New Trainee Entry Pay With Tiers

[Richard Carlsen]

Michigan does not require 2000 hours of physical inspections. They require the same 2000 hours of documented appraisal work; data gathering, data entry, analysis, some driving time, etc. They will usually give you credit that works out to about 4.5 hours per appraisal.

This is tantamount to saying that you work full time for 1 year before you can sit for your state licensed appraiser license.

 

[Karl]

WOW!! Is there some money making for the Appraisal Boards that read this thread. Trainees sent out on there own to do inspection. U all may want to see how many Appraisers have lost there licenses & how much they have paid in fines for doing that. I think you'll find in the small print no matter how long they are a tainee they are to be on supervised Inspection. Correct me if I am wrong but if I am there are appraisers that would like the money they have paid in fines & some would like there licenses back.

 

[Joshua Fookes]

Karl, go to OREA's web page, download the licensing requirements handbook, and check out page 15. Trainees out here are allowed to do unsupervised inspections. A lot of lenders want the supervisor to have inspected it though. That's where the check box becomes the moral barometer for the unethical sups. Some of them check it off even though they have not inspected. Yikes! That is where you get into disipline situations.

Josh

 

[Charlotte Dixon]

Don't do what I did. I trained my son 10 years ago and only took $25 out of each appraisal for myself, which ended up to be not enough since I pay Fica, 1/2 of the Medicare, and 1/2 of the SS. But, no problem, he's the kid. Then Kid #2 came on board, then Kid #3.......Bad business discision on my part, but I didn't know this thing was going to snowball.

 

[Michael Reilly]

IMHO,

I think the bigger question is how many client/lenders will allow you to send an apprentice out on assignments by his/her self that will accept the report with a supervisory signature and the "did not inspect" box checked off. We work with a large number of clients, many national and regional and we have only found two that will allow this type of structure due largely to our documented review/quality process. This is one of the reasons we adopted the team program where every assistant is accompanied by a fully licensed appraiser. Under this system we pay $120 per day, its full time only, they are employees and they really work for their money. Of course we offset the difference between a fee split and daily wage by providing them with $0 in expenses (meaning they have no out of pocket for anything).

MReilly-NY
ACE

 

[Dale Smalley]

I thought NC had a two trainee rule. Should they be paying you for two years of training. :twisted:

 

[Verne Hebert]

Garrett-

you are going 70/30. Nice! I would be hard pressed to think that appraiser could work on their own with only 30 % overhead. As a matter of fact, I don't believe it; particularly on a startup.

 

[DeseretJohn]

Without a trainee, 100% of the appraisal would go into your pocket. COnsider paying something like 30/70 on the work you share, and perhaps 50/50 or even 60/40 on work the trainee is able to bring in. Idealy (sp) your reduced pay will be off-set by more work, and the trainee will be getting some real life marketing experience that (s)he will need in due time.

 

[Carnivore]

Thanks to everyone for your input.

 

[Lorie Miller]

As a trainee who just sat for the state exam, I am currently being compensated with 45% of the appraisal fee only after the fee has been collected. When I first began as a trainee, I was paid $12.00 per hour for the first year. During this first year my mentor accompanied me on all inspections, however, after about 3 or 4 months I was completing reports all on my own. After the first year, I was paid 35% of the appraisal report fee. I received 35% until I sat for the state exam (I have been waiting 4 weeks for notification by the State). I would like to think that once I receive my certification my compensation will increase to the level that has been discussed in this forum.

My supervisor and I inspect almost all of the properties together. This practice aids us in handling work flow. If both of us have seen the property than either one of us can do the report. Otherwise if I am caught up, I can't do a report for a property that has been looked at by my supervisor.