Slowdown?

[glenn walker]

Spanish for 'Saint Didacus') is a city in the U.S. state of California on the coast of the Pacific Coast

 

[J Grant]

Everyone here is awesome, thank you for all the advice. This is my first slow down, so I will lower my fees until things change and I will also begin exploring other avenues besides AMC work. I really appreciate everyone taking the time to read and respond to my post. I am in my 30's and am highly motivated, I will make this work. Thanks again!

Maybe you are married or have other source of income where lowering your fees and long slow periods won't matter. But if you need or want to make a decent income, why are you sticking with res license appraisal ? I am not in competition with you, I am in Florida so have no personal gain in discouraging you. Just trying to offer a reality check

Look at nearly every other profession and job out there - they are all INCREASING wages and pay including Mcdonalds. If res mortgage work is the only field where professionals have to slash fees to survive, is that a field you want to dedicate your career to ?

It never used to be like this before AMC;s, but now it is like this. The only time an AMC pays a decent fee is in a time of high work volume and that only comes along periodically. If you have ambition to train for CG or earn an SRA to get the connections and training for complex work which can lead to direct lender work or high level private work, or are willing to relocate and learn rural, those are paths out of AMC land. But if you stay just another res license in an over crowded market it will be what you are facing now with AMC clients so decide accordingly -some RE agent and private work can supplement but for most people that is spotty fill in level of volume

 

[Overimprovement]

That is a very good point, I will talk to my top clients and see if a price reduction would even change anything.

Exactly--your fees are not causing your slowdown, a drastic decline in available work from your existing clients has. Lowering your fees will do nothing to increase the incoming orders of your existing clients. Expanding your client base, even at 1-2 orders per month per new client, is a much better solution.
Good luck!

 

[Fernando]

This slowdown may last a year or maybe two until interest rates go back down.
Can you work at low fees for so long?
I was going to quit but during Great Recession I was fortunate (lived a lucky life) to find one lender which paid me a decent fee to continue being an appraiser.
Otherwise broaden out and look for other opportunities?
This period is best time to look for other jobs because of high demand for workers.
I'd know of someone who worked in mortgage business and applied as a financial analyst and got the job because the large corporation had difficult time finding qualified workers.
You're still young and has energy to do what you want.

 

[CaliforniaSD]

Maybe you are married or have other source of income where lowering your fees and long slow periods won't matter. But if you need or want to make a decent income, why are you sticking with res license appraisal ? I am not in competition with you, I am in Florida so have no personal gain in discouraging you. Just trying to offer a reality check

Look at nearly every other profession and job out there - they are all INCREASING wages and pay including Mcdonalds. If res mortgage work is the only field where professionals have to slash fees to survive, is that a field you want to dedicate your career to ?

It never used to be like this before AMC;s, but now it is like this. The only time an AMC pays a decent fee is in a time of high work volume and that only comes along periodically. If you have ambition to train for CG or earn an SRA to get the connections and training for complex work which can lead to direct lender work or high level private work, or are willing to relocate and learn rural, those are paths out of AMC land. But if you stay just another res license in an over crowded market it will be what you are facing now with AMC clients so decide accordingly -some RE agent and private work can supplement but for most people that is spotty fill in level of volume

I plan on obtaining SRA designation. I also earned an M.A. degree in economics which provides me with a little bit of an edge on my competition. I do not want to work for anyone. I used to work as a FCPA analyst and I did not enjoy being taken advantage of and used for my education and experience.

 

[Salty]

I am not sure its possible to make enough money to make this a good living with AMC work. Your expenses, needs and wants in your 30s are different than in your 40's. My advice is to go commercial as well or find a new career path before you are too old to pivot. I just do not think this is a viable full-time career for most. Sure it can happen, but typically not. There are other careers where one can work from home as a 1099 outside of appraisal. Hell, many corporate jobs are fully remote now. You are not master of your domain, but its close. And with benefits. I have to imagine in your area you need well into six figures to live, save, and play. That's a ton of AMC work.

I started in my early 30's and now in my 40s have no real wealth to show for it like my counterparts in corporate. I never made enough money appraising to adequately save for retirement and buy a small cabin on top of supporting my family. And I worked many 50+ hour weeks, weekends included. Sure I had a few great years, but always followed by down years. Only now am I almost compete with my transition out of appraisal. Part of my problem is that I was never really excited or ambitious enough to want to work on complex valuations. (So you need to be the opposite of me), I also hated the boots on the ground marketing work. It was exhausting to me just to get a 1004 here and there. Even the property tax lawyer in my town was constantly trying to low-ball me. It was a constant struggle completing tasks that did not directly result in revenue. After years of it, the struggle just wears you out man. then you get jaded and bitter like I am about this job.

Not sure your degree will help. I have BS, MBA, (had the SRA gave it up this year), numerous certs and AMCs could care less.

I just hate to see someone waste their prime earning years chasing a buck just to get by not really building wealth. Especially when one might be able to snag a corporate analyst (financial or real estate) job working from home.

 

[glenn walker]

If I was a young buck I certainly would not come in here for business advice

 

[Fernando]

I plan on obtaining SRA designation. I also earned an M.A. degree in economics which provides me with a little bit of an edge on my competition. I do not want to work for anyone. I used to work as a FCPA analyst and I did not enjoy being taken advantage of and used for my education and experience.

If you plan to work with AMCs, SRA won't really help. Using your experience and education, in the meantime, you can find a good real estate/financial job.
You can still do appraising on the side when market recovers.

 

[glenn walker]

If you plan to work with AMCs, SRA won't really help. Using your experience and education, in the meantime, you can find a good real estate/financial job.
You can still do appraising on the side when market recovers.

55 Years or older I am a ( SRA ) Senior Residential Appraiser

 

[Fernando]

55 Years or older I am a ( SRA ) Senior Residential Appraiser

SRA had more value 30 years ago.
I don't see it as valuable outside lending work. Otherwise, I would have gotten it.