Appraisal Education

[Raven59]

Got it. 75% net profit margin is really good. What is your appraising specialty?

Eminent domain, value diminution, compliance. I still do residential and commercial lender assignments, but they're usually the stuff people don't want. My fee structure is hourly like attorneys, accountants, etc. The jobs last for weeks or sometimes years, so my expenses are very controlled. Obtaining data is my biggest expense. I do cover a few states, but that is limited.

 

[Terrel L. Shields]

they're usually the stuff people don't want.

Yep. Me too. I limit myself to 2 states though, although I only live 15 miles from MO. non-disclosure state so I avoid it. Too much effort to confirm. Brokers in MO are deeply suspicious of 'outsiders' in their turf.

 

[Sean Reilly]

The general consensus is that appraisal is dead. The good news is, the masses are always wrong about everything so it's more than likely going to be busier than most expect. Although I agree it would be difficult to try and find a mentor as of today.

 

[Raven59]

Yep. Me too. I limit myself to 2 states though, although I only live 15 miles from MO. non-disclosure state so I avoid it. Too much effort to confirm. Brokers in MO are deeply suspicious of 'outsiders' in their turf.

Several populated areas in the state are located near the border, resulting in the population spread across state lines. I consider myself fortunate to have secured some jobs in neighboring states that made it worthwhile for me to obtain an extra license. However, the varying cycles and requirements in each state are driving me crazy.

 

[David S]

That's lie. Currently, 90% appraises are not busy. Let me share with you something: Last year two my friends got trainee license and asked me for supervisor referral. I gave all my three mentors contact to them. But all mentors refused to take them. I asked them why not taking trainee like you did for me? "You no need to drive far away or drive up to the mountain, right? The new folks can help you some labor work, right?" They said. No, the thing is different. Before HVCC, it is appraiser contacted loan agent to get appraisal order. Like I contacted lots of local loan agents, when they need appraisal, they will send the order to me, I bring it to the mentor / supervisor, then, I did partial work, like start with 1004 page one, inspection, late on do the comps on my own, draft report etc. So I bring the business to them. Now, all the appraisal orders are either from lender directly or AMC to the appraisers. Almost no lender or AMC will take trainee on the appraisal panel. So, if they take trainee, like they give you the business or trainee eat them some business. It is not fair not pay trainee even a dime, right? Say $50 to compensation your mileage for the inspection. That mean supervisor lost $50 revenue per order. Especially, these days, the appraisal volume is so low, appraisal fee is so little, no supervisor can afford to loss this $50, right?.

So, one way is to join some big appraisal firm. They might have lots of work load from residential, commercial or even some non lending appraisal. Even helping them do some labor work, compile the files, documents, running to city hall etc., you can earn some training hours.
Good luck!

It's odd. Seems lots of appraisers retired or dropped from AMC. Suddenly I got lots of AMC, like NAN, Avis, etc., invite me join their AMC. But on the next day, send me bunch of extra low fee assignments, like $300 for 1004 or 1073. I didn't take it. What happened to the appraisal world?

 

[Terrel L. Shields]

the varying cycles and requirements in each state are driving me crazy.

Oklahoma simply accepts a letter of good standing from Arkansas.

 

[Raven59]

Oklahoma simply accepts a letter of good standing from Arkansas.

It should all be that simple.