Sales Person Wants To Try Appraisal

[HelenTestin]

Hi there,

Here is an interesting question. I know that quite a few appraisers started out as Brokers/sales agents. My friend Amber would like to try Appraising on a part time basis to see if she likes it or not. She makes her living (for 10 years) as a Realtor. She works for a franchise that has a few offices scattered throughout the area. She does not want to quit selling, as she fear she could not make enough money to survive as a trainee. Still, she thinks that after a few years, she might make a switch if things worked out.

Can she try out appraisal without quitting Sales?

How could she do it and protect herself?

Thanks.

Helen

 

[Tom Foster]

I do both - the money from real estate is a tad bit better. Here in Orange County California my average sale price is about $400,000. I will have 2 closings this month. It would take about 50 apprasials to make that kind of $$$$$.


You just can't appraise your own sale. USPAP says you can if you are unbiased.

My name is Mr. Bias

 

[Mike Garrett RAA]

Yes it can be done. I am also a real estate broker and appraiser. Don't do but a couple of transactions a year since the appraisal business is so good.

Perhaps she should look into working as an appraisal assistant once she gets her learner's permit. That way she could learn the subtle differences between wearing an appraisers hat and that of a REALTOR. Maybe she could work 3 or 4 days a week for an appraiser and still have time to do her real estate business which is usually weekends anyway.

 

[Mountain Man]

I'm also a broker/appraiser. I can't say that one end is less stressfull than the other, but there is more potential to make bigger $$$$ in sales. But you have to do a lot more marketing, and work when most other folks aren't......which means some nights and most weekends.

I definitely agree, don't quit the day job. Let her tail coat you through the whole process on a couple of appraisals. The inspection is the easy part, let her work through the research and data verification. After seeing the whole process, have a sit down discussion of the events, and what you do in the typical assingment.

 

[TC]

I have a broker's license like a lot of other older appraisers. For those of us that have been around since the 70's, it was SOP for getting into the appraisal business. I don't actively look for sales, but if I can help a friend or pick up a good rental property that license comes in handy. More money potential in sales, but even longer hours than appraisal end of the business. I would tell your friend not to quit her sales job until established in the appraisal side.

TC

 

[walt kirk]

I was a real estate broker and I added appraisal as a service to my clients. Over time My appraisal volume exceeded my sales and since I hate sales I became a full time apraiser. I say go for it.

 

[Restrain]

I do both, a couple of sales a year. I am actively considering opening a real estate sales office with the growth of the area vs. the attempts to put me out of the appraisal business by the lenders. Honestly, sales is far less stressful than appraising and has a far better upside.

Roger

 

[Mike Garrett RAA]

Sure is nice to know you have something to fall back on if the industry fades away! Have often thought I could go back and sit model homes...especially since I can draw social security in another year.