Opinion: Does it pay to have an MAI?

[Clint Dorris]

I know I'm weird but. I'm a residential appraiser, and I like it. I can't decide if I ever want to do commercial because I really like my job. I also tend to hate organizations. But, I'm a member of both the AI and the IFA. Neither does that much for me and I do question paying the fees. However, the IFA has a local presence, and I meet with 20 good appraisers 6 times a year, and we discuss local residential techniques, so it's worth the money. I've thought about getting into commercial to learn more about real estate and investing for personal purposes. For that, I'm in the AI. In my small town, I'm not positive how much and MAI could help me, but I know it couldn't hurt. If I'm gonna get my CG, I might as well take a few more classes and go for the MAI.

In summary: I like my job in residential, I'm not wild about organizations or letter behind my name, I'm not sure I want to do commercial, I'm not positive and MAI would help me, yet I still think I can get one.

I don't think college degrees help everyone, but they rarely hurt (unless you waste money on a worthless degree).

 

[Lakefront boater]

I know I'm weird but. I'm a residential appraiser, and I like it. I can't decide if I ever want to do commercial because I really like my job. I also tend to hate organizations. But, I'm a member of both the AI and the IFA. Neither does that much for me and I do question paying the fees. However, the IFA has a local presence, and I meet with 20 good appraisers 6 times a year, and we discuss local residential techniques, so it's worth the money. I've thought about getting into commercial to learn more about real estate and investing for personal purposes. For that, I'm in the AI. In my small town, I'm not positive how much and MAI could help me, but I know it couldn't hurt. If I'm gonna get my CG, I might as well take a few more classes and go for the MAI.

In summary: I like my job in residential, I'm not wild about organizations or letter behind my name, I'm not sure I want to do commercial, I'm not positive and MAI would help me, yet I still think I can get one.

I don't think college degrees help everyone, but they rarely hurt (unless you waste money on a worthless degree).

If your in a position as you stated where you can get an MAI and get the commercial experience I think it would be wise to go that route.

Even if you like residential and want to stick with it you would be much better off to diversify and be open for other opportunities. Diversification is the key to investments whether it be an investment in yourself and education or a financial investment because when the chips are down and the river has run dry if your not diversified it's not a good place to be.

 

[andy ruffner]

I have one module of the comp exam to finish (this month). Everything else done. I took my time doing it, but I regret not doing it earlier. I thought I was a "decent" appraiser 5 years ago, but after completing the requirements of the demo, education, and experience, I look back and really am astounded at how much I've developed. Even if someone didn't want to complete the designation, parts of it are well worth it and from my personal experience, will get noticed by a good work product and increased business. I'm doing about as well now as I had wanted to do after completely the designation process. Writing a demo is very good. The rewrite is invaluable. Those are your deficiencies that you learn and repair and get better. Oddly enough, I got a tremendous amount of the experience screening. I had fantastic screeners who really gave me again, invaluable advice and guidance. I got 3000 hours the first go round and just finished out the final 1500. Other things like the Report Writing course were impactful enough that my experience screener could tell when I took the class by noticing the quality difference of reports before and after the course (Oct of 2008).

I'm a fee appraiser and I have kids, so it was a pain at times to go away and take courses, study, write the demo, etc. It's already paid for itself without even finishing. That's what I can attest to on a personal level. Good luck if you decide to pursue it.

 

[John Glass]

Andy...your experience rings true. I just got through the income mod. of the Comp, my last hoop. I think the difference getting over that hump was sifting out the irrelevent data of each question, leaving just the question needing to be answered. Good luck.

 

[Kali the Boston Terrier]

I'm a fee appraiser and I have kids, so it was a pain at times to go away and take courses, study, write the demo, etc. It's already paid for itself without even finishing. That's what I can attest to on a personal level. Good luck if you decide to pursue it.

I'll echo what Andy and John have both said, I'm wrapping up my demo and that is all I have left. But in the process I've achieved far more than I thought I would with the designation. As my mentor use to say while I was working as an appraiser finishing my degree, if you are this successful without your degree, imagine what you will be with it...he was right, things only got better from the doors it opened. I believe the same with the designation. But a few of the posts eluded to the process being a few extra classes, while that is true, it is disingenuous to minimize the comp exam...experience review...or the demo. All of which make the extra classes look like a stroll through the park. The latter three are the most difficult things I have ever done in my life, let alone professionally.

 

[andy ruffner]

Andy...your experience rings true. I just got through the income mod. of the Comp, my last hoop. I think the difference getting over that hump was sifting out the irrelevent data of each question, leaving just the question needing to be answered. Good luck.

Thank you for the advice on the module and big congratulations

 

[andy ruffner]

I'll echo what Andy and John have both said, I'm wrapping up my demo and that is all I have left. But in the process I've achieved far more than I thought I would with the designation. As my mentor use to say while I was working as an appraiser finishing my degree, if you are this successful without your degree, imagine what you will be with it...he was right, things only got better from the doors it opened. I believe the same with the designation. But a few of the posts eluded to the process being a few extra classes, while that is true, it is disingenuous to minimize the comp exam...experience review...or the demo. All of which make the extra classes look like a stroll through the park. The latter three are the most difficult things I have ever done in my life, let alone professionally.

Kali, best of luck to you.

Good point regarding more than just the classes. I was surprised how much improvement I gained from something like the experience review. Before I submitted my first of hours, I just thought it was something to check off that I had completed x amount of assignments. The AI and the experience reviewers themselves do it right. The screeners I had were real genuine people and took a good amount of time and effort to help me improve.

To the OP, definitely an intangible benefit is the confidence and comfort in your work product. That piece of mind is worth something.

 

[NevCG]

I just received my MAI designation this month and I would definitely recommend it to anyone doing commercial appraisals, no matter where you are in your career. IMO it was well worth every penny/hour spent.

I completely agree with the other posters who said the experience from the process itself is invaluable. Studying for and taking the comp will expose you to concepts and applications you might not otherwise ever see in your day-to-day practice, which will help your confidence and competency when you come across something new in an assignment. With a good reviewer, the experience review gives you a chance to see your work through another MAI's eyes and identify your strengths and weaknesses. And, the experience of writting a demonstration report will almost definitely improve the quality of your reports.

Plus, at the end of the process, you're an MAI!

 

[John Glass]

Congrats NEV CG!. I agree that the process by itself is educational. It is a process, though. I tip my hat to anyone who gets it done in five years or less.

 

[PL1957]

Congrats NEV CG!. I agree that the process by itself is educational. It is a process, though. I tip my hat to anyone who gets it done in five years or less.

I tip my hat to anyone who gets it done - period!