Advice on entering the Real Estate Appraisal Field.

[alebrewer]

I think there will be opportunity for quite some time for both residential and commercial appraisers. However, the volume of orders available for 'small business'/sole proprieter residential appraisals will be primarily restricted to non-lender work within the not too distant future. What isn't eliminated by waivers will primarily be captured by in house appraisers who are employees of AMC's. My guess is that the mean salary for AMC employee appraisers will fall somewhere in the ~ $50k to $75k realm. The work left will be: bank/non-F/F/F (Fannie, Freddie, FHA) - think Independent Financial, Bancorp, regional and local banks, etc., estates, divorces, tax reduction, etc. Right now the commercial side isn't too much better BUT.... if you do decide this is something you want to pursue, I'd recommend going after a CG. You can do both residential and commercial with CG. With CR, you're restricted to residential only.

 

[ucbruin]

The future are bureaucrats, quants or artists, not much in between. And even there AI may be painting the pictures, editing the photos, 3 D printing the sculptures, or knives, leathercraft, beadwork, or glass works, whatever. Maybe quilting, chainsaw artistry, etc. is immune to AI for the moment.

Look how much the digital camera changed professional photography. It destroyed the film kiosk, brought down Polaroid and Kodak, anyone with a $400 color laser printer can make their own 8x10 photos. There has very likely been more digital images taken in the past 20 years than film taken the past 200 years.

The cellphone camera/video changed the way law enforcement conducts themselves....
And bodycams also protect law enforcement from false claims of brutality....

 

[chad hampton]

When I got into this profession, we had small local clients that we knew personally. We were paid at the door and if you lost a client, you could walk down the street and knock on 10 other doors for business.

Appraising is a halfway decent, part-time gig, but for the first time in 20 years, I would not recommend getting into this profession.

Take a look at the people they have at conferences, follow some AMC and GSE folks on LinkedIn. These folks are trying to put you out of business. They do not like the idea that there are self-employed, small businesses all over the country that are making money. Corporations want it all.

 

[Terrel L. Shields]

for the first time in 20 years, I would not recommend getting into this profession.

The turning point for me was HVCC. It seems from that point on, fees fell, liability skyrocketed, and demands from FNMA became unbearable. By 2012 I had quit FNMA and secondary market and FHA i had shed years earlier.

 

[chad hampton]

Iso many of the smartest appraisers I’ve known got out of the business after HVCC. those are the kind of appraisers that they should’ve tried to keep in the profession. Instead, they ran so many of them off.

 

[Surf Cat]

When I got into this profession, we had small local clients that we knew personally.

This is one of the things I miss most about the mortgage broker days. The personal interaction, the development of trust between mortgage broker and yourself to know that you were dependable. The back and forth banter. Putting your foot down when they were trying to take advantage....


AMC's are souless, money grubbers.....How many times have you all heard this? "Surf Cat, my favorite appraiser!" When you don't even know that phone monkey's name.

 

[ucbruin]

Technology has made appraising easier and more credible....
And also made appraisal review for underwriters easier and more credible....
In the olden days, it was nearly impossible for appraisers to get accurate property details....
And completely impossible for underwriters to obtain accurate details....

That's why the old timers before us left the industry....

 

[djd09]

they have turned over the public trust to the unethical stakeholders...good luck

 

[gorillakimchi]

Umm....I feel so sad after read all comments here

 

[Charles West]

I wouldn't get into appraising anymore, but house flipping is a viable industry. It just takes guts, plus somebody backing you up with your startup and downtimes.