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New Appraiser Trainee "Hopefully"

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Ed

Thread Starter
Junior Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Hello, I'm considering becoming an Appraiser Trainee. I have a Certified Appraiser already line up to start my certification hours as soon as I make the decision to press forward. I'm eager and hungry to get started.

However, my wife is expressing some uncertainty with making this career change. The thought of not having a guaranteed income (pay check) every 2 weeks. Expenses increasing and income falling off a bit (until I'm certified) has her concerned.

Has anyone in this Forum had to deal with this? If so, any advice? Please respond.
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Yes, Ed, we have all dealt with this. Your income will depend primarily on the agreement you have with the Certified Appraiser that is willing to give you a job. That appraiser should also be able to give you at least a ball park figure of income based on what work he/she can give you.

Some appraisers hire trainees on a salary basis, and then sometimes expect them to work as an ''assistant'' as well (i.e. typing, filing, deliveries, etc. doing grunt work that those of us do who have no assistants.)

Others strictly pay a percentage of the fee earned on the report. When I started, the appraiser that trained me gave me a figure that he was pretty sure he could live up to (and he did). The second year I made less money, however, as his volume was down.

Most residential appraisers work on their own and work long hours (once we have gained our training, experience and certification). It is a rewarding, exciting job, however, and gives you flexibility. If you want to be at your child's soccer game, you can do that and then simply make up the work at a later hour. It is extremely detail oriented and is not for everyone. Be sure and ride with an appraiser for a day or so before you make the decision.
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Ed:

At the top of the page you will find a "search" icon. Search on the word "trainee" and you will find a number of posts about trainees. The topic has been on the forum many times.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Like David said, check the past post, lots of good info already written. At least you have gotten the biggest step done, having someone to train under :!: Many folks go to the real estate classes (with grand visions of walking in flower filled meadows and giving a value), then most can not find someone to take them in as a trainee. The grass may look greener on the other side of the fence, but that is just the area over the septic tank. :mrgreen:

Sounds like you have the right attitude, this is not a get rich quick job, it is a career. It will take you a couple of years to get in, and a few more to become recognized as a reputable appraiser. Good luck to ya. :wink:

Mell.
 

Ed

Thread Starter
Junior Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Thanks for the replies. I appreciate the input and value any information and opinions in this forum.

My wife is very supportive, but she is a realist too. We need to be careful and still be determined and dedicated to my success.
 

Leon Stewart

Member
Joined
Jan 15, 2002
Ed:

The main factor you are overlooking is the stability of the Appraisal Business, and the first step to getting good information on that is to talk to several appraisers in the community where you expect to work, not just the one that has given you sone tenative indication that they will hire you, and all the time not telling you what they will pay, and like Judy said this business goes up and down, and if you have a family to support it could be very difficult getting established in the Appraisal Business. If I had it all to do over again, I would touch this business with a ten foot pole. I think your Wife is right, this stuff is suspect at best.

leart3
 

Theresa in Oregon

Sophomore Member
Joined
Jan 18, 2002
Ed:

Judy is correct. We have all had to deal with this. I was one of the lucky ones. The appraiser who trained me started me off at a 40% fee split and didn't make me do clerical work so I could start producing with her right away. Also, it was a boom year for refinancing so the volume was high.

However, at the time I had a husband who brought home the steady bacon with a paycheck every two weeks. Still does, bless his heart. He carried me financially during the lean years. Does your wife have a steady income? Can she carry the monthly nut on her own if need be? If so, you probably can plunge in. On the other hand, if she is a stay-at-home mom with children or if she has a low-paying job or a varying paycheck herself, then I think she has plenty of reason to worry. I have known many appraisers who have left the industry because they couldn't get through the lean times.

The appraisal business over the past fifteen to twenty years - At least in my area - tends to run in five year cycles: Two years booming, two years lean, and one year so-so. How you do during the lean years depends upon your experience, how broad your client base is, how many clients you have, and what type of properties you appraise.

Those appraisers who starve tend to be strictly residential appraisers with just a couple of mortgage company clients. Those appraisers who do okay during the lean years tend to have more experience, appraise both residential and commercial properties and/or have other clients in addition to mortgage companies (banks, attorneys, CPAs, etc.) They also are those who have PUT MONEY ASIDE during the boom years. :wink:

The only thing certain in this business is that the work is rewarding for those with an analytical nature and above-average IQ, who like flexibility, aren't the type to stress over not ever having two paychecks that look the same, and genuinely like interacting with people.

I wish you the best of luck. And, by the way, what career are you changing from?


Theresa
 

Ed

Thread Starter
Junior Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Since you asked. Yes, my wife has a steady job. She can carry the "nut" monthly if she had to. Not much left after that though.

Also, the Appraiser I'm considering to work for has been more than patient with me. I went to work part time so I could put money asisde to survive the first 6 months witout a paycheck. I'm hoping I dont't need it.

The Appraiser I'm consider will aslo allow me to ride along on inspections, do soom data enrty part time so when I'm on board I can at least have a little knowledge about an appraisal.

I have 10 + years as a Sales Agent for a Builder, 1 year as a Real Esate Agent and I'm now a Low Voltage Intergrator (Sercuity, Home Theater, Home Audio, Home Automation ect..ect..) 8O

Anyway, I'm not certain that I'm going to do this yet. I'm strongly considering it. Everything is in place for me to start ASAP.
 
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