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How to get commercial work?

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ss3679

Thread Starter
Freshman Member
Joined
Mar 16, 2007
Professional Status
Certified Residential Appraiser
State
California
I have been told that there are lists of commercial appraisers that commercial lenders use. I was also told that if an appraiser is on one of theses list, he or she would get request from lenders to bid commercial jobs. Does anyone know of these list and how to get on them? Does anyone have any tip to get commercial work?
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
Do sub-contract work for a general appraiser. The chances of a trainee getting direct assignments from a commercial client are zip.
 

ss3679

Thread Starter
Freshman Member
Joined
Mar 16, 2007
Professional Status
Certified Residential Appraiser
State
California
I am not a trainee, I am a General.
 

JT1974

Senior Member
Joined
Dec 16, 2006
Professional Status
Certified General Appraiser
State
Wisconsin
I am not a trainee, I am a General.

If that's the case, then you will want to send a PM to the website administrator to change your status from Trainee to Cert. General.
 

ss3679

Thread Starter
Freshman Member
Joined
Mar 16, 2007
Professional Status
Certified Residential Appraiser
State
California
Sure, how do I do that? I don't even remember saying what I was. Do you know how to get on the lenders list?
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
It's not like residential where having a license more or less implies a certain level of competency. The commercial lenders recognize that there are a number of GenCerts who have been doing nothing but tract homes during the RE boom and can't work their way out of a wet paper tract.

Yes there are lists; and yes, most of the lenders avoid working with appraisers they don't know. If you haven't been working on this end of the business and you don't have a track record with these types of properties then the best way would be to work together with someone who is already involved with it. Alternately, you can try to solicit some of the mortgage brokers and sneak into the good graces of the lenders who they're funding with.

Just beware that most of the commercial lenders who are adventurous enough to fund off of an outside appraisal are going to review it carefully. As in, they're reading for content. You will only get one chance to make the cut and if you mess up it is likely you won't get another with that lender, so it better be right.
 

Boonders

Junior Member
Joined
Oct 31, 2006
Professional Status
Certified General Appraiser
State
Iowa
You gotta contact all the lenders to get on their approved lists. There is no master list that I'm aware of. They will typically want qualifications with client references and sometimes they want examples of your work.

You just have to get out there and rub elbows and call on bankers. You can also get work from various other sources than banks.
 

Kathleen Hayes

Sophomore Member
Joined
Jul 5, 2006
Professional Status
Certified Residential Appraiser
State
Massachusetts
I have met some trainees with more commercial knowledge than a 20 year MAI. The trainee is overly experienced in commercial real estate but new to commercial real estate appraising. To answer your question, yes, there are lists such as silver hill, etc. Call on a potential commercial broker, sit with them and ask who some of their wholesalers are...they will give you rep names for your area. As discussed earlier, they will ask for work samples, credentials, etc. It does not mean you will get work, but, the more you make yourself known...it is like any other business. Don't listen to appraisers concerned with other appraisers entering the market...they dwell on things like people being trainees and not having experience. Many CG's have followed in family members footsteps and have little drive and many times are threatened by good appraisers with drive...they leverage belittling and brow beating...I welcome and encourage you to take the business from the weak and unprepared. WELCOME WE NEED PEOPLE LIKE YOU!
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
I welcome and encourage you to take the business from the weak and unprepared. WELCOME WE NEED PEOPLE LIKE YOU!
I just wanted to highlight the comment from someone who is obviously strong, well prepared and totally clueless.

The thing that many people don't realize is that commercial appraisal is a relationship business. People are talking about real money and usually aren't real keen on using the lowest cost provider.

I do work for a bank whose chief appraiser used to put EVERYBODY who met their minimal qualifications on their approved list. He would only send work to 4-5 people, but his approved list was well over 100.

There is nothing that can substitute for reputation when it comes to commercial work, Go ahead and do work for the commercial brokers who are looking for numbers and a low fee - you'll be cutting your own throat. If you are in this for the long haul, affiliate yourself with someone reputable and work on eventually stealing his clients after they come to trust you. After all, that's how the rest of us got started.
 

Sheikh Yerbouti

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arizona
I am not a trainee, I am a General.

How did you or your mentor get the work to fill out your commercial experience log for your general certification? There you go.
 
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