Trainee Asking About Stress in Business

[George Hatch]

Oh no, currently drinking a glass of red wine as I read this I’m also a fan of J. Peterson and am glad to see he’s
on the amends. His second book should be coming out soon, too. I’ve also thought about having a family and how that would impact my budding career, as I’m a young woman. I was hoping I could work 30-35 hours a week and take care of a family my significant other and I plan on having in a few years. Until then, I can push it and work 40+ hours a week once I’m fully licensed and have more autonomy. That’s the main reason for my question; I want to be able to have a good career from home and be able to take care of a family as a wife and mother when it comes to that.

This is doable once you get your feet planted. The trick is to cultivate several clients so that none of them get into you for more than about 1/3 of your workload. Max. And to only take on the amount of work that you can handle to the extent that you can write the really good report. Better than your competition.

 

[Tim The Enchanter]

Marry a women with a good job that can provide you with health insurance

Mrs Wifes job based insurance cost her 2 figures a month. I guess they pay most of it.
I also get mine though them but it is $700+.
Spousal discrimination?!

 

[Alsie35]

Stress is having to commute and fight traffic each way, having to deal with A-holes in the office in between, working tons of overtime at $0 pay. That is stress. Go work in an office and soon you'll find that you are - effectively - working the same number of hours at 1/4 the total pay.

For the past 5 years we have worked pretty much 7-days a week, 12+ hours a day. How do I it? Well, I have a driver (so I can type in between inspections) and my wife deals with ALL the scheduling, paperwork and taxes. I stop in the middle of the day to go swim for 40 minutes 3x a week (we walk briskly for 40 min in the evening every other day). That keeps my energy level up. I eat healthier now than I have ever eaten and I weigh about 10 lb less than I did when I was on active duty 30 years ago. That is what a SYSTEM looks like. It doesn't happen overnight, but if you are focused on developing a system then you will move up. You can read about how to develop one and how to choose "systems over goals" here: https://www.amazon.com/dp/1591847745/?tag=realestatappraat

Now re-read what I just typed above and you'll get some idea of what an "entrepreneurial spirit" looks like. Of course, it took me several careers, building my 'talent stack' and getting focused on what matters to get here. You can too - and faster than I did if you start younger. Being in business for yourself - and succeeding - is one of the things that you can still do in America and nowhere else.

Start saving in your 20s. Put $$$ away in your SEP plan and DON'T TOUCH IT TIL YOU RETIRE. (Not getting divorced with kids, and keeping away from bad habits like booze, pills and gambling will also help a lot). If you can do that you will be able to retire (if you want to) by the time you are 50 and not have to be 'playing catch up'. Which is much, much harder to do - but still doable if you have focus.

Good luck.

 

[Fernando]

Right now rates are lowest ever been and it's best time for me as an appraiser as I can get highest fees. Never have appraisal fees been so high and I can get it.
I don't need to fight with other appraisers for work since there are so much work. Having been in the business for so long, it's feast and famine and this is the best of times.
Yes I am stressful because I choose to work so hard. It keeps me busy and feel productive. AMCs in desperate need of me. The good money is hard to resist. But I feel like everyday is groundhogs day doing appraisals everyday.
Don't know when it will end but when it ends, I'm going to relax and work out again.

 

[Basically Rectangular]

We all have our own way of handling stress. Do what you want to do with your life, be ready to go in 100%. If you want to be your own boss, don't look at hours because there are not enough hours in a week to get everything done, at least for the first five years. I am sure that is true in most endeavors.

If you want a 40 hour work week, try to get into government work. If you are trying to go at it on your own, you will always be on call, but you get to call the shots.

Not everyone can be at the helm, but if you don't try you will never know.

 

[Michigan CG]

Hello,

I'm a new member and a trainee appraiser. I'm about halfway through my 1000 hour requirement and just started my online classes for full licensure. I'm currently working for an independent certified appraiser in MI. My supervisor is very busy with low interest rates and has probably made more money so far this year than he ever has, but he's been very stressed with the intense workload (hence the reason to take on a trainee, maybe?). Unfortunately, the stress seems like its really taking a toll on his health. As a young person going into the industry, it seriously makes me wonder if I'm signing myself up for a lifetime of 70 hr work weeks and heart problems. Has this been the case for other appraisers? I understand 2020 and COVID has been incredibly difficult for nearly everyone, but even without the crisis, is the appraisal biz always so stressful?

Also, I would love to hear any other advice not related to stress in the business that you would like to share.

Thank you!

Where are you in Michigan?

Also, I would love to hear any other advice not related to stress in the business that you would like to share.

First of all, let us clear some things up. Is it really only 1,000 hours to get a State License now? After 1,000 hours you will know just enough to be dangerous.

Second, don't focus on the hours or the money your mentor is making, focus on learning and spending a few years with him so you learn the job correctly.

...........just started my online classes for full licensure..........

I strongly advise against taking on-line classes and strongly advise against taking classes from Bob's Skool of Dog Grooming and Appraisal. Yes, there is Covid now but there are live classes available. I strongly encourage you to take your classes from the Appraisal Institute. The pass rate for the two residential classifications is about 50% and it is my belief that the education provider is part of that equation. I can take a 7-hour McKissock class in about three hours. When I take 7-hour AI classes on-line it takes me about six hours.

(hence the reason to take on a trainee, maybe?)

It is my opinion that a lot of people taking on trainees in the last few years are not qualified to take on trainees. Just my humble opinion from what I have seen. Your mentor might not be one of those guys, I don't know. A lot of these "mentors" hand the trainee a list of adjustments and set them free after about a week of little training other than how to fill out a form.

Sidenote: If your mentor is paying you as a 1009 independent contractor that is illegal and you should have some concerns about that.

............but he's been very stressed with the intense workload (hence the reason to take on a trainee, maybe?). Unfortunately, the stress seems like its really taking a toll on his health. As a young person going into the industry, it seriously makes me wonder if I'm signing myself up for a lifetime of 70 hr work weeks and heart problems............

It is common for self-employed people to take as much work as possible. When the sun shines make hay. Appraisers are no different. I have 30 files on my desk right now and I am stressed but most people, in most jobs are stressed. My wife is a Nurse Practitioner at a level one hospital and has been exposed to 400+ Covid-positive patients since March; she is stressed. My neighbor works for a company that has been trying to hire 8,000 people a WEEK and they are stressed. I have an attorney client that is stressed working 7 AM - 7 PM because he has more work than he can handle and then there is another attorney I know of that has no work and that person is stressed.

As an appraiser we can pick our hours and pick how many jobs we do. We can pick our income level. The average appraiser makes about $70,000/year according to some web sites. I think that number is low as it includes assessors. There are residential appraisers who make $200,000/year, but they are the exception, not the rule.

I have a great job that allows me to choose how much work I take, and from what clients I take that work from. There are many appraisers right now that are taking AMC work at fees that are too low and with turn times that are way too short and that is their fault. Maybe your mentor is one of them? I don't know.

In this business, people CHOOSE their stress level. If you CHOOSE to take on terrible AMC clients then that is your choice. If you CHOOSE to buy a house and cars that are reflective of your total borrowing power that is a CHOICE you have made. I am older, and my wife and I could live in a house that is worth twice as much as the house we live in now. We have less stress in our lives knowing that either one of us could not work and we would still be able to pay our bills. Those are CHOICES.

If you CHOOSE to take work that requires report delivery in 48 hours after inspection in this environment you have not only made a CHOICE but a very STUPID one. Not saying that your mentor does that but there are still appraisers doing that in this environment.

As a side note to the above sermon, I am guilty of taking on too much work, but I am the idiot who did that. I also take on goofy stuff like a house and an apartment building on the same parcel. I also just completed a house on 140 acres with three different zonings. That was my choice and all of the files on my desk are my choice.

The stress I have is because I chose to have that stress. I have had two heart attacks and some other thing with a long name that I don't understand but none of those were because I am an appraiser, they were from the choices I made.

Stress is when my wife walked into a trauma in April and the chest tube was put in wrong and she ripped it out with no mask on and put a new one in and then the patient turned out to have Covid. She doesn't choose her stress, appraisers choose their stress.

 

[TMG]

Turn on some Christmas music..maybe that will help.

 

[Michigan CG]

Turn on some Christmas music..maybe that will help.

Trans Siberian Orchestra is the best Christmas music.

 

[Russ Kitzberger]

Considering the current appraisal volume, this is the easiest time. It is easier to turn down assignments and focus on easier/profitable ones. There is a strong likeliness that rIght about the time you will be licensed, the market shift will occur and work volume will drop. That is when it will be stressful. I started my firm in the last crash (2007) and it was impossible to make a living as a newly certified appraiser for several years. I too went into appraisal because of the work from home availability as I was the primary parent to my two boys.

Now in 2020; There are many jobs now that are remote/work from home. The appraisal profession is not as alluring as it once was as almost all professional jobs can be done remotely. Also, residential appraisals are a matter of efficiency, so the more you do the more likely you can reuse data and combine appointments to be efficient.

A less stressful job that pays better and still allows flexibility is computer programming. They have had a much lower unemployment and better pay than appraisers. Consider that as an alternative to appraising if you like the computer work. Training is shorter too and some companies will pay for your training. There are plenty of coding bootcamps that will teach you coding in a matter of weeks.

 

[Tru Red]

Like others have said, it is what you make it. I do 4-5 per week. Around $2,500/week or $10,000/month. For me it's mostly VA and attorney work with a few AMC's now and then.

AMC's will drive you mad and stress you out......if that is all you do.

I feel effectively ZERO stress working as an appraiser. A lot of people on here have laughed at me over the years for some comments I have made. For example I allow no direct deposits to my checking account . I want a check because I am comfortable and I control it better (at least in my mind).

I rarely pay any upload/maintenance/portal/technology fees because I pick and choose who I work with.

I do not work on most weekends unless I am bored and I want too.

If an AMC sends an email that states "RUSH ORDER" it goes directly to my junk folder. Why? It's a secret code for a problem appraisal report.

All of these things I control as an independent appraiser. It is my business. Since 2006 I earn way more than I did as a bank vice president/SBA lender.

Being an appraiser is what you mold it into. It definitely can be stress free if you want it to be.

A decent wine collection helps.