Thinking of Becoming an Appraiser

[Michigan CG]

How does one expect anyone to get into this field, or this career not completely die out with that outlook though?

I think new people will come into the field when the AMCs have made it so many people like me simply will not put up with their garbage anymore. I think there are a few AMCs that will take on trainees and a couple of the larger fee shops do take on trainees. The AMCs can "train" them the way they want.

If you were in my position with no AMC work, and more work than I can handle (my assistant quit) would you take on someone and in order to feed them enough work go back to working with AMCs? Then in three years they are my competition?

Let the AMCs train the future guys, that would be great for many appraisers who know what they are doing and the private work would increase even more. An AMC is not going to train a person how to get into divorce work or other litigation work.

 

[bnmappraisal]

@Anthony614
@bnmappraisal

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

From a referral by you UC! jk

... Literally, I had been working at a telemarketing company
A guy that worked there told me about a temp agency - I went there and took a typing test ...
The temp agency told me about this AMC (again had NO idea what an AMC was let alone an appraisal - even though I had 2 yrs of college - including a semester in Germany; in German)

I interviewed (am actually still best friends with the guy who initially hired me) and started down the path ...
Started taking appraisal classes (USPAP, etc - about 200 hrs worth of classes) around 2-3 yrs deep?
I had all the "trainee" hours required for PA at the time ... moved to FL and FL said I had to start from scratch ... so I did ...
Sucked! But is part of the reason I say "you have to WANT to become an appraiser"

 

[ucbruin]

From a referral by you UC! jk

... Literally, I had been working at a telemarketing company
A guy that worked there told me about a temp agency - I went there and took a typing test ...
The temp agency told me about this AMC (again had NO idea what an AMC was let alone an appraisal - even though I had 2 yrs of college - including a semester in Germany; in German)

I interviewed (am actually still best friends with the guy who initially hired me) and started down the path ...
Started taking appraisal classes (USPAP, etc - about 200 hrs worth of classes) around 2-3 yrs deep?
I had all the "trainee" hours required for PA at the time ... moved to FL and FL said I had to start from scratch ... so I did ...
Sucked! But is part of the reason I say "you have to WANT to become an appraiser"

Your's was a journey....

Sometimes the phrase "meant to be" rings true!

 

[bnmappraisal]

It definitely was/has been a journey

I'd also add, that this site has been a part of that journey

I've learned a lot from reading and interacting (via PM) with appraisers on here. Many that know a lot more than I about certain topics

I will say, I picked that part up from sports ... always play against people that are better than you. That's how you excel at your game

That's held true in this profession/career as well.
Much of the reason my book of biz has gotten to 20-25% private/non-lending work is because of this site and fellow appraisers "giving advice"

 

[bnmappraisal]

Your's was a journey....

Fuhgedaboutit!

As I said, I've been where the OP is right now.
Granted I didn't have a family, but I was still "dating" my now wife

I worked the "9-5" AMC shift and then took appraisal classes at night/weekends

Then I moved to another state and the new state said "GFY" those classes don't count! (Including the "NATIONAL" USPAP class I had taken...)

So yea ... my "journey" that probably started roughly around 2004???? to become an appraiser ... didn't come to full fruition until 02/2009 when I passed my test to be CR

 

[Elliott]

I got my Fall issue of Working RE for Real Estate Appraisers. Sadly the articles are, Bifurcated Appraising, an interview with FannieMae, an article about the pitfalls of being an appraiser, Third Party Lawsuits, Coester Loses Lawsuit (the only good news story), Hybrid/Bifurcated Appraisals Cross Your T's, and How to Handle Appraisal Corrections. Its too bad that we can't be more positive toward our profession, but realistically looking at the future of 'becoming an appraiser' does need a sober, realistic approach. But short of it being a calling, as was suggested to me by a lawyer, "if you can see your way into business school, that would be a better decision."

 

[J Grant]

If your bg/college degree ( have or can get one ) allow you to go for cert gen license it is a better outlook. Despite all the grim news there is still a future for res appraisers but with pending changes at fannie and encroachment of technology not sure what the future holds, though that is true for a number of fields that are connected to computers or data .. if your future is wide open weigh the pros and cons of appraising against other potential career paths.

They are thinking of changing training to more video online training with fewer ties to finding a mentor but even with that the reality of the career and all the issues around it remain.

 

[Basically Rectangular]

The bifurcated hype is FNMA driven propaganda; those products are more complicated, take longer to deliver and are inferior to even the standard 1004. The bifu pushers know this.

 

[Evincere]

The bifurcated hype is FNMA driven propaganda; those products are more complicated, take longer to deliver and are inferior to even the standard 1004. The bifu pushers know this.

I agree. Totally. I would tell the poster to move forward towards his Appraiser inclinations. because it ain’t over till it’s over. Being right out of college into the corporate world in and of itself is not only a great learning experience- it’s a teacher and a great motivator towards being in business for oneself. Some folks are just NOT cut out for corporate while others thrive.

Wait and see - anything could happen at anytime with the GSEs and or the economy. I personally love what I do for the last 30 yrs - I enjoy it thoroughly and find it fulfilling financially.

 

[mike32716]

Since you are presumably young, and have a BBA, you have options (yes, I'm speaking generally here), and might want to look around elsewhere. I'm not sure there are many real career paths left outside of the true professions. Residential real estate appraising is dying. There will always be resi appraisers, but 80% of the work will be be Uberized, and there is only so much private client work to go around. If you really like appraising then I would go with commercial (you can always do resi work) as commercial work is much more custom, and requires direct relationships with clients. Clients which can open doors to other possibilities in the commercial real estate world. Given your background, you would likely fare better in this endeavor. Regardless, if I were a young person I would broaden by skill sets to be qualified for a wide range of job descriptions as whatever you are doing in the next ten years likely won't exist ten years after that.