How do you get started in Commercial/Industrial.

[CGgonnabee]

Nice thread...

Caligirl...why is it that commercial appraisers don't want to train residential appraisers? My mentor is a very good commercial appraiser. I am determined to know both sides of the business and have a pretty good client base for residential (I don't ever want to be hungry), but before I got my license, he hated to review "the forms"...just despised "the forms". Is it just the freedom of a narrative?

Just curious....

 

[CCAAMO]

Jennifer,
Years ago the banks would train commercial appraiser's but those days are long gone ( that's how I learned). The exception would be if you went to work for a bank in the residential department and they gave priority of job openings to current employees. The foot in the door in the residential department may help get you over to the commercial side but from a pay standpoint it would be more or less a lateral move at first.

With all due respect to Annelle, the Assessor's office would have to the the place of last resort to learn anything about appraising, but if they are hiring and will train then I guess it is better than nothing.

The main source these days is working for a commercial fee shop. Good luck.

 

[Michigan CG]

I recommend it. You'll find that many commercial appraisers don't want to train residential appraisers. I don't know why that is, as many residential appraisers work on properties that are as, or are more, complex than commercial properties. However, this seems to be the case more often than not. At any rate the contacts you would make alone will be a huge help to you in the beginning, when you are trying to find sale and rental comps.

Good luck.

Caligirl, it is because that you are educated that you think that, you are short selling yourself. And I do not disagree with you, but what you know is far above what most know, because you have been educated.

Small commercial is the hardest to appraise. Give me a shopping mall or SS building any day and it is easy. But the education and experience is the key.

 

[Mountain Man]

Small commercial is the hardest to appraise. Give me a shopping mall or SS building any day and it is easy. But the education and experience is the key.

Boy is that every true! I'd rather do a multi tenant building with uneven cash flows then a small, Mom & Pop dry goods store in Hicksville.

 

[Mountain Man]

My mentor is a very good commercial appraiser. I am determined to know both sides of the business and have a pretty good client base for residential (I don't ever want to be hungry), but before I got my license, he hated to review "the forms"...just despised "the forms". Is it just the freedom of a narrative?

It's not just the freedom of the narrative, it's all the newbies, uneducated licensed appraiser and agents, as well as UW's who make up phantom Fannie rules. Things like comps within 1 or 2 miles, no more than 5 acres, and you must do a cost approach on every report. In the commercial end reviewers have spent their time in the trenches, achieved a higher level of experience and knowledge, and know the differences between a USPAP must or phantom Fannie guideline/rule. His objections are the expression of a level of frustration similar to you dealing with an AMC who insist on doing an "As Is" appraisal for a toxic waste dump.

 

[PL1957]

Nice thread...

Caligirl...why is it that commercial appraisers don't want to train residential appraisers?

I think that the biggest reason is that commercial appraisers don't want to deal with the "relearning curve".

 

[Caligirl]

Caligirl, it is because that you are educated that you think that, you are short selling yourself. And I do not disagree with you, but what you know is far above what most know, because you have been educated.

Small commercial is the hardest to appraise. Give me a shopping mall or SS building any day and it is easy. But the education and experience is the key.

I cut my teeth on small commercial, loved every minute of it.

Give me a mom and pop store anyday over an odd residence with unpermitted additions in a flood zone with an unrecorded access easement. I'm telling you-doing residential work *right* is no easy feat.

 

[Queen City Gurl]

Thats what I don't get?? And I am literally sending out my resume to commercial firms starting today.... and keeping my fingers crossed...

I conversed with several commercial posters last year in regards to this topic. And they all said the same thing. What is the relearning curve?? I have been appraising for more than 24 yrs. Ethically, I might add... not a single blemish...

I am obviously experienced at researching, analyzing, writing. I have run my own company for 9 yrs...... so that's procuring new clients, servicing the existing, meeting strenuous deadlines. Dealing with all mgmt responsibilities...... Oh... very experienced at property inspection. And I do have a business degree from way back when... and I took all the G classes last year.... so am ready to go !

Why would I not be a good candidate?? I realize some young finance whiz may have desireable attributes also..... but don't I have a lot of related skills to bring to the table??

Does everyone really think that a seasoned appraiser can't learn anything new? Or move on to another related field? The analysis and reports are totally differrent than residential...... so what am I "unlearning" ? It would be a different process, albeit, a new one, from start to finish. So, I would be learning something new, just like any other new hiree. ONLY, I am also a very experienced inspector, researcher, analyzer, data collector etc.... used to hustling to make deadlines, AND possess the very strong backbone, of doing my job correctly, amidst all the daily hoopla of ****ed off clients, and loosing clients because of not playing the numers game. ( no different than anyone else here)

So, I am disturbed at the "unlearning curve" issue everyone always refers to. I just don't see it. And of course, since I am trying to progress into commercial, am disappointed to contend with.

 

[Caligirl]

Queen City girl, in your case can you find a CG to work with and bring in some commercial work? Kind of a 'reverse' fee split arrangement where you could bring the assignments in, and for a split the CG will train you and co-sign each report. You probably already have contacts and this might be your best bet.

 

[Ken B]

I did residential for 15+ years before I transitioned to commercial. It is a challenge to change from being the "go to" person to being the "gofer" person.

I seem to have become the "land" guy and the multifamily subdivision development guy. I would kill for a nice little warehouse condo deal. But then, I wouldn't be learning as much. Anyhow, that's my rationalization after the MAI rips my report to pieces and hands it back to me for a re-do.

Be prepared to pay your dues...your stature as a residential appraiser won't mean anything when you start doing commercial.