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Staff Appraiser for Wells Fargo or B of A? Pro's & Con's

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county assessor office if they ever have an opening might be a good option.

As far as the corporate route, would never be for me but some appraisers do stay at these positions long term so it must be a good fit for some folks.
 
I couldn’t imagine being in this profession and not being self employed out in my own. If I have to go back to putting up with corporate and govt stooges, it won’t be in appraising.
She has options. I am just trying to give her some of her options. She is on VA panel so she ain't no joke. She has plenty of options.
 
I find it curious that one of the cons promoted in this thread is the potential to be laid off when volume drops....
I imagine when volume drops those appraiser working for a fee shop will be laid off....
And if you are an appraiser who hires a fee split staff....
When volume drops, you will lay them off....

During times of low volume, I've considered myself under-employed....

If one is concerned about being laid off when volume drops....
Stay out of residential appraising....

Actually this is a valid point. If you are a solo appraiser, which most of us are, we build a book of business, of clientele. If you work for a company, most will require the shuttering of your independent doors. That is fine if you keep the position, but if you get laid off, you have to start over. The longer you are away from the fee world, the harder it is to regain that book of business. It does become a business decision if the risk is worth the reward to go on staff, knowing you could end up back on your own again, starting from square one. I speak from experience as a long-time local expert who has gone corporate twice and rebuilt a business twice. It is doable, but certainly not easy. Risk versus reward. And as a solo practitioner who has a large book of private work, that can be just as fickle as a lender client, as private work is susceptible to fee pressure as much as lender work and "selling" your services to those who are just looking for a number is difficult. So, it is a con, and does need to be considered.
 
Actually this is a valid point. If you are a solo appraiser, which most of us are, we build a book of business, of clientele. If you work for a company, most will require the shuttering of your independent doors. That is fine if you keep the position, but if you get laid off, you have to start over. The longer you are away from the fee world, the harder it is to regain that book of business. It does become a business decision if the risk is worth the reward to go on staff, knowing you could end up back on your own again, starting from square one. I speak from experience as a long-time local expert who has gone corporate twice and rebuilt a business twice. It is doable, but certainly not easy. Risk versus reward. And as a solo practitioner who has a large book of private work, that can be just as fickle as a lender client, as private work is susceptible to fee pressure as much as lender work and "selling" your services to those who are just looking for a number is difficult. So, it is a con, and does need to be considered.
I'm not going to disagree with you that lay offs is a valid point to consider....

The only time I was laid off was not due to low appraisal volume but rather a banking decision not to have staff appraisers in areas of the country where there were no bank branches....
Around 1999/2000 Nations Bank purchased BofA and in the NE there were no branches so the 3 NE field appraisers and office manager were laid off....
Fortunately for all of us this is a period of high appraisal volume and lenders were contracting/approaching me to apply to be placed on their panel....
Sort of like the past 2 years....

Should interest rates pop up a couple of 3 points....
The entire appraisal industry will grind to a stop....
Be it bank staff, fee split staff or sole proprietor....
It's part of the industry....

No residential appraiser will be immune to a spike in interest rates....
 
I always wanted a parking spot right in front, with my name on the parking block.
I may need handicap sticker on my license plate one day. I'll get it. LOL

I hope I don't need it. I like the ones with pregnant mothers. Those are my favorite.

Idk what the fine is locally for parking in handicap or pregnant mother spot. I have never done it. It is pretty serious.

I'm fat. I take me and my wife way out in parking lot if I can. I need to walk. I look for shade trees if possible.
 
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I've owned a small shop (7 appraisers), owned a VERY small shop (1 appraiser), worked as a staff appraiser and reviewer, managed AMCs, and ran appraisal desks for mortgage lenders as well as large institutional investors. All that to say, I've known quite a few folks on both sides of the aisle. I honestly do think it takes a bit of a different mentality to be an employee - almost an 'institutionalized' mentality. I'm not knocking that - heck, I'm one (I think). In general, I think employee appraisers (whatever the gig) are more compliant, tend to value security over freedom, enjoy working in a 'group' environment more, and enjoy being a part of something larger than themselves. Fee appraisers, OTOH, tend to be more independent (obviously), a bit more 'don't question my work' mentality, value freedom over security - setting their own hours, having the ability to take an afternoon off for golf without using vaca, etc., more driven when it comes to income, and enjoy the 'lone wolf' type work environment more. Neither is good or bad, and I'm not passing judgement either way. I just think it's important to consider your personality/motivations when potentially choosing to make this dramatic a change. I personally don't enjoy the fee appraiser side - keeping up with receipts, wondering EITHER: (1) how you're going to get all the work out, or (2) where your next order is going to come from, dealing with IRS BS over self-employed stuff, no 401K, etc. I am, as I mentioned earlier, probably somewhat 'institutionalized'..
 
Friend who is Wells Fargo staff for last 8 years in Bay Area . He works up to 65 plus hours a week has to work on Saturdays and Sundays to keep up with quotas. Have no idea about B & A but most likley a similar type operation. Not unless you are 25 to 35 years old-single and can work day and night. P.S. His wife divorced him and he now lives in a One bedroom Studio which cost him $4,000 a month : )

That sounds typical for a staff appraiser in California. 65 hours a week, divorced if they even married in the first place. They eke out an existence their whole life of workaholicsim, no family life, never enough money in the bank to give them an excuse to do anything more than do more work. Work, work, work.

Well, there are times when a few of them, younger in age, do pretty good with the right connections to funnel them the best jobs. (Eventually, things go kaputt for them, more or less.) - But, for the vast majority, I would guess life is sour apples, all in all.

Only a certain kind of person relegates themselves to this type of regimen. The appraisal system has a particular genius in finding them.

 
No broad brush generalizations on this forum, huh? :rof: :rof: I worked way more a a fee appraiser than I do as an employee. AND pay less in taxes as a result.. :cool:
 
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