• 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.

Going Out On My Own

Status
Not open for further replies.

dataman

Freshman Member
Joined
Dec 11, 2012
Professional Status
Certified General Appraiser
State
New York
I am a general appraiser in New York City and I think it's time I started working for myself. I believe that it would be very difficult to get commercial clients in the beginning. So, while I try to build the commercial work , which is the work I rather do, I would try to get residential work from AMCs. Once I get my MAI, which should happen by the first or second quarter of 2018, I would try to shift to commercial only if possible

Can anyone share the going rates for residential work in the 5 boroughs and whether or not they charge extra for properties over 1,000,000. Also, any other advice would be greatly appreciated.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
whether or not they charge extra for properties over 1,000,000.
(my bold) I think you meant "pay" and is that still a thing? Paying more b/c of a property over $1mil? I haven't heard that since my pre appraiser days when I worked at an AMC ... over 10 yrs ago
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
If I was a CG, I wouldn't waste my time with residential work.

I have a friend that got his CG around a year ago and he is swamped with commercial work. Don't sell your CG certification short.....
 

dataman

Freshman Member
Joined
Dec 11, 2012
Professional Status
Certified General Appraiser
State
New York
I would try to get commercial work, but I heard it is extremely difficult to get clients especially without an MAI Designation in NY. Therefore, since I want to work for myself, I was thinking that the residential work can carry me while I build the commercial side of the business. The second I have enough commercial work is the exact time I will be done with residential.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I'd recommend any AMC you find you work with, make sure to search the Clients: Good bad ugly section here. It's been helpful for me in the past when considering a potential client

Since it sounds like you'd rather do COMM work than RES (and I don't blame you since you are a CG and going for your MAI) I'd spend any extra/spare time you have looking into those type of clients. I'm not sure which borough you're in (doesn't matter) by it's NYC ... plenty of COMM work there. It just takes getting that "in" with a client.

What's the relationship like with your current firm/employer? I know when I left the firm I had started with (after 6 yrs) it was a very civil split. I had a couple smaller clients I had brought on and the owner had no problem with me "taking them with" to start my own company. (he was/is an MAI and did a mix of COMM and RES with well established clients, so my couple AMC clients at the time wasn't making/breaking his monthly nut)
 

dataman

Freshman Member
Joined
Dec 11, 2012
Professional Status
Certified General Appraiser
State
New York
(my bold) I think you meant "pay" and is that still a thing? Paying more b/c of a property over $1mil? I haven't heard that since my pre appraiser days when I worked at an AMC ... over 10 yrs ago

This is from Santander Bank Appraisal Fee schedule https://dmob.santanderbank.com/csdl...goBlobs&blobwhere=1354981807103&ssbinary=true



SINGLE FAMILY/CONDO SALES PRICE/VALUE CONV SF INVEST
NY (IN) NEW YORK COUNTY 0 ‐ $1,000,000 525.00 $ $ 710.00
$1,000,001 to $2,000,000 670.00 $ $ 855.00
$2,000,001 to 9,999,999 885.00 $ $ 1,070.00
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Wow. I believe you and thanks for sharing. I'd just be very careful.

To me, when I hear fees based on "price" or "opinion of market value" I will admit there's always something in the back of my mind thinking "Did that appraiser call it $2,050,000 to get the extra $$$ or is the OMV really $2,050,000????

I have many $1mil+ properties in my market, so that's not the issue. I've had clients in the past ask if my fee changes due to the value. I tell them no, it changes due to the complexity of the assignment

Sometimes I get paid more for a $750k property than I do for a $1.1mil property
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I would try to get commercial work, but I heard it is extremely difficult to get clients especially without an MAI Designation in NY.
You don't need an 'MAI' pledge pin to get common assignments.
Do some mixed use for $ while the MAI charges $$.
Earn your reputation.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Do you have any experience with residential appraising?
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
This is from Santander Bank Appraisal Fee schedule https://dmob.santanderbank.com/csdlv/BlobServer?blobcol=urldata&blobheader=application/pdf&blobheadername1=Content-Disposition&blobheadervalue1=inline;filename=Wholesale+Appraisal+Fee+Schedule+REV.+12-9-2016.pdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1354981807103&ssbinary=true



SINGLE FAMILY/CONDO SALES PRICE/VALUE CONV SF INVEST
NY (IN) NEW YORK COUNTY 0 ‐ $1,000,000 525.00 $ $ 710.00
$1,000,001 to $2,000,000 670.00 $ $ 855.00
$2,000,001 to 9,999,999 885.00 $ $ 1,070.00
What you posted appears to be the fee schedule for the amount to be paid to the AMC that they utilize, not the fee that is paid to appraisers
 
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