How do you get started in Commercial/Industrial.

[Queen City Gurl]

Ken, that is one of the many reasons I have not gone into commercial all these years, although I have wanted to, and always thought I would eventually.

Becoming the gofer at my age, and especially after working on my own for so long, will not be easy and I know it. And I am not looking forward to that aspect. But, I am realistic, and know I will have to pay my dues, and have acccepted that. And that's the way it will be. I'm ready.........,

And the only thing I rather expected my residential experience would get me was in the door... due to the aforementioned skills I can bring to the table. I am learning over the last year, that may not be the case....

Caligirl, I am actually torn about what I am wishing for !! The large Co. working full time and dropping out of residential... and becoming a
( gasp) "employee". But would be really digging in...

Or a smaller shop, on a fee basis, where I would still have some of my flexibility and can perhaps continue some of my residential also..... but not an employee ! Pros and cons to both for me. But I agree that I will probably have a better chance on a smaller shop..... and perhaps may be able to bring in some clients.......

Bottom line, I'll be taking what I can get ! And will hopefully have the opportunity to "get" something !!

 

[larry b]

My suggestion is to start attending local chapter meetings of AI, ASA, IFA, IRWA, etc. Network, observe, participate. Show your commitment, resolve, and skills. Take your business cards. Be patient. Good luck.

 

[Queen City Gurl]

Thanks for the good advice Larry. Those are ideas I have considered doing in attempting to get in the door.

 

[josephdifranco]

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.

I'm in the identical situation as Kenneth and have had a nearly identical experience. As far as finding the job...I used the AI website and emailed appraisers in my county directly. It was short and to the point, a quick summary of experience and what I was looking for. Given the relatively small number of emails I sent, the response was great, and I got a job.

Also, a lesser known website, indeed.com, will search ALL major job boards for you, rather than you going to several different web sites.

Good luck!

 

[Amy Perkins]

Sorry, but commercial is much harder than residential, no doubt about it.

 

[Valuation75]

Right now is a tough time to get into commercial given the current credit crunch crisis. Commercial financing deals are off over 50% from last year and many firms are laying off commercial appraisers. Your best bet is to enter the commercial field via a local government assessors office or via a litigation firm. Those two outlets will provide the training/benefits/education/hours needed for you to excel and you will be around other commercial appraisers to learn from. I started out in an assessor's office which was awesome b/c you have access to every single transaction that takes place in your jurisdiction. The world is yours if you put your mind to it! Good luck! Commercial appraisl firms that cater to financiers will boom again someday (maybe 5-10 years from now).

 

[Vernon Martin]

No one has mentioned the academic route, although it is costly and time-consuming.
There are even some master's degree programs that have some affiliation with the Appraisal Institute.

The academic route (MBA, MSRealEstate) is how a lot of us went straight into commercial appraising in the 1980s, when DCF analysis became popular but the existing appraisers didn't know how to do it.

Certain "prestige" firms look for an academic pedigree in their hiring. Twenty years ago, for instance, I was working in a cubicle in between a Harvard guy and a Wharton MBA.

 

[josephdifranco]

Right now is a tough time to get into commercial given the current credit crunch crisis. Commercial financing deals are off over 50% from last year and many firms are laying off commercial appraisers. Your best bet is to enter the commercial field via a local government assessors office or via a litigation firm. Those two outlets will provide the training/benefits/education/hours needed for you to excel and you will be around other commercial appraisers to learn from. I started out in an assessor's office which was awesome b/c you have access to every single transaction that takes place in your jurisdiction. The world is yours if you put your mind to it! Good luck! Commercial appraisl firms that cater to financiers will boom again someday (maybe 5-10 years from now).

I think you are brushing in broad strokes. There are always some busy MAI's out there, you have to look for them and convince them you can help. Besides the offers in my aforementioned post, another MAI I knew called me, he lost his assistant and would have hired me quickly I'm sure. The starting salary would not have been awesome, but again, we don't have to work for $8 per hour as a research assistant to get a foot in the door the way so many posters think. If you have a college degree and a residential license, thats not a bad start. Maybe take one AI class for the resume to prove you still can make it happen in the classroom. If it makes any difference, it was all small firms who were interested in me.

Good luck to the original poster!

 

[Roy Courtney]

It seems that most of the commercial appraisers (general certification) are the older group with many years experience. Nationwide I believe the general certification makes up about 30% of the total. There needs to be some new people added but I doubt they will be given much of a chance. The old timers have witnessed the downfall of the residential side of the business by sweatshops, etc. The AMCs have almost taken over the residential side. I believe it will become harder and harder to find a general cert to work with. Just my $0.02.

 

[Kali the Boston Terrier]

I was 22 when I got my CG, I was told I was the youngest in the State. At 30 I may still be the youngest or at least close to it still. There are very few CGs coming in now, many are in the late 50s, so when you talk of a shortage, it is going to be a very real problem.

My concern is that there will not be enough CGs to do the work, the market will find alternatives and that alternative is unknown....