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Is this a crazy idea?

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FRANK JONES

Thread Starter
Freshman Member
Joined
Jul 30, 2002
I didnt want to post this in the newbies sections, because although i have only had my training license 9 months, i have been in the business over three years. I am an office manager for a well established appraisal company, i also have a trainee license. My so called mentor is a complete moron and i have had about enough. I believe that just about every member of staff is about to walk out. Probably because he likes to spend their salary on 'other things'
Anyway, as you know, its hard to find a mentor. So, myself and another experienced trainee have formed a LLC and are going to go it alone. I have the software, the hardware, and will get E and O insurance. (Before getting in this line of work, i was a business owner in another country, so i have good experience in running a company) I already have established a small but good client base and am going to approach a certfied appraiser to work as a consultant. They would have to check and sign off on the deals, in return i would give them a percentage of the fee. Im not a number hitter and i dont stretch deals, im pretty confident my work is good.
My questions is this.
Do you think this is a viable idea.
What do you see as the downfalls
This is not intended to solicit a mentor, but my last question is, if someone approached you with this, would you consider it.
Thank you in advance for your replies.

Frank
 

slacker

Junior Member
Joined
Feb 20, 2002
They would have to check and sign off on the deals, in return i would give them a percentage of the fee. Im not a number hitter and i dont stretch deals, im pretty confident my work is good.
My questions is this.
Do you think this is a viable idea.
What do you see as the downfalls
This is not intended to solicit a mentor, but my last question is, if someone approached you with this, would you consider it.
Thank you in advance for your replies.

Frank

I don't think anyone would turn down the business for x% of the fee. The wrinkle in the plan is pursuading that person to take X% while taking 100% responsibility for the appraisal.



www.appraiseillinois.com
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
Frank: Try worm farming. That line of business has less entanglements. If that doesn’t pan out, open a medical clinic and hire a doctor to handle the patients. I hear doctors are easier to deal with anyway. And medicine is much more profitable. What with insurance and all.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I was a moron mentor untill I got rid of my trainees.

Worm Farming??? How do you cook them??
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
FRANK: I just opened my e-mail and got this ad. Check it out. Maybe you can cut out the middleman doctor. You guys worried about the proposed USPAP requirement of having a college degree might go for it too. Signed: DR. Austin.

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Frank partner, you’re at a crossroads....allow me to use an analogy. Would Fletcher Christian’s life have turned out better if he had held his tongue and temper while on the Bounty? Did mutiny better serve his life and career in the long run? Sure your mentor is an SOB and a moron. They all are. They’re also your lord and master until you’re fully licensed and/or certified. My mentor Lord William was the meanest SOB who ever drew a breath and an absolute moron to boot. I hated him with a passion. He was incredibly stupid. After grinding it out in the dungeon and eventually leaving to go on my own AFTER I was ready I began to realize just how bright he really was.......even for a Texan. It’s actually funny, we get friendlier every day as the years go by. I’m glad I held my tongue and didn’t burn that bridge.
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
Unless you have something else lined up and guaranteed, I'd probably suggest just sticking it out with your present mentor. It sucks, but it's only another 9 months, isn't it? (1-1/2 years to get licensed in your state?) I've lasted 9 months in horribly agravating circumstances and have lived. I'd just start counting the days.

There are many unknowns when you try to go it alone with no license. I doubt that you could get E&O insurance, and if you could it'd probably cost more than you'll be pulling in profits. The problem with giving a different appraiser a percentage to sign off on your reports is, do you know and/or trust this person? You might get lucky and everything goes smoothly. But you might get an appraiser that starts squeezing you for a larger and larger cut of the pie, what do you do then? Also, this licensed appraiser might just go directly to your client and convince the client that he'll work directly for them, thereby getting rid of any trainee liability.

Just some thoughts, but if it were me and the time to licensure was under 12 months, I'd probably just bite my lip, continue on, and count the days. AFTER gaining your license you can always tell your mentor what you think of him/her. :D
 
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