How's The Life & Career Of An Appraiser?

[deish12]

Hello I'm a former mortgage banker of Quicken Loans and was considering taking on the road of becoming a Certified General Appraiser. I'm 29 years old, live in Detroit MI., have a B.A. in Communications & A.S. in General Studies, and a brief history in real estate investing. I am currently searching for a career path that will allow me to make "good" money (100k potential) and also allow me time to have a personal life i.e. pursue my ultimate goals/ dreams, be active in my childs life, and have time to travel from time to time. I don't want to be jailed in cubical landm2: any longer or work in plant. I would want take control of my financial future and not the salary an employer would determine. LOOKING FOR INSIGHT FROM APPRAISERS BEFORE I START THE JOURNEY...

 

[Kali the Boston Terrier]

What always amazes me, is that these posts always begin with the lifestyle you want and income requirements. Nobody ever says I really like determining the value of real estate...what do I need to do to get there?

$100k as a commercial appraiser puts you in cubicle land for 5-6 years while you get licensed and designated. Until that time you will likely make between $50 - 70k a year...you could go out on your own and make that kind of money after you get designated...but I see so many appraisers in the commercial world shoot themselves in the foot going out before they are ready.

 

[Tim The Enchanter]

RE brokers can make more money. If you're a salesman type person that might be better. Appraisal is tough.

 

[Lee Lansford]

IF...IF...you can find one or two Cert Gen appraisers who are willing to take you on as a trainee, you would face many years of limited income before you would be anywhere near attaining your goals.

Unless you aim very high (vs. accepting being just another average appraiser) and are willing to work (and I mean work), you will not attain your goals. And, high-income appraisers don't have a lot of leisure.

 

[J Grant]

Earning 100k plus a year in appraising and having free time and being able to travel don't match up. An appraiser can make good money, but typically only after being in it 5 years of longer. First few years as a trainee, figure on 25k-60k a year , depending on where you train. Some appraisers have incomes over 150k, but that typcially involves hiring associates and high end or specialized commercial work.

As a former mtge broker used to fast pace, you might be frustrated with the slower pace of appraisals. Commercial in particular need to be very detail oriented. You might want to shadow an appraiser for a day or two (if they'll let you , maybe buy them a great dinner gift card ), and see if you would like or even tolerate what it takes.

Appraisers I know that make good money, be they res or commercial , work extremely hard and very long hours.

 

[Mountain Man]

Kali is correct. IF you want to become an appraiser, go for the commercial end and expect to spend a lot of $$$$ to get there with Appraisal Institute courses. Also plan on spending the next 5 years minimum working under a MAI making $30-40,000/year. However, once you become a MAI, average earning will be $70,000'ish. Remember, it's production based "commission" pay as most shops are fee split 50/50. If you do take an employment position as a chief reviewer for a mega bank, they might pay closer to the $100,000 mark, but you are there 8am to 6pm in the office.

Another thought is to look into sales. If you've sold loans, and with your financial degree, commercial real estate brokers would be interested in talking to you. Again thought, expect to take a few years to get really rolling and making good money. It takes 3 to 5 years to build up any business no matter where you go or what you do.

 

[MCC6]

Wow! Kudos the members above who answered Deish12's question. This is probably the first time that I've seen honest, well-meaning replies to a question like this. No snipes or pithy responses. No cheap shots or childish barbs. Well done. If we could only elevate all posts on this site to your level.

 

[deish12]

My vision of the Appraiser life from the outside looking in.

Earning 100k plus a year in appraising and having free time and being able to travel don't match up. An appraiser can make good money, but typically only after being in it 5 years of longer. First few years as a trainee, figure on 25k-60k a year , depending on where you train. Some appraisers have incomes over 150k, but that typcially involves hiring associates and high end or specialized commercial work.

As a former mtge broker used to fast pace, you might be frustrated with the slower pace of appraisals. Commercial in particular need to be very detail oriented. You might want to shadow an appraiser for a day or two (if they'll let you , maybe buy them a great dinner gift card ), and see if you would like or even tolerate what it takes.

Appraisers I know that make good money, be they res or commercial , work extremely hard and very long hours.

I understand that any/ most professions that are financially fulfilling require hard work & dedication and the only place you start at the top is digging a hole. I'm not trying to avoid the necessary time & energy needed to become a successful and competent appraiser, as everything I've accomplished in my life never happened overnight. From the outside looking in & comparing to a traditional corporate america 9-5, it seems as appraisers have the potential to earn as much as the time & energy they'll willing to invest. They have the ability to spend more time out the traditional office and in their home office or in the field. They have the ability to accept as much work as they can handle and reject work when they desire not to. They can schedule their day/ work around whats best for them, they see their families more, etc. Also, Im 29 years old and 5 years is not an awful lot of time to push toward a career that has the potential to earn 60,70-100k will also having the ability to make decent money along the processwoohoo. Comparing to going back to school to attain an MBA where I may be able to land a job/ career earning 50/60k year salary with a limited income "potential" and have to answer to someone every day or under lay-off/ fire potential for the next 20 yearsm2:. Visioning myself 5-10 years from now taking on the course of becoming a certified general appraiser versus going back to school getting a MBA and landing a corp position seems like I would thank myself for the appraiser path, as anything worth having is going to be hard work and dedication. What are some the pros and cons of the appraiser path/ career when you identify them compared traditional salaried careers. Do you regret the path you choose? For some odd reason I look at interviews of appraisers on youtube and none seem to have a overly stressed lives and seem fairly happy

 

[Tim Hicks (Texas)]

When we are busy, there is no time for travel, family, social life. You pretty much have to work around the clock to meet the demands of clients such as Quicken Loans. When it is not busy we can not afford travel, family expenditures and a social life.

 

[J Grant]

You sound pretty grounded... I am a res appraiser and did not get the commercial license ( would get it early in career if I had it to do over). 70% of time I love appraising and 30% hate it. A commercial license is what you strive for and more worth getting, as of course it allows you to do residential as well. The hardest part is finding a training spot. Go on the Apprasial Institute website, they advertise some openings. The best way to get hired is to demonstrate a strong work ethic and interest in appriasing for its own sake. Computer tech skills help as well. You might want to take a couple of appraisal courses to get started. Do you have any contacts to help find a spot to get trained?

The best part about appraising, as you said, not 9-5, some travel is involved, rarely boring. It can be very stressful , dealing with clients/deadlines , and the work itself. A lot more liability than there used to be, and some pressure, even in commercial, toward short forms and lower pay. I'd recomend a niche speciality, even in commercial, such as mineral rights, and high end work in residential....those two make the most $. Start by taking a few classes. Appraisers can tend to be gruff and not the most charming individuals... keep in mind that might be the personality of who hires you and a good number of your peers, they are the opposite of sales people who tend to have smooth talking, ingratiating personalities.