How much do you pay your interns?

[Anonymous]

My well experienced trainees are paid 67% of the appraisal fee providing it does not require my personal interior inspection - 50% of the fee if I inspect and work on the report. Otherwise I pay by the hour on large projects, as I am paid by the hour. Recently did a portfolio of property including multi-fam, SFR, vacant tracts and a 30 lot development. I did the lots, 1 vacant tract, examined the others, while my trainee did all the SFR. I wrote the Master Report which contained all of the individual reports.

Once they obtain their certification, I take $50 flat fee for each appraisal I refer to them and 50/50 any co-authored reports.

Trainees have their own computers, buy their own software, pay their own access to the MLS's, & public records. They are truly independent and take assignments from other people. Assignments coming thru them pay a bonus in the split.

 

[Daniel Williams]

Charlotte,

Hey........are you my mother????....those were close to the same "terms" as when I trained with my mom.......she was also training my older brother at the same time! (She even went as far as buying me a pair of new "polishable" shoes! :? ) I didn't get many naps though.....She always had the "danny Do" list....gutters, moving stuff....etc to fill the "down time"

I'm not in the position to train....yet.....but having read this board for over 2 yrs I can honestly say......."only family.....EVER!!"

 

[Charlotte Dixon]

Daniel,
I agree....ONLY family!

:lol: Charlotte

 

[Judy (Florida)]

Some of you may have ready that I'm training our youngest son. I paid him 50% until he reimbursed me for computer, school, hotel bill to go to school, office desk, expenses, etc. Then I put him on full pay with a monthly office expense payment. Of course that is family. :roll:

If I were ever crazy enough to hire a trainee that wasn't, I probably would institute a step by step program and if they were good enough, I would pay them good enough to keep them. It becomes a real thin line between expanding your business (if possible) and working like a fool for fear that the business will slow down (like it always does). I do know that I wouldn't work alone - I'm lucky enough to have another State Certified Appraiser working with me so that I can take a vacation now and then. He also doesn't mind supervising our trainee!

 

[Doug in NC]

No fair, my sons are too young to appraise for me. To be honest, I'm not sure I want them to be appraisers. Considering the pay, stress, and uncertain future of the industry, I won't encourage them to become appraisers. I would love to be able to work with them every day, but on the other hand, I want them to have a promising future. Computers and internet-based careers seem to be the growth areas. One son is a whiz kid when it comes to computers and programming, and he is only 12.

 

[Judy (Florida)]

Doug, chances are he won't be interested in appraising, anyway. He sounds like he is a real whiz kid and most of them have so many interests they have no trouble deciding on something. On the other hand, our kids used to whine every time we went somewhere for fear we would go preview a house, or something - my husband is a real estate broker. Now this one loves it - and is doing real well!

 

[Mike Garrett RAA]

I have trained 5 and all are in business here now..but not with me. For that reason I pay minimal for trainees. Figure their pay is THE TRAINING!

Start them out as an hourly $7.50 an hour, raise that to $10 after the first 6 months. Once they start doing fee work the split is 50/50 and works up to 70/30 if they choose to stay with the company. Most won't.

Our state says 2,000 hours of creditable appraisal experience. You can become licensed and NEVER do an appraisal..just work as an assistant. The program was originally intended to cover a two year period of time but some are getting thru in a year..which I believe is way too soon!

 

[Judy (Florida)]

Florida has a time limit - 2 calendar years with supervision - as well as a minimum number of appraisals. I believe the calendar year thingy is a real good idea. Keeps people from cheating! (at least partially :lol: )

Anyway, it would have to be a REAL special person (other than family) for me to take on a trainee. The last one that called, he told me he could work from home (50 miles away) and I said no deal - my personal upfront supervision on everything and that he could send me a resume if he wished - never heard from him again.

 

[BigBlueGA]

I would sell my right lung for a 70/30 split... my bossman only cuts me 46% :?

 

[Randy Beigh]

Brandon

I would recommend hanging onto your right lung if I were you.

Anyone who pays a 70/30 split is likely treating their employees as independent contractors which means you would pay your taxes out of the 70. We treat the employees as employees and as such pay take care of IRS, Labor and Industries, unemployment taxes, and social security. Plus, we provide all office and field equipment and supplies.

If you are licensed and get those benefits, and maybe others like vacations, stock options, etc, then 46% maybe very reasonable.