• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

appraisal business

Status
Not open for further replies.

wyecoyote

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Myself and another appraiser are considering opening our own business together as partners. Has anyone had any dealing's with this and if so what are the good and bad points? Also is it better to go as an S corp or a C Corp? My understanding is that an LLC would not work because and LLC is for a Sole Propritor (spell check would be nice). Any suggestions would be greatly appreciated.
 

slacker

Junior Member
Joined
Feb 20, 2002
Will you be able to perform any more appraisals combined than you would on your own?

I have a parnter but we advertise as two seperate operations anonymously. We split the work but as the client is thumbing through the Yellow Pages our chances of getting assignments doubles.

Got the idea from a florist who operated 3 different shops within 5 miles of each other. People thought they were going to the competition when all along he's cashing the check.
 

wall

Freshman Member
Joined
Feb 14, 2002
Opened a partnership with a guy that I previously worked with. Been in business 3 years now, and things couldn't be better. We opened as an S Corp., and it seems to work fine.
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
My partner and I have an S corp. It seems to be the best option that we can find. Remeber when you go into business with someone, you have a full time partner who has an equal interest. Its a little like a marriage but without all the emotions. One of the primary benefits that we took into consideration when we opened up, is the advantage of having two. You can take a weeks vacation and when you come back you are still in business and it hasnt skipped a beat. A huge advantage to those who have to put things on hold when they want some time off.

We couldnt be happier. Good Luck.

MRM
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
As long as you both FEEL that the work and money is equally split, all will be fine. When one feels that the other is doing less work.....

The marriage analogy is pretty good.
 

Leon Stewart

Member
Joined
Jan 15, 2002
Pam:

You have hit the nail on the head. Partnerships work alright if they are just structured as a Partnership, but are operated as two Individual Sole Proprietorships while splitting expenses. In a partnership you will usually have one partner who expect to do less work and get most of the money.

As one poster indicated, "his partner covers for him while he goes on vacation", but how can one person do the work that were previously done by two Appraisers, and does the working partner gets more money when he is responsible for producing the work of two, and does the vacationing partner continue to receive some kind of pay even though additional work hours are needed to produce the work while he's not working.

Large businesses can cover for vacationing employees because they have employees they can move around. Whereas an Appraiser has to perform his own work, because he has to signoff on it, and Clients expect a specific person to complete their work, so a Licensed/Certified Appraiser has to Replace another Licensed or Certified Appraiser, and if one already has an adequate workload he/she can't usually add the full workload of another Appraiser.

leart3
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks