Staff Appraiser?

[JTip]

That's a fat $39,000 a year
Which is what I'd call pathetic.
That's 75% of the national average income ($52,000)
....must be cheap to live by you.

Pathetic or not, benefits alone are worth 15k-20k. Break out the HP-12c and do the numbers.

Obviously you need a 2nd job, cherry picking fee work in the evenings. Grossing six figures isn't pathetic in an area were HHI is less than 50k.

I've been on both sides, still am in an admin capacity, but can tell you it's a gravy job with zero stress and ample security. You lose your #1 fee client or have a major medical issue and you will come knocking on the door.

 

[Andrei Fin]

Thanks for the info guys. Sounds like staff appraiser with a good bank might be worth looking into.

I was doing pretty well in the appraisal biz before I moved... great clients, set my own fees, and all the work I could handle... but after you factored in self employment, the compensation was still below average. At this point I may need to shift gears.

 

[Riick]

JTip.... Didn't mean to step on toes
As they say ...YMMV

What's HHI?
Googled it and got:

The Herfindahl Index, also known as the Herfindahl-Hirschman Index (HHI), measures the market concentration of an industry's 50 largest firms in order to determine if the industry is competitive or nearing monopoly....

 

[JTip]

No toes stepped on. I've heard it a dozen times from local appraisers: "Why would you work for such pittance?"

Several reasons: 37.5 hours a week. What is that? I'm just getting warmed up at 30 hours. No after work hour calls, turn the computer off until the morning. No 3 day turn (more like 3 weeks or 3 months). Pension, fwiw, 50% pay in 20 years, medical till you leave the planet. Medical PPO coverage for $50 a month. Wife snapped her ankle several years ago, 2 plates and dozen screws later, $50 bill. Sick days (I have nearly 4 months after 5 years), vacation, comp time, paid holidays.

We (as a state) are beginning to see a surge on the 'list' of both CR and CG appraisers. I took a promotion to the acquisition side as the Chief just to expand my eminent domain experience. You want to make some serious bank? Get into appraisal/acquisition fee work for the state....you will be using $100 bills for napkins.....huge work orders..... Where do you learn such a specialized skill? Right here....appraising is so much bigger than bank work....I just do it because it's pretty easy and the money is ok after taxes and expenses (I like nice gear, computers and cars @ $.55/mile).

While not for everyone, it is one hellva option not many appraisers know about.

edit: Forgot the BEST part; I get every other Friday off. 26 more days to do fee work, aka $400/$450 day.

 

[Joe Flacco]

View attachment 33058
I took a promotion to the acquisition side as the Chief just to expand my eminent domain experience. You want to make some serious bank? Get into appraisal/acquisition fee work for the state....you will be using $100 bills for napkins.....huge work orders..... Where do you learn such a specialized skill? Right here....appraising is so much bigger than bank work....I just do it because it's pretty easy and the money is ok after taxes and expenses (I like nice gear, computers and cars @ $.55/mile).

Congrats on your promotion. How are fees structured for those eminent domain assignments? Is the appraiser awarded a contract for hundreds of properties? What is the earning potential for somebody with that experience? Tell us more about it.

 

[DCFjay13]

I'm currently a zone appraiser for my local auditors office. Before that, I did fee work. Both have their pros and cons. The staff job is less demanding on daily deadlines. More large scale year long projects. Ad valorem is also a new skill set for me and I've enjoyed learning this side of appraisal. The benefits are great and the pay is.....okay.

I don't like the bureaucracy, micro management and dealing with gen pop. And I was a 1099 (street cat) for so long the transition to office job (house cat) has been difficult.

My goal is to moonlight fee work to supplement my income, stay up to date with the fee world and not become beholden to one master.

 

[JTip]

Basically it a two option fee structure: Panel or contract.

Panel is basically getting on a list, after a substantial application, and bidding for individual jobs. Majority are complex before/after or total takes, and the fees are 4-5 digits. Good for a one man shop. Can be for one or many appraisals on any given project. Check with your local DOT to see how to get on the panel. It's truly a missed opportunity for most fee appraisers, most likely due to lack of experience or fear of potential/likely testimony (but you get paid). Appraisers are like chefs; you understand the concept and basics of food (USPAP) but the formula/recipes are different at each restaurant (reporting method). One average difficulty before/after report pays what I make in a month in fee work.

Contract requires more work to get set up. You basically take charge of the whole appraisal/acquisition job....appraise/negotiate/settle....six digit fees.... Contracts are based on units, pre-negotiated fees for work items, like recording a deed, copies and mileage.

 

[Joe Flacco]

Basically it a two option fee structure: Panel or contract.

Panel is basically getting on a list, after a substantial application, and bidding for individual jobs. Majority are complex before/after or total takes, and the fees are 4-5 digits. Good for a one man shop. Can be for one or many appraisals on any given project. Check with your local DOT to see how to get on the panel. It's truly a missed opportunity for most fee appraisers, most likely due to lack of experience or fear of potential/likely testimony (but you get paid). Appraisers are like chefs; you understand the concept and basics of food (USPAP) but the formula/recipes are different at each restaurant (reporting method). One average difficulty before/after report pays what I make in a month in fee work.

Contract requires more work to get set up. You basically take charge of the whole appraisal/acquisition job....appraise/negotiate/settle....six digit fees.... Contracts are based on units, pre-negotiated fees for work items, like recording a deed, copies and mileage.

Would you say that most of the appraisers that do that kind of work were employed by the state in the past?

 

[Pittsburgh Pete]

Would you say that most of the appraisers that do that kind of work were employed by the state in the past?

that "contract" work tends to be handled by Right of Way companies that then bid out the appraisal work to panel members. Most of the RW companies have a large number of former State employees--they tend to know the process from beginning to end which includes a variety of chores including relocation work.

 

[JTip]

Panel: Anyone, pretty much, can get on the panel. I think our ITQ (invitation to qualify) package is 30-40 pages, asks for cert/E&O/resume. Panels are typically used for one off complex assignments, where a project may have a dozen non-complex claims and one total take. Staff is busy, keep the non-complex in-house and fee the tough one out. All the rest is done by staff. Appraisals are based on 'best value' (price/experience/work history) unlike AMCs low price wins mentality.

Contract work, like Pete said, is based on an open end contract. Big money, but a ton of work involved.