Is it really worth it?

[Wolfshield]

I'm a certified residential appraiser (12 years so far) considering spending the next year (or longer) upgrading my license to certified general vs getting my Master's in Cybersecurity or Healthcare Policy Analyst. I want to know from Commercial appraisers directly...do you think it is worth it to become a certified general vs a Master's in a Tech or Healthcare field. I am not close to retirement (41 years old) so whatever decision I make needs to be the last career swap for the rest of my life and be a good decision for the next 25 years. Brutally honest answers please.

 

[Terrel L. Shields]

I switched to appraising at age 41...I was a geologist, Registered Professional Geologist #25 in my state, in fact. Still am. But the best of appraising is behind us. I would think cybersecurity would be a far better choice. But that depends upon you being math/programming savvy C++, Python, Java . You need the mind of a quant. Other long-term careers I would think includes civil engineering, surveying, medical technology, IT services...

 

[David S]

But the best of appraising is behind us.

Sadly to hear this but have to agree... Now the rate cut is coming. Hopefully we can catch the last wave.

 

[Wolfshield]

Thank you both. My intuitive leanings align with your comments. I don't want to double down in a dying profession. I've had a hard time getting honest answers though. Only a few commercial guys around here seem to be giving me an honest opinion.

 

[George Hatch]

I have been a CG since the inception of licensing and it's my assumption that AI and AVMs are eventually going to get into most of our end of the business. Possibly before I retire. Even if its just to reduce most of the drudge work the end result will be a reduced demand for the number of appraiser hours.

My oldest son works in cybersecurity and he loves it because he's always had that interest. I get the impression that if someone doesn't love it then it would be difficult for them to do well in it. But then again the same is true for many occupations.

 

[Wolfshield]

Yea, I'm concerned about that also. I've been studying and using AI a lot this last year and I really believe the vast majority of appraisers have no idea how good some AI is at doing our job. I have no doubt it could be doing 90% of all fee and government appraising within 3 years. Contingent upon software developers speed of implementation into the real estate universe. Thank you.

 

[Surf Cat]

This....


Versus this...


It's a no brainer.

I would think cybersecurity would be a far better choice

Agree. Add to this the cost of data sources (which I understand are outrageous). No benefits, 401k's....

You know very well that being an appraiser, one of the best benefits is the autonomy. But the strong grip that the money grubbers have on the industry now, makes it intolerable and not as profitable as it used to be. There's too much money to be had by the money grubbers not to go after the commercial guys and gals. They have the template from the residential side.

 

[Salty]

The income potential for one to raise a family, save for retirement, buy a home, take a vacation, etc is not there. So many other easier more lucrative ways to make a living if one wants to work for themselves in an analytical role. Being handcuffed to the lowest bidder in one's market make this a race to the bottom of the fee barrel. I left appraisal and got a 6 figure job as a financial analyst for a healthcare company by reframing my experience as "analysis" not "appraisal". If you can get past the psychology of not being your own boss, its a good path and at the end of the year the 401k fairy will provide you a statement. Retirement match is free money. Anyway after 2 +/- years I am working behind the scenes on my next business at which point I will leave the security of the corporate job and go back to the entrepreneurial hustle because that's how I am wired. Appraisal is not a viable career path in my opinion. At least not until the supply of appraisers dwindles.

 

[Mark K]

The only CGs I know that are constantly busy are the ones in the R/W business and they're generally swamped. Others are not doing the amount of work they were just a few years ago, making a living but not what I'd call a good one.

Tech and Cybersecurity will be a growing business for many years, likely until you retire. You'll be working for someone else instead of yourself but there are + and - to each of those.

 

[Wolfshield]

Thank you all for your comments. I will keep my residential license but definitely will not be investing in upgrading it. I have 10 years in law enforcement (prior to appraisals) and an interest in Cybersecurity so I'll be pursuing that going forward. I need something stable for the next 20 years. I appreciate the honest answers.