under their company name? Ideally, I’d like to keep working with them, but as it stands, I’m essentially an "unpaid intern" and need to secure my own work if I want to continue working.

 

[JTip]

Most lenders/banks require 3-5 YEARS of certified experience (the date printed on your cert) before even looking at you.

I always say it takes a decade from starting as a trainee to getting to the point where you realize that you are an independent certified appraiser with good clients and steady income.

The company doesn't have enough work to pay me right now,

Think about that. The company you work for as a trainee, with dozens of clients and decades of experienced certified work is having a hard time getting work. How will a freshly printed cert like yourself get work before the seasoned company? You know the answer.

Have you calculated the annual cost of doing business for yourself? Software, MLS, E&O, CE classes, among other expenses.... You will realize the first couple of months of the year's income will be quickly spent.

Stick with working with the company (and your job with benefits) and ride the ebb and flow of business. Season your certification (when you pass) for a couple of years before venturing out on your own else you will inevitably starve and watch your certification fade because you can't afford to maintain it.

 

[FD REA]

Most lenders/banks require 3-5 YEARS of certified experience (the date printed on your cert) before even looking at you.

I always say it takes a decade from starting as a trainee to getting to the point where you realize that you are an independent certified appraiser with good clients and steady income.


Think about that. The company you work for as a trainee, with dozens of clients and decades of experienced certified work is having a hard time getting work. How will a freshly printed cert like yourself get work before the seasoned company? You know the answer.

Have you calculated the annual cost of doing business for yourself? Software, MLS, E&O, CE classes, among other expenses.... You will realize the first couple of months of the year's income will be quickly spent.

Stick with working with the company (and your job with benefits) and ride the ebb and flow of business. Season your certification (when you pass) for a couple of years before venturing out on your own else you will inevitably starve and watch your certification fade because you can't afford to maintain it.

Thank you for your response,

Ideally I would love to continue to work with them, but how do I get work for myself while continuing to work for my current mentor? Even if they get back as busy as they were during the peak a couple years ago when I started, they were still able to handle everything by themselves and wouldn't have much if any work for me.

 

[sputnam]

I completely agree with your point.

My situation is a bit tricky, though. The company doesn't have enough work to pay me right now, so I'm essentially working for free to finish my license. Luckily, I have another job with benefits and a flexible schedule, which helps a lot.

Once I’m certified, I’ll need to start bringing in my own business, as they don’t have any work to pass my way. My question is how to structure this moving forward. Should I start my own company and work on a profit split with them, or try to bring in business under their company name? Ideally, I’d like to keep working with them, but as it stands, I’m essentially an "unpaid intern" and need to secure my own work if I want to continue working.

Then the solution isn't to abandon your mentor... it's to do everything you can to increase the business. Maybe something like.. Mr Mentor, I'm not getting enough work. How about I bring in some new Clients and all of the work they send us gets assigned to me?

Trust me on this. If you leave, you will have less work then you have now.

 

[George Hatch]

And now for the minority opinion:

You are entering Thunderdome x 4 because IRL most of the people entering will not make it through.

If you're going to get into this business in 2024 then you need to play to win. That means outperforming at least 80% of everyone else who is already in the business but who is getting squeezed due to the declining demand for appraiser hours. Many of them WILL get squeezed out over time and so will you unless you develop the more comprehensive skillset and the hustle it takes to outcompete most of everyone else.

If you're not already working for the dominant appraisal operation in town then you need to identify exactly which operation that is and figure out what it will take for you to get in with them. They're the ones who have the best clients and the most extensive business networks. As long as they continue to perform they will survive even as the others get starved out. You need to focus on developing your reputation with the A-list clients and the appraisers who service them. At this point it might take you 5 years of working for others to build and refine that reputation and it will most definitely cost you when compared to striking out on your own with a fresh license and the minimum level of experience.

Believe me when I tell you this: there are no shortcuts when it comes to building a marketable reputation. Hard to build and easy to lose. There ain't none of us any better than our last assignment. If you're not able to pay the price then you might as well quit now because it will be less painful to quit now than 5 or 10 years from now. Or, you can take your chances and proceed as you initially planned.

 

[Mile High Trout]

To the person actually wanting to be an appraiser in 2024; Quit now while you're ahead.

And now for the minority opinion:

If you're going to get into this business in 2024 then you need to play to win.

Or you could slack off like I do and somehow keep making it through another day with minimal effort.

Because most of the competition never put the proper work in the first place. They're just good at kissing up to retain clients.

I've gone through the best of them without a second thought. There will always be a new sale opportunity tomorrow.