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Trainee Questions

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Shawn Strohm

Freshman Member
Joined
May 27, 2003
I am considering a career in Real Estate Appraisal and I'm a little concerned about the income during the trainee period. I was just wondering the approximate income would be per year for a trainee working full time in the following areas:
South Jersey area
Philadelphia area
 

Tom Foster

Senior Member
Joined
Apr 18, 2003
Professional Status
Certified Residential Appraiser
State
California
Shawn Strohm,


If you find some one to train you, you are loking at about $12,000 per year NET. Remember you have to pay for the car and the gas. You will also get the "far away appraisals" like 100 miles away or more.

Back when I started in 1985, I once drove over 300 miles each way on one apprasial - From Orange County to San Francisco. It took me 1 week to get back home and I made a camping trip out of it. I camped over night in Santa Barbara, Pismo Beach, Moro Bay etc.

Just me and my little Toyota truck with the shell on it. I had a 2 inch foam pad and blankets back there.

If I didn't get many apprasials that year I could have just lived in the truck....

You might do well at first because there is lots of biz out there right now. But when the interest rates go up ( and they will ) the pie will shrink and that won't feed the apprasisers that are all chomping on it now.


Tom
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I wouldn't ask a trainee to drive 300 miles to do an appraisal although I did it way back when...actually more like 400+ miles but then I wanted to go fishing in that area anyway.

In my market most trainees can expect to earn between $18,000 to $30,000 a year. Your net is going to depend on what you need to purchase such as computers, cameras, software, and transportation. The hard part is finding a mentor. I wish you well.
 

Shawn Strohm

Freshman Member
Joined
May 27, 2003
Thanks for the advice. I'm trying to figure out if I can make it financially during those two years. I already have set expenses: car payment, car insurance, rent, cell phone. I'm pretty sure I can find a mentor. Another question, should you find a mentor before you finish the classes?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The sooner the better! Perhaps the mentor will let you hang around doing office type work until you are registered.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Welcome Shawn,

I wanted to add a bit to what Mike said.
The income level of a new appraiser can vary widely, often below the figures that Mike said. If your mentor doesn't have much work, then you'll probably not get much either, if any. I couldn't find a mentor in my immediate area, so I spent at one hour commuting each way, six or seven days a week to get to the main office. In my two years of training I put 80,000 miles on my truck. After figuring out the amount of depreciation in value that much mileage put on my vehicle, plus gas and maintenance, that took one heck of a whack out of what I was making. In the first year there was also the cost of a reliable laptop and digital camera. All said and done I probably cleared about $10,000 my first year :eek: , and that meant leaving my house at 6:00am, getting home around 4:00pm, then typing at least a few more hours in the evening, usually 6 days a week. My situation was not unusual for a newbie.

My point is that where your mentor is located, how much work he/she can provide, and how big your territory is will ALL factor into how much your income might be.

Definately find a compatible mentor before signing up and paying for classes, and make sure you've got a good savings account set aside because there's no way of knowing if you'll have work from one week to the next.
Be sure to read up in the newbie/wannabes section of this forum...it's full of information that might help you decide if you should proceed or not.

Best of luck,
Dee Dee
 

Shawn Strohm

Freshman Member
Joined
May 27, 2003
Would it be a career worth getting into considering the hardships of the two year trainee program? I've talked to a few people and they have said it would be good for making a living once you get set up after the trainee period. Let me know what you think. Any advice would be great for me.
Thanks
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Shawn...there is a glut of registered appraisers nearly everywhere right now. The industry is going through a series of changes which may or may not mean continued work in the future. Knowing that, if you are still interested then take the course work, do the apprenticeship and join our merry band. It bets flippin burgers at Mickey D's.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
how about beats instead of bets.
 

Shawn Strohm

Freshman Member
Joined
May 27, 2003
Mike, Thanks for the advice. I have spoke with some appraisers in the Philadelphia area who feel there will be an abundance of work for the future. Is there anyone who feels that there is going to be plenty of work for appraisers in the future?
 
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