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Negotiating Employment Offers

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NC Values

Sophomore Member
Joined
Feb 21, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
At long last I found a mentor who agreed to take me on as a trainee. I need advice ASAP on what items I should include or clarify in our employment agreement. I will be working as a subcontractor out of my home and will need to invest in Wintotal and MLS access. My Fee splits will be 35% for 1st 50 appraisals (state requires him to accompany me on site inspections) and them 50% thereafter with an added 10% for any clients I bring in. My mentor has 20 yrs experience and we seem compatible. However, he is busy with managing rental and other real estate activities, so beyond the required initial site inspections, our face to face contact may be limited.

He does have a part time office person to cover administrative tasks like billing and taking assignments.

He agrees a written employment agreement is desirable for both of us. Just to make sure I dont overlook anything, please offer suggestions on what to include in our agreement. Also, any other suggestions on how to get off to a good start would be appreciated. I will also need to learn the tax implications of working as a subcontractor.

This is a great forum and look forward to using it often.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
With how state laws vary, I'd get the help of an attorney.
The GA Board of Realtors sell an employment agreement package for brokers, but I don't know if it would be well suited for appraisers. RE agents have special exemptions that classify them as independent contractors, that doesn't apply for appraisers.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Does he have E & O coverage? Will he add you to his policy? 35% is a little weak....ask for 40% and see what happens since he is not providing you with a place to work, MLS, or software.

Mentors are tough to find...tread lightly..and go for it!
 
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