Thinking of Becoming an Appraiser

[Anthony614]

Hi everyone,
I currently work for an AMC ( I’d like to think we are one of the better ones, not being too pushy and asking outrageous demands on the appraisers), and I know I do not want to work here forever. I have my Bachelor Degree in Business Admin, but I can’t seem to find anything that grasps my attention. I’ve recently started thinking of becoming an appraiser. I looked at the requirements, and I know it would not be an overnight thing. I am willing to put in the work to obtain a trainee license, while working full time in my current job. I have a family and cannot quit my current job. Any appraisers in the area, or appraisers in general, have any advice on where to start, getting my foot in the door, finding a supervisor to assist in training somewhere down the road etc.? I live in Fort Wayne Indiana. Any advice is helpful! Thank you for your time.

 

[Michigan CG]

Hi everyone,
I currently work for an AMC ( I’d like to think we are one of the better ones,.............

There is no such thing as a good AMC, only ones that aren't as bad as others.

I am willing to put in the work to obtain a trainee license, while working full time in my current job. I have a family and cannot quit my current job. .......................

Use some vacation time and take Appraisal Institute courses for your first 75 hours, in person.

................ Any appraisers in the area, or appraisers in general, have any advice on where to start, getting my foot in the door, finding a supervisor to assist in training somewhere down the road etc.? ......................

1. Don't tell a potential mentor that you work for an AMC, they won't hire you. Appraisers hate AMCs no matter what your coworkers/bosses tell you.
2. Take Appraisal Institute classes in person. There is no better education out there.
3. Most appraisers are not willing to take on trainees because of AMCs and the fees they pay. Smart appraisers who are really busy hire assistants to help with the workload.
4. It is my humble opinion that those who are taking on trainees, especially in areas where the fees typically start with a 3 are not the people you should want to work for. There is no money to be made with those types of fees and therefore the people who are not qualified to train are the only ones training. Just my opinion on things I have seen.
5. There are AMCs and large fee shops that will take on certain trainees but the pay is very low and the hours are long. I won't name the ones I know because they don't deserve the advertisement.

If you find a person to train you that maybe isn't the best mentor but uses you to make money from about day seven you will be taught shortcuts, taught to do things that are really not the way to do things; you might even be given a "list of adjustments" to put in reports in your second week.

You will fill in a log and in about three years you will learn how to be a form filler and little else. You will leave that mentor because the $zzz he is making is a lot better than the 1/3 of $zzz you are making and you want a pay raise. He knew that when he hired you so he needed to make sure you made him $$ from day seven.

At the end of the time you will be qualified to fill out forms that are acceptable for AMC work as long as you have enough canned comments on file.

If I started doing drugs and decided to hire a trainee who was not related to me I would spend a lot of time and money before you were ever profitable to me. If you can offer no profit to me in the long run then it is not worth my extra time, headaches and risk to hire you.

Over the course of about three years I would teach you how to do things, require you to take the best education and would build on that education in real-life work. I would teach you how to do litigation work, private work, typical residential work, and other things.

After that three years you would have "your hours" and you would see that you could bill a lot more on your own and would then leave me to compete with me and compete for those clients that I have. My average fee is 1.5-2 times what AMCs pay in this area and the skills you would have would enable you able to compete with me.

 

[Elliott]

You might consider staying with the AMC and see if they offer you the opportunity to "become an appraiser." The stakeholders of AF are changing to the PAREA experience model and AMCs will become the easiest path, maybe the only path, to be an appraiser.

 

[Mr Rex]

Some folks are into self inflicted pain. An AMC employee that wants to be an appraiser needs some counseling on many fronts. MHO.

 

[Anthony614]

Some folks are into self inflicted pain. An AMC employee that wants to be an appraiser needs some counseling on many fronts. MHO.

What's wrong with someone being interested in another career opportunity? Working here doesn't make me who I am. Its just a job that I found when I graduated college a couple years ago. Definitely not somewhere I can learn/grow/make a stable living forever. I'm trying to find something I can grow with. Your career interests me, so I sought out some insight. I do see the pushback you guys get and how frustrating lenders and AMCs can be. My job here is more behind the scenes working with the website.

 

[Anthony614]

There is no such thing as a good AMC, only ones that aren't as bad as others.




Use some vacation time and take Appraisal Institute courses for your first 75 hours, in person.



1. Don't tell a potential mentor that you work for an AMC, they won't hire you. Appraisers hate AMCs no matter what your coworkers/bosses tell you.
2. Take Appraisal Institute classes in person. There is no better education out there.
3. Most appraisers are not willing to take on trainees because of AMCs and the fees they pay. Smart appraisers who are really busy hire assistants to help with the workload.
4. It is my humble opinion that those who are taking on trainees, especially in areas where the fees typically start with a 3 are not the people you should want to work for. There is no money to be made with those types of fees and therefore the people who are not qualified to train are the only ones training. Just my opinion on things I have seen.
5. There are AMCs and large fee shops that will take on certain trainees but the pay is very low and the hours are long. I won't name the ones I know because they don't deserve the advertisement.

If you find a person to train you that maybe isn't the best mentor but uses you to make money from about day seven you will be taught shortcuts, taught to do things that are really not the way to do things; you might even be given a "list of adjustments" to put in reports in your second week.

You will fill in a log and in about three years you will learn how to be a form filler and little else. You will leave that mentor because the $zzz he is making is a lot better than the 1/3 of $zzz you are making and you want a pay raise. He knew that when he hired you so he needed to make sure you made him $$ from day seven.

At the end of the time you will be qualified to fill out forms that are acceptable for AMC work as long as you have enough canned comments on file.

If I started doing drugs and decided to hire a trainee who was not related to me I would spend a lot of time and money before you were ever profitable to me. If you can offer no profit to me in the long run then it is not worth my extra time, headaches and risk to hire you.

Over the course of about three years I would teach you how to do things, require you to take the best education and would build on that education in real-life work. I would teach you how to do litigation work, private work, typical residential work, and other things.

After that three years you would have "your hours" and you would see that you could bill a lot more on your own and would then leave me to compete with me and compete for those clients that I have. My average fee is 1.5-2 times what AMCs pay in this area and the skills you would have would enable you able to compete with me.

I appreciate you taking the time to write all of that out. How does one expect anyone to get into this field, or this career not completely die out with that outlook though?

 

[Gobears81]

How does one expect anyone to get into this field

That is the tough part. Taking the 75-hours of classes shows that you are serious about this. Keep in mind that after a conversation or two, employers can pick out some attributes of prospective trainees that could be an issue, such as those that have poor attitudes, aren't resilient enough for the profession, or are a lone wolf wanting to use said business as a bridge to get their required hours for licensing (yes I'm thinking of specific instances for all three ) . The easiest way to get in with a small shop is to be related to the owner lol. But the way that one approaches them is important, as while some are responsive to emails, they are much less personal and they might be less inclined to give them much thought or a response. On the other hand, a phone call runs the risk of catching them at a bad time, so if you do decide to go that route, don't contact on Mondays or first thing in the morning. Coming into their office unannounced is not an advisable route, at least not for me. Occasionally, appraisers will hear of others trying to locate a trainee, so even if they say no, which they probably will, it might be worth asking if they have anyone that they recommend contacting. Also, it might be worth contacting AI to see if they know of anyone looking for trainees, especially if you are willing to relocate. Good luck

 

[EddieB]

Have you ever walked into a Waffle House at 2:00 am on a Saturday/Sunday morning and asked the short order guy or gal how they like their job and advice on entering the biz? That's similar to the current situation for the Residential appraiser.

If you are serious then I would recommend searching the recent threads on here and consider the advise of quality education and quality mentor ship. There are no shortcuts to sustainable success in this profession. If you are serious and can do those thing then we'll welcome and help anyway we can. We need new blood!

 

[bnmappraisal]

I currently work for an AMC

First off, welcome to the Forum!

That being said, I literally have been where you are

I started way back in the early 2000's at an AMC. I literally didn't even know WHAT an appraisal was, let alone anything else about one

Fast forward a couple years and I was probably around where you are now - thinking "I can do what these people do"

First step was taking the classes. Yes, many recommend AI (Appraisal Institute) classes - and they are definitely very good classes, but whatever you choose - I HIGHLY recommend LIVE/IN PERSON classes

Getting your first set of hours at least shows your "commitment" or at least starting commitment toward this profession

As far as getting a supervisor/mentor? It's definitely not the easiest. I'm not going to lie to you. Personally, it was a friend of mine at the AMC I worked with who knew an appraiser on the panel that was willing to take on a trainee. I still had to interview, etc but thankfully it worked out. But that was after a few months of talking to other appraisers and many "Thanks kid, but not looking to do that right now..." type of responses

I've often stated on here - becoming an appraiser isn't for everyone - and I really mean that. You have to WANT to become an appraiser

Recently I was at a property and met the agent. He said to me that he had considered becoming an appraiser, but once he found out what it takes (i.e. years), figured it was just easier to become an agent
On that property, he was probably going to make 10 x's my fee, but he's right, it was probably much easier for him to become an agent than an appraiser ... I'm fine with that. I don't want to be an agent

I looked at the requirements, and I know it would not be an overnight thing. I am willing to put in the work to obtain a trainee license, while working full time in my current job. I have a family and cannot quit my current job.

It's not an overnight thing, which is why I said it's not for everyone.

I get that you're working full time and have a family - this will be a little more difficult for you to find a supervisor/mentor. I would venture to say most/many will not consider someone to train "part time"

I do wish you the best of luck.

If you REALLY do want to become an appraiser (again, it's not for everyone), see if any of your AMC appraisers are taking on trainees.
I basically agree with MichCG that it's an uphill battle - fee's (therefore your salary) may suck, but that may be your best "foot in the door" at this point - it was for me

 

[ucbruin]

@Anthony614
@bnmappraisal

Guys, how did the 2 of you hear about jobs at an AMC?