Advice on entering the Real Estate Appraisal Field.

[Tim Hicks (Texas)]

How many appraisers own large $1M+ homes? Nope How many even own small homes? Yep, if 3500 sf is small and paid off. This is Texas with lower property values. How many rent? Nope How many are divorced? Got one right. Oh, yeah.

I would argue that even many of the appraisers who are well-to-do have wives who have good jobs - or assets from inheritance. Nope - Or possibly are busy bees with CCIMs involved in real estate sales and investment (and who knows what else). Nope There are still some exceptions. But the **** hits the fan when retirement comes along, and they become reliant on social security checks - which depend on many years of consistently high income. All appraisers should have a SEP account of some kind. But, how much is enough to supplement SSA? It depends on each individual person.

Bert, I would hope there are far more appraisers in this profession that are relatively successful. Or else this profession would not exist.
Appraisers have had to adapt to changes for decades now. Why would anyone think it would not keep changing?

I am amazed at how many non-appraisers are getting new mortgages in their 60's, 70's and even 80's. What do you think of their career plans?

 

[Fernando]

Most appraisers I know don't make that much money relatively speaking.
When I was a lowly bank appraiser, I remembered peeking at the W2 of my supervisor appraiser and I was shocked he was making 4X more than me.
Other than being head of appraisal departments or such higher job positions, appraising is not a high paying field.
You must really like appraising to survive and stay in this line of work.

 

[David S]

Hi, I'm Eric, a 52-year-old entrepreneur and long-time small business owner. I am interested in becoming a certified real estate appraiser, and I would appreciate some advice from the forum on the best pathway forward. I'm seeking recommendations on the best schools, how to obtain my 1500 hours of work under another appraiser's mentorship, and what my expected salary might look like. Additionally, I'm curious about the long-term occupational outlook for real estate appraisers. Thanks in advance, Eric in Georgia

Very interesting! Although right now appraisal volume is extremely low, still lots of people, including this forums, ask to become a appraiser. Can some explain why?

To Become an Apprauser?!

Quick bio... I spent 35 years in industrial corporate marketing. I left about 5 years ago for an early retirement. Now I want to return to work, new industry no travel. I thought of a residential appraiser. Which brings me to a few questions. How do you go about getting 2,000 hours with a...

appraisersforum.com

 

[RCA]

Bert, I would hope there are far more appraisers in this profession that are relatively successful. Or else this profession would not exist.
Appraisers have had to adapt to changes for decades now. Why would anyone think it would not keep changing?

I am amazed at how many non-appraisers are getting new mortgages in their 60's, 70's and even 80's. What do you think of their career plans?

Well, it does depend on the part of the country you are in and whether your in residential or something that is more profitable. So, really, you do need to get out of residential if you want a steady income. And many appraisers and appraisal organizations have been pushing that for sometime, with the exception of areas like Texas, rural and Ag.

If you want to do residential appraisal, then you want a very seasoned attitude towards quality and efficiency. And nowadays it is a somewhat risky business. It is not to my taste to cut corners on accuracy - and that means I can never do that great in terms of income. - I am really much better off as a software developer (or was - I am retired now).

 

[Fernando]

Real estate is local and software/computers can not appraise as accurately as an appraiser.
Best computers can do is give general market range like what zillow does.
It's like appraisers use to do in the old days when we do quick precheck in market range when brokers as us if their loan is doable.

 

[RCA]

Real estate is local and software/computers can not appraise as accurately as an appraiser.
Best computers can do is give general market range like what zillow does.
It's like appraisers use to do in the old days when we do quick precheck in market range when brokers as us if their loan is doable.

To be accurate, software and computers do not appraise. AVMs do not appraise.

Now, no doubt the day will come when robots inspect, the data will be fed into AI-enhanced computers with powerful statistical tools - and an appraisal report will be kicked out. However, the software code and monitoring of the appraisal system as a whole will still be done by humans. One might argue that some of the coding will be done by AI, - but the AI itself is programmed at the highest level by humans. --- The reports and value conclusions will be highly accurate and informative, limited mostly by the data entered into the system. However, as time progresses, the data will come from robots and eventually be as accurate as needed.

We are entering a world where data on nearly all activity, especially in public, will be collected almost continually and stored forever. Like it or not. Privacy will be challenging to achieve. --- I may be wrong, but it is increasingly possible for individuals to endanger society as a whole. I mean, for example, a Ukrainian with a backpack can carry a lightweight wooden/paper drone to some oil refinery deep in Russia, assemble the drone on the spot with explosives, and direct it remotely to the most sensitive part of the refinery to cause a catastrophic explosion. We see what 4-5 individuals did in Moscow. Ukraine has and is changing the world right before our eyes. -- And foreign countries from around the world are sending observers to Ukraine to learn their techniques. Above all France is taking great interest and is sending 2000 troops to Ukraine this year - both to help the Ukrainians - and to learn from them (Also, the French have been having major problems with the Russians in their old African colonies for the past several years).

 

[andracariadi]

Hi I'm a new trainee appraiser and am looking to find a local supervisory appraiser in Arizona. So far I found someone who is only willing to take me to home inspections and lets me watch his report drafting and comps analysis thru Zoom. All the others I asked have turned me down so far. Any advice or leads on finding someone locally? I would appreciate any advice or recommendations.

 

[shrubberyvaluation]

Hi I'm a new trainee appraiser and am looking to find a local supervisory appraiser in Arizona. So far I found someone who is only willing to take me to home inspections and lets me watch his report drafting and comps analysis thru Zoom. All the others I asked have turned me down so far. Any advice or leads on finding someone locally? I would appreciate any advice or recommendations.

Find out what you offer to the deal or your selling points. Connections? More technologically savy? This may make people more receptive when you frame it to what you have to offer rather than simply finding someone that is "willing."

 

[BODEPHUS]

Hi, I'm Eric, a 52-year-old entrepreneur and long-time small business owner. I am interested in becoming a certified real estate appraiser, and I would appreciate some advice from the forum on the best pathway forward. I'm seeking recommendations on the best schools, how to obtain my 1500 hours of work under another appraiser's mentorship, and what my expected salary might look like. Additionally, I'm curious about the long-term occupational outlook for real estate appraisers. Thanks in advance, Eric in Georgia

Forget it!!.. Go back to College!! this profession is in the TOILET!!! and flushed away!!!

 

[J Grant]

College is not the only gateway to a good career. Nurses and healthcare admin are in high demand. Hairdressing, especially colorists, make a ton of money if they have talent , add in cash tips. Do some research and find out which fields have a viable future, as well as which you enjoy and are interested in. It counts, considering how we can spend the majority of our time in work.