Newly Certified Residential Appraiser - Virginia

[B Hask]

Hello all fellow appraisers,

First thank you for reading my post. I am reaching out because I just recently received my certified residential appraiser license and now I do not have a clue where to start. I have been an appraiser with the city of richmond's assessors office for the past 5 years, a realtor for the past 8, and I have been pursing a career in real estate appraisal since 2007. So needless to say this is a dream come true. Since I have passed my exam, I have been constantly searching through this website for guidance and now have decided to make my own post hoping that I can get further than where I am now. For starters, let me say that I used compucram to study for the exam, and I passed on the first try. That is for anyone aspiring to take the exam.

Onward. I am currently using a la mode's Total software, and am getting used to it. I used it to turn in sample reports to the board. The number one issue that I am having right now is trying to figuring out where to start. How do I start getting work? With my background being in Mass appraisal, I would definitely need training on the fee side. I am confident in my ability to make adjustments, use the cost approach and the income approach. I want to use my skills set to my advantage in the fee world. Is there anyone who has made the transition from mass to fee, who might be able to give me some insight on how they made the move? Next, I am looking for recommendations on E&O. And last but certainly not least, my biggest issue of all is fees. I have no clue what to charge! I was signing up for an AMC and they asked for me fees. Completely quit signing up at that point. Any ideas on how find pricing and remain competitive?

Any assistance that you all could offer would be greatly appreciated. And if there's anything that anyone would like to add, that I am missing out on please feel free.

Thank you so much in advance

 

[CGinMN]

As stated, you need training in fee work. In my opinion you should find someone to work for locally for a year or two so you learn the answers to these questions. You may be competent to render an opinion of value, but writing reports for mortgage financing users is a different animal altogether. By working for another company, you can see how an appraisal business is run, which you’ll see is more than just signing up for AMCs. Within a couple years you’ll be in a better position to open your own business. You can start now by reading and understanding the Fannie Mae Selling Guide and Freddie Mac Single Family Seller/Servicer Guide. This will give you a lot of insights into this type of work and what’s required.

 

[Tiffany Gibbons]

Hello all fellow appraisers,

First thank you for reading my post. I am reaching out because I just recently received my certified residential appraiser license and now I do not have a clue where to start. I have been an appraiser with the city of richmond's assessors office for the past 5 years, a realtor for the past 8, and I have been pursing a career in real estate appraisal since 2007. So needless to say this is a dream come true. Since I have passed my exam, I have been constantly searching through this website for guidance and now have decided to make my own post hoping that I can get further than where I am now. For starters, let me say that I used compucram to study for the exam, and I passed on the first try. That is for anyone aspiring to take the exam.

Onward. I am currently using a la mode's Total software, and am getting used to it. I used it to turn in sample reports to the board. The number one issue that I am having right now is trying to figuring out where to start. How do I start getting work? With my background being in Mass appraisal, I would definitely need training on the fee side. I am confident in my ability to make adjustments, use the cost approach and the income approach. I want to use my skills set to my advantage in the fee world. Is there anyone who has made the transition from mass to fee, who might be able to give me some insight on how they made the move? Next, I am looking for recommendations on E&O. And last but certainly not least, my biggest issue of all is fees. I have no clue what to charge! I was signing up for an AMC and they asked for me fees. Completely quit signing up at that point. Any ideas on how find pricing and remain competitive?

Any assistance that you all could offer would be greatly appreciated. And if there's anything that anyone would like to add, that I am missing out on please feel free.

Thank you so much in advance

I went from fee appraisal to mass appraisal back to fee again, so I can't really help you there. I would say take the FHA class and get on the HUD list since you have a CR. You just have to register. I don't do AMC's (you do not have to do AMC work but you will have to market yourself, if you're a realtor, you have a leg up there. Use VA appraisal fees for Virginia as a starting point: $600 for a 1004, $650 for Manufactured home, $600 for 1073 Condo, $775. Concentrate on Richmond area since that is where your mass appraisal experience will help. OREP E & O gives you 2 free classes. You really might want to find a fee shop to work in before being on your own. I worked for two different companies, then the County and State before going it alone. You are brave! I switched from Wintotal to Clickforms and like it much better. Good luck!

 

[Salty]

Unfortunately, in the AMC world, typically you are only competitive based on the lowest bidding appraisers in your area. That makes it very challenging to make a living at times. Yes the VA fee schedule is my benchmark for starting prices. This means I get very little AMC work. AMC work is a ticket to the poor house.

When formulating your fees I suggest the VA fee schedule. And remember your fee for a report is not just about time to complete the report. You need to be compensated for holding the liability, the years it took to become the expert, overhead, a consideration for no benefits or retirement (401k), your rate to complete the work and any amount above that for business profit. You are not just an appraiser you are also a business owner.

 

[BRCJR]

Hello all fellow appraisers,

First thank you for reading my post. I am reaching out because I just recently received my certified residential appraiser license and now I do not have a clue where to start. I have been an appraiser with the city of richmond's assessors office for the past 5 years, a realtor for the past 8, and I have been pursing a career in real estate appraisal since 2007. So needless to say this is a dream come true. Since I have passed my exam, I have been constantly searching through this website for guidance and now have decided to make my own post hoping that I can get further than where I am now. For starters, let me say that I used compucram to study for the exam, and I passed on the first try. That is for anyone aspiring to take the exam.

Onward. I am currently using a la mode's Total software, and am getting used to it. I used it to turn in sample reports to the board. The number one issue that I am having right now is trying to figuring out where to start. How do I start getting work? With my background being in Mass appraisal, I would definitely need training on the fee side. I am confident in my ability to make adjustments, use the cost approach and the income approach. I want to use my skills set to my advantage in the fee world. Is there anyone who has made the transition from mass to fee, who might be able to give me some insight on how they made the move? Next, I am looking for recommendations on E&O. And last but certainly not least, my biggest issue of all is fees. I have no clue what to charge! I was signing up for an AMC and they asked for me fees. Completely quit signing up at that point. Any ideas on how find pricing and remain competitive?

Any assistance that you all could offer would be greatly appreciated. And if there's anything that anyone would like to add, that I am missing out on please feel free.

Thank you so much in advance

Send me a private message if you would like a recommendation for an appraisal firm in Richmond that would very likely have an interest in you. They are one of the best known in that market and have been around for a long time.