Is It Worth It?

[Brad McAuley]

I am a trainee with 14 months in. I like appraising just as I thought I would. I was lucky to find a mentor shortly after completing my basic educational requirements. I have another good job which pays the bills and am fortunate not to burdened with any heavy debt. My schedule allows me to be available for appraising four days a week which is the norm even though there is often no appraisal work to be had. I by no means consider myself an expert but feel I have a fair grasp on appraising considering the short time I have been a trainee. I was fortunate to have spent many years in construction which I believe was beneficial especially in the beginning.
I often review the posts on this forum but seldom post. So I realize the trouble that many seasoned Appraisers are having at present and it appears will continue to have in the near future. I initially expected it would take 2 to 2.5 years to obtain enough hours to qualify for licensing. With the current market it will definately be closer to 3 years or more if things stay the same in the residential market.
What about the other trainees out there. Are you beginning to second guess the comittment it takes to become licensed and proficient at appraising? Is anyone considering throwing in the towel? I will admitt that I had illusions of someday being able to make a decent living at appraising. Is there going to be silver lining at the end of the rainbow or has appraising taken a perminate turn for the worse? I have never been a quiter and not afraid to continue the comittment but am starting to second guess if it is all going to be worth it.

 

[Greenback]

...I initially expected it would take 2 to 2.5 years to obtain enough hours to qualify for licensing. With the current market it will definately be closer to 3 years or more if things stay the same in the residential market.

What about the other trainees out there. Are you beginning to second guess the comittment it takes to become licensed and proficient at appraising? Is anyone considering throwing in the towel? I will admitt that I had illusions of someday being able to make a decent living at appraising. Is there going to be silver lining at the end of the rainbow or has appraising taken a perminate turn for the worse? I have never been a quiter and not afraid to continue the comittment but am starting to second guess if it is all going to be worth it.

It will take me over 5 years to obtain enough hours/credits for Certification.

I never really second guessed the committment. I was told exactly what it would take to become Certified before I took any classes or started looking for a mentor. No need for second guessing when seasoned Real Estate Appraisers tell you exactly what will happen and what it will take.

It takes longer than 3 years to become proficient, in my opinion. Three years doesn't make a person a Real Estate Appraiser, in my opinion. Some people put in 5 years and never comprehend/learn it, but they think they do. Some people never actually comprehend it, and jack up values for years without even knowing that they don't actually understand how to do a Real Estate Appraisal; but, for some reason, they think they are GOD's gift to the Real Estate world.

It's easy to think about throwing in the towel. I think about it daily.

Money = Skippy (Skippies aren't Appraisers, they are illusionists with money whom act like Appraisers; disguised)

Financial distress = Many Real Estate Appraisers.

Is it worth it? Flip a coin and call it in the air...
(Depends on what happens next, yeah?)

Don't ever quit, but know that if you don't quit, you may have very-very-very hard times.

However, you can take the skippy route: learn nothing when you actually think you are learning, make a lot of money for jacking up values with horrible reports in which you think are the best in town, become certified really quick because the state boards allow it due to no money and lack of enforcement (and USPAP), then you will be on your way to the hall of fame

I looked at 6 reports by two different trainees today; up for certification; Horrible! Jacked up values! I don't even have to look to see if there are better sales in the area to know. Lack of enforcement, lack of money and the tale of USPAP will eventually see these Trainees through to Certification. Whether its more education/classes, more reports, and a fine, these Trainees will eventually become Certified and go back to their jacking up value days. The reports will get kicked back, but what's sad, they will eventually make it through, somehow, someway...

I told my mentor, "you know, if these Trainees get Certified, I'm going ot start putting out reports just like these, just so I can reach the number of Appraisals required to become Certified" (she won't allow that, though). I am sick and tired of watching ignorant people become certified off of the worst Appraisals that I've ever seen in my life. They don't care, they have no understanding whatsoever of what land economics, don't know how to pick comparable properties, and can't even put together a damn addendum! These are the type of people that MB's, LO's, Banks, AMC's, and the like all hail as great and the expert of all. Why? Because they are done in one day, slapped together with no sense or logic, and most importantly, they hit the value. They are stupid people who barely know their left from right and these type of Trainees have already taken over.

It's up to you to decide how you want to contribute!

Trainees that took the time to do things right, and stayed in, because they are able to comprehend it, progress, produce quality, care, help when they can with the profession, and understand/comprehend land economics better than most college grads, etc.., may never see the light of day that's called certification! On top of that, that don't get paid as much for an Appraisal.

I was warned in detail...

You have to make decisions. I'm seriously thinking about acting like I can't do an Appraisal, just so I can get my hours in. Find me a homegrown skippy and cut some cheese!

Act like you can't do anything right, but want to make a lot of money (put those two things first)...This is what clients really want; skippies and ignorant Trainees!

Goodluck

Sincerely,

 

[JeffBDemented]

Are you beginning to second guess the comittment it takes to become licensed and proficient at appraising? Is anyone considering throwing in the towel? I will admitt that I had illusions of someday being able to make a decent living at appraising. Is there going to be silver lining at the end of the rainbow or has appraising taken a perminate turn for the worse?

I'm actually getting ready to sumbit my application to take the state test...but the current slowdown in work has me thinking about looking elsewhere. I don't want to quit appraising, but unless things start turning around soon (which I can't imagine it will) I have no choice.

 

[Mike Phillips]

Brad -

Residential trainees should be making sure they fully understand the situation and make their plans accordingly. Many would be wise to get out and cut their losses.

I'm assuming you are a residential appraiser. First question: do you have the education required to meet the new AQB requirements for Certification? Second question: does your state state still issue the Licensed level license? I've heard PA, along with FL and NC (maybe some others) do NOT issue the Licensed category appraisal license.

I'm looking at your situation strictly from the standpoint of supply and demand for appraisers. If you can't get Certified, you are stuck with being (1) a career trainee, or (2) becoming and remaining a Licensed (that's big "L") appraiser. The latter (Licensed) allows a candidate to practice unsupervised, I believe, without having to become Certified. There is no AA/21-hour requirement and the experience requirement is 1/2 of what is required to become Certified.

Basically, the Licensed appraiser can compete with the Certified appraiser without having to meet the new AQB requirements. The whole "complex assignment" restriction is a crock of BS; not only is it abused, it has been overruled by appraisers and the market and it isn't enforced.

As an example, I predict there will be a shortage of Certified Residential appraisers in FL fairly soon. However, there will likely always be a sufficient number of trainees ready to practice during boom times. The number of Certified can't expand in the short-run to meet demand, so trainees will be used more often to inspect when the need arises.

However, in states that still issue the Licensed level license (CA for example) the supply of Licensed (big "L") appraisers can and will expand in the short-run to meet demand so there will never be a shortage of residential appraisers.

That's the way I see it. Personally, knowing what I know now, there is no way I'd ever enter the appraisal field if I didn't have at have at least an AA, and I still wouldn't enter the field in any state that still issues the Licensed level license.

 

[Greenback]

I apologize. I guess I shouldn't have said what I said. I was being an A-hole.

I'm sorry...

 

[Brad McAuley]

Mike: Thanks for the reply. Yes I am just residential. I got my education in under the old rules but even if I had not I have the education required under the new rules. Fortunately in PA you are a Certified Residential Appraiser.

With the AMC's coming on like no tomorrow and what appears to becoming one of the longest down real estate markets in recent US history I just don't know what kind of future there is for residential Appraisers.

 

[borderman27]

I've been working as a full-time, residential trainee for the past 14 months and really enjoy the work. I have invested too much time and energy this past year to just hang it up, although, many, but not enough, trainee's in my area have decided to get out. l have contacted every MAI in my area and plan to transition over to the commercial side soon and feel it's a better long-term fit for me.

 

[Greg Bell]

Ive been licensed (That's an L )15 years and have much more experience than many so called "Certified"appraisers. Many get Certified and think something does not stink.It also can mean nothing.So this Licensed, Certified thing is a crock.A few less hours at the beginning does not make you an idiot.(Or does it?? ) any , Licensed appraisers unite!!!!

 

[Lee Lansford]

...I am sick and tired of watching ignorant people become certified off of the worst Appraisals that I've ever seen in my life. They don't care, they have no understanding whatsoever of what land economics, don't know how to pick comparable properties, and can't even put together a damn addendum! These are the type of people that MB's, LO's, Banks, AMC's, and the like all hail as great and the expert of all. Why? Because they are done in one day, slapped together with no sense or logic, and most importantly, they hit the value. They are stupid people who barely know their left from right and these type of Trainees have already taken over...

,

Your words are a fair representation of my view of things.

Beginning with the advent of licensing of appraisers and the movement of residential lending away from a more-or-less local matter to the growth of the MB--with no interest in the local community nor the soundness of the loan--we've been in a mess.

 

[Flygirl 152]

Hi Brad,

Your post was very well written and I appreciated you sharing your feelings and concerns. Several days ago I had a conversation with a 16+ year seasoned appraiser about this very thing. Will work every pick up...will there ever be any stability again...what is the future of appraising? I will share with you that even experienced appraisers that have been in the business for many years are considering whether they should continue to ride out the tumultuous seas, or move on to something else. The thing he said to me was, "If another profession that I love presented itself, I would consider it, but the bottom line is that I do truly love appraising, and love the job. I just don't want to do anything else." He has never taken work from AMC's and has always worked for his typical fees, never succumbing to pressures of turn times.

So you are not alone in wondering what you should do, whether you should stay or whether you should go. Even if you decide to leave the industry now, you are not a quitter and you should not consider yourself one. You are making a decision based on what is best for you and your future. The industry as a whole is changing and that is out of your control. So if you decide to leave appraising you are not quitting because you can't hack the job or are untrainable, you are just moving on to new ventures.

I'm sure many that have left love the job and wish they didn't have to leave, but have families to support, kids to put through college, bills to pay and retirements to think about. You have to take care of yourself and your family, and if that means moving on now to do that, then so be it. You sound like a very intelligent and dedicated person so what ever decision you make, I'm sure it will be an informed and smart one.

Wishing you the best.