PAREA: Darn the torpedoes / 3 Sheets to the Wind

[Lindseyw]

Any ideas on how those credentialed appraisers would be compensated for being mentors?

Ball buster, aren’t you? Lol. Yes, it’s called a fee split. I’m 50/50 with my supervisor and take on 20 to 30 appraisals a month now. I get $300-450 per report I do, he gets the other half. No one’s gonna wanna hire a newly certified appraiser anyway and I make a good living. I’ll be getting my certification this summer but intend to work for him for a couple more years out of courtesy that he was willing to help me.

I’m not saying everyone is like that, but just imagine taking on a trainee and making $3k or more per month to just review an appraisers work?? My sup makes an average of $7,500 per month off me now. I’m pretty sure he goofs off most the time now and he deserves it! I was slow at first, maybe 10-15 appraisals per month but that was less than two years ago.

I’m really not sure why more appraisers don’t do it, besides the obvious liability problem and lenders/AMCs not wanting trainees to complete appraisals. Though, I think this part is on purpose for their grand master plan to try and automate our industry.

All that’s happening now because of appraisers unwilling to train us big business coming in and convincing our regulators to just start using AVMs and downgrade our industry.

 

[glenn walker]

Ball buster, aren’t you? Lol. Yes, it’s called a fee split. I’m 50/50 with my supervisor and take on 20 to 30 appraisals a month now. I get $300-450 per report I do, he gets the other half. No one’s gonna wanna hire a newly certified appraiser anyway and I make a good living. I’ll be getting my certification this summer but intend to work for him for a couple more years out of courtesy that he was willing to help me.

I’m not saying everyone is like that, but just imagine taking on a trainee and making $3k or more per month to just review an appraisers work?? My sup makes an average of $7,500 per month off me now. I’m pretty sure he goofs off most the time now and he deserves it! I was slow at first, maybe 10-15 appraisals per month but that was less than two years ago.

I’m really not sure why more appraisers don’t do it, besides the obvious liability problem and lenders/AMCs not wanting trainees to complete appraisals. Though, I think this part is on purpose for their grand master plan to try and automate our industry.

All that’s happening now because of appraisers unwilling to train us big business coming in and convincing our regulators to just start using AVMs and downgrade our industry.

Much depends on if you are located in a business friendly State. I hear Florida is one but out here in California it has become real difficult for a small business to have just one or two employees. Years ago we owned real estate offices and appraisal shop but Red-Tape and bureaucratic A-Holes made us decide to shutdown and only partners or owners were kept on. I don't know but I hear a lot is about if you are in a Red or Blue State as my all Deep Blue State is a hard place for small employers to survive. As far as Texas I thought that was supposed to be a business friendly State but it sounds like appraisers there still dont want to bring on new people.

 

[George Hatch]

The volumes are already slowing down so the lenders and AMCs will be back in the drivers seat when it comes to picking appraisers for the fewer assignments that are coming in. The junior appraisers will be at the disadvantage in this environment. They can offset that by providing really good VALUE for the fees being offered.

 

[Non Sequitur]

The volumes are already slowing down so the lenders and AMCs will be back in the drivers seat when it comes to picking appraisers for the fewer assignments that are coming in. The junior appraisers will be at the disadvantage in this environment. They can offset that by providing really good VALUE for the fees being offered.

Yep. I wonder, when the lack of orders really hits PAREA supporters will they still support the classroom to certification path?

 

[George Hatch]

The better question is how a new virtual appraiser with no experience in the business and with what the IRL expectations are for these assignments will be able to enter the market and effectively compete with veterans who do have such experience. They won't have any experience dealing with stips or ROVs or belligerent borrowers or brokers or having their ethics challenged so strongly on the regular basis.

There's more to the business of appraising than knowing how to fill out the form. To a certain extent this is a contact sport.

 

[Lindseyw]

Much depends on if you are located in a business friendly State. I hear Florida is one but out here in California it has become real difficult for a small business to have just one or two employees. Years ago we owned real estate offices and appraisal shop but Red-Tape and bureaucratic A-Holes made us decide to shutdown and only partners or owners were kept on. I don't know but I hear a lot is about if you are in a Red or Blue State as my all Deep Blue State is a hard place for small employers to survive. As far as Texas I thought that was supposed to be a business friendly State but it sounds like appraisers there still dont want to bring on new people.

Yes you are spot on. We are a red state, very pro business. Sucks about California!! We have been getting several new residents from California and buying up houses here for cash.

 

[Elliott]

Ball buster, aren’t you? Lol. Yes, it’s called a fee split. I’m 50/50 with my supervisor and take on 20 to 30 appraisals a month now. I get $300-450 per report I do, he gets the other half. No one’s gonna wanna hire a newly certified appraiser anyway and I make a good living. I’ll be getting my certification this summer but intend to work for him for a couple more years out of courtesy that he was willing to help me.

......

All that’s happening now because of appraisers unwilling to train us big business coming in and convincing our regulators to just start using AVMs and downgrade our industry.

So, on average, that's $112K, pretty good for an advanced trainee. I'm curious how volume and average fee are holding up with mortgage rates over 6%?

I'm not sure who is ultimately responsible for the problems of our profession. The field appraiser has never been able to wag the dog. I looked at the last 25-years of my income and the typical variance between one year to the next was 50%. I recall that farmers get to income average because their income fluctuates and I always wondered why we didn't qualify too for the special tax treatment.

 

[Non Sequitur]

The better question is how a new virtual appraiser with no experience in the business and with what the IRL expectations are for these assignments will be able to enter the market and effectively compete with veterans who do have such experience. They won't have any experience dealing with stips or ROVs or belligerent borrowers or brokers or having their ethics challenged so strongly on the regular basis.

There's more to the business of appraising than knowing how to fill out the form. To a certain extent this is a contact sport.

Winner-winner chicken dinner!

The big AMCs who are developing courses to mint staff appraisers will move forward. On that side the PAREA noobs won't have to worry about competing/stips/ROVs, etc. since the business is captured on the front end by their employers, they will have scripts for everything and drop down menus, the process will be cradle to grave under their employer's guidance. As far as the AI's attempt, after spending a few million there will be near zero demand for their offering, but I think they are counting on grants to roll in for minority/veteran, etc. programs to help pay for the money spent.

 

[Non Sequitur]

So, on average, that's $112K, pretty good for an advanced trainee. I'm curious how volume and average fee are holding up with mortgage rates over 6%?

Locally, lay-offs are starting at two banks (mortgage departments) that I'm familiar with. One UW told me their pipeline ran from 100-150 a month the last few years, they now have 30 with near zero coming in.

 

[Lindseyw]

So, on average, that's $112K, pretty good for an advanced trainee. I'm curious how volume and average fee are holding up with mortgage rates over 6%?

I'm not sure who is ultimately responsible for the problems of our profession. The field appraiser has never been able to wag the dog. I looked at the last 25-years of my income and the typical variance between one year to the next was 50%. I recall that farmers get to income average because their income fluctuates and I always wondered why we didn't qualify too for the special tax treatment.

It’s slowed down a lot for refinance in the last month. Getting more reverse mortgage appraisals, sadly. Tons of home purchases still. We have an awful amount of new subdivisions going up daily. Market projections for our two counties is not expected to slow down anytime soon. We haven’t had to reduce our average fee yet.

That would be nice to get special tax treatment, I’m saving for the slow down as I’m told it can get pretty bad.