Richard Johnston
Junior Member
- Joined
- Jul 19, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
Take the average hourly wages from KFC, McDonalds, and BK then multiply by60(52) and divide by 2.
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How much an average residential appraiser makes per year
- Thread starter millerappraisals
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Michaelcurry
Freshman Member
- Joined
- Oct 11, 2003
- Professional Status
- Licensed Appraiser
- State
- Minnesota
Mr Rex
Elite Member
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- Jan 12, 2004
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- Certified Residential Appraiser
- State
- North Carolina
I think he means its NOYFB what he makes, but I'm just speculating.
Michaelcurry
Freshman Member
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- Oct 11, 2003
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- Minnesota
Thanks. I guess to some people its big giant secret. It is nice to know if you are similar to your peers in the marketplace.
Mr Rex
Elite Member
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- Jan 12, 2004
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- Certified Residential Appraiser
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- North Carolina
Michael, I hope I didn't offend you with my prior post, it wasn't intended that way. There are posts out the ying yang about the appraisal profession being #8 rated by Money.com and the pie in the sky earnings (in most cases) that were tossed about. Use the search function and check out some of those old posts to put things in a reasonable perspective. As with any other profession, there are wide variances, and I dare say that Appraisal is probably "a lot" like RE sales. It tends to draw every warm body with a dream when times are good and the cash flows freely. The half life of every person receiving a RE license or an appraisal license is likely less than 5 years given the number of folks that simply drop out because they had misconceptions about their earning potential and/or the shifts in the market. Any SOB with a pulse can sell or appraise in a boom, doesn't mean they are really qualified or prepared, but ready willing and "semi" able. The recent and ongoing "correction" will likely result in many Appraisers and RE agents getting jobs that they are more qualified for. Wal Mart Greeter comes to mind for some of the mirror fogging crowd we now have running the streets. :new_smile-l:
Ken B
Elite Member
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- Feb 18, 2004
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- Certified General Appraiser
- State
- Florida
Richard Johnston
Junior Member
- Joined
- Jul 19, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
My prior post was a joke...60 hrs. a week times six bucks an hour times 52 weeks divided by two....Basically, a newbie views $200-350 fees and starts to do the math....15-25 reports a month times _____ etc...But there are so many customer service issues, marketing, expenses etc.....it just depends....This business is very hard work....long hrs..It is not all that it is cracked up to be....
BenLuby
Senior Member
- Joined
- May 28, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Georgia
Good point, Richard. Too many times trainees see the highest end numbers, and don't realize that it depends on the market area, your skill level, your salesmanship, and numerous other factors.
That this is a feast or famine business, where you either have money coming out of every pocket (and no time to spend any of it) or you are looking enviously at the homeless man that found half a hamburger in the trash?
Calculate overhead into these wonderful dreams of money. Because, whether you make a load of money or not a penny, the operating costs are constant.
How much can you make? That's llike asking any other serice industry profesional how much they make.
It all depends.
That this is a feast or famine business, where you either have money coming out of every pocket (and no time to spend any of it) or you are looking enviously at the homeless man that found half a hamburger in the trash?
Calculate overhead into these wonderful dreams of money. Because, whether you make a load of money or not a penny, the operating costs are constant.
How much can you make? That's llike asking any other serice industry profesional how much they make.
It all depends.
Michaelcurry
Freshman Member
- Joined
- Oct 11, 2003
- Professional Status
- Licensed Appraiser
- State
- Minnesota
Richard, I disagree. I think that it is all its cracked up to be. As far as operating expenses I know most appraisers here work from home. The expenses are minimal as compared to running a different kind of small business. I also disagree that the operating costs are constant. At least in my case when I am slower I spend less on gas, less on paper,ink,folders,pens, ect... I will always have the internet and cell phones, so I dont count those as my expenses. Those are things that I would have whether I am in the buisiness or not. The things that are constant for me are the MLS, E&O, Cont.ED, ect... to me those are very minor expenses to be self employed. So I dont think the operating costs are constant.
I think this is a great profession to get into. Its like most other jobs where the earning potential is flexible, the harder you work the more you get out of it. I have sold cars for years and all I would hear from the people not making money was the market is bad, nobody likes fords,jeeps ect... People shop around... I made a great living doing that not because I was lucky or the market was good or bad, but because I worked hard. A buddy of mine is a Realtor right now. He hears it all the time that there are too many realtors, the market is slow, you cant make money right now ect... He is making well over 6 figures, not because he is lucky but because he works his behind off.
So I think its all relative with most professions, whether it be that you are a lawyer, dentist, whatever. They still have to work hard to make what they want. I am sure there are plenty of lawyers out there that wish or "hope" they start making money. Those are the ones that will not succeed. If you hope to be successful you are already finished. I dont think the appraisal business is that much different. You can be an ethical appraiser that does his or her job well and still make money. It doesn't matter what skippy does. The market will take care of him. You just have to work harder than others. The money is not going to just fall in your lap, you have to go get it. That concept is no different from any other profession.
So I disagree about the notion that this job is not all its cracked up to be. You get to go out and see different homes, meet tons of interesting people, see some really really off the wall things, everyday is a different and new day for me and I love it. To me this job beats sitting in an office from 9 to 5 slaving away for someone else to get rich. Taking a 10 min break and a 1/2 hour lunch when told too. That is a job thats not all its cracked up to be.
Sorry for the rambling. But just hate to hear people say this jobs is not all its cracked up to be this and that. I count my blessings everyday that I got into this field. But then again I am a people person at heart. I love dealing with people and the relationships that you get out of it. So to go out and BS with the banks, MB ect... is what I love to do. Thats all part of the business. Making contacts and networking.
I think this is a great profession to get into. Its like most other jobs where the earning potential is flexible, the harder you work the more you get out of it. I have sold cars for years and all I would hear from the people not making money was the market is bad, nobody likes fords,jeeps ect... People shop around... I made a great living doing that not because I was lucky or the market was good or bad, but because I worked hard. A buddy of mine is a Realtor right now. He hears it all the time that there are too many realtors, the market is slow, you cant make money right now ect... He is making well over 6 figures, not because he is lucky but because he works his behind off.
So I think its all relative with most professions, whether it be that you are a lawyer, dentist, whatever. They still have to work hard to make what they want. I am sure there are plenty of lawyers out there that wish or "hope" they start making money. Those are the ones that will not succeed. If you hope to be successful you are already finished. I dont think the appraisal business is that much different. You can be an ethical appraiser that does his or her job well and still make money. It doesn't matter what skippy does. The market will take care of him. You just have to work harder than others. The money is not going to just fall in your lap, you have to go get it. That concept is no different from any other profession.
So I disagree about the notion that this job is not all its cracked up to be. You get to go out and see different homes, meet tons of interesting people, see some really really off the wall things, everyday is a different and new day for me and I love it. To me this job beats sitting in an office from 9 to 5 slaving away for someone else to get rich. Taking a 10 min break and a 1/2 hour lunch when told too. That is a job thats not all its cracked up to be.
Sorry for the rambling. But just hate to hear people say this jobs is not all its cracked up to be this and that. I count my blessings everyday that I got into this field. But then again I am a people person at heart. I love dealing with people and the relationships that you get out of it. So to go out and BS with the banks, MB ect... is what I love to do. Thats all part of the business. Making contacts and networking.
X
xm2841
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Salesmanship
Good post Michael from Minn. To start a business for under 15 grand is unheard of, people dont get rich by picking up bags of money on the curb, you have to work and anyone who has ever been in sales and has been good at it knows its about how hard you are willing to work. I dont agree with "market is slow" attitudes. If the shop down the street is slow why do I have to be slow, someone is doing business, someone is getting a loan, someone needs an appraisal and I will do it, no matter if its Sunday at 6 am, I will not be outworked. Its easy to blame your poor business on things that you cant control, so why not focus on what you can control. I will not fall victum to market conditions, I will adapt and overcome.
--JW
Good post Michael from Minn. To start a business for under 15 grand is unheard of, people dont get rich by picking up bags of money on the curb, you have to work and anyone who has ever been in sales and has been good at it knows its about how hard you are willing to work. I dont agree with "market is slow" attitudes. If the shop down the street is slow why do I have to be slow, someone is doing business, someone is getting a loan, someone needs an appraisal and I will do it, no matter if its Sunday at 6 am, I will not be outworked. Its easy to blame your poor business on things that you cant control, so why not focus on what you can control. I will not fall victum to market conditions, I will adapt and overcome.
--JW
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