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MONEY!!!!!

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jmaze1793

Freshman Member
Joined
Jun 6, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Hello, I have been training with a great mentour in Phoenix Arizona for about 3 months now, and although I know that I am to pay my dues an make as little money as possible to start, I'm just thankful he is even paying me, I've been reading alot of forums here that say "Why would someone want to join this field knowing the little bit of money you will make as an intern."

I've done the math in my head, please correct me if I am wrong here , but after internship there are some great monetary rewards awaiting. I'm not in it for the money, but it sure helps to know where I'll be after licensing.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
And be sure to attend chapter meetings of a professional organization. The Phoenix NAIFA will be having one later this month and you would be very welcome to come!
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Jason:

"after internship there are some great monetary rewards awaiting."
ummm. there are rewards, not sure if I'd charicterize them as "Great".

There are a lot of posts in this forum as to the uncertain future of the fee appraiser...

I strongly reccommend that you read some of them. Use the search fucntion to find posts in this forum by Dave Smith in particular.

I can synosize for you:
1.The current refi boom will not go on forever...
2. Many more sales are being done by machine: computerized AVM's resulting in a probable decreased need for appraisers at a time when the bottom may fall out for other reasons (this is a highly cyclic business).
3. Don't for et that IF you have visions of going out on yoru won there are a bunch of costs that will be ALL yours, as well as the hassl-factor issues like collection of past due accounts. Hate to break it to ya, but health, life and biz insurance are going to eat up a chunk of your 'rough figure' concept of what you can REALLY earn.

Having said that I have not yet turned in my shingle, am still making a living, and sincerely hope you find it possible to do the same.... I DO reccomend that you give some thought to alternatives in the event of a drouth, again this biz is cyclic and the lows are pretty far down and dry.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
1. Don't put all your appraisal eggs in 1 basket. Spread yourself out by soliciting legal work as well as mortgage work from multiple clients. And don't be ashamed to take on an AMC. Yes, they pay less, but they have more clients.

2. Remember, with your client, all you've got is your reputation. And that's only as good as the last appraisal. Keep communication open, even if its' only by e-mail.

3. Stay up on what's happening in your market. 9/11 intensified the economic downturn that was already underway. Overall, my market experienced a 10% loss in value, but some areas did not decline, while others fell as much as 25%. So stay current on your major employers and read your Business Section.

Good luck.

Roger
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Six figures is not only possible, but the norm in my area for seasoned appraisers running their own business.

Yeah AMC's are great to get started, but get away from them as soon as possible at all cost. Unless you like giving tens of thousands of dollars away on an annual basis. Develop confidence in yourself, and learn to like marketing--you'll make considerably more money this way & find yourself with more free time.

I bill between $2,500 - $3,500 a week (towards the lower end of the scale typically). I have to--my operating expenses alone range between $55,000 - $65,000 a year!!!

Good luck

-Mike
 
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