What should I do?

[Mr. 3 Putt]

I'm 63, been a Certified Res Appraiser with the same company for 20 years. The guy running the company has pretty much retired like a year ago due to health and age, and doesn't want to pay his MLS fees anymore. It's just the two of us left now, and there is no office, I work from home. He has offered to give me the rights to his co. name, and I would have to become the DR for our Board of Realtors, file a DBA or LLC for the name in my name so I could open a checking account under the assumed name. I assume there would be a lawyer involved to draw up paperwork. I have no plans to hire any other appraisers or grow the business, this would just be so I could continue as I have been doing for the past couple years, as I'm slowing down and close to retirement myself. My question to those of you running your own business; do I pay a lawyer to assume the name, or do I file a DBA or LLC under something else, zzz Appraisal Serv, whatever? The way I look at it, that would cost me an extra $100 in admin fees at the board along with the DR fee ($270 I think), but it would get me out of the lawyer fees. Or should I just hang it up all together, I don't need to work, our market definitely seems to be in a decline for business, but I have a year left on my license and just paid my E&O. Any thoughts?

 

[glenn walker]

I'm 63, been a Certified Res Appraiser with the same company for 20 years. The guy running the company has pretty much retired like a year ago due to health and age, and doesn't want to pay his MLS fees anymore. It's just the two of us left now, and there is no office, I work from home. He has offered to give me the rights to his co. name, and I would have to become the DR for our Board of Realtors, file a DBA or LLC for the name in my name so I could open a checking account under the assumed name. I assume there would be a lawyer involved to draw up paperwork. I have no plans to hire any other appraisers or grow the business, this would just be so I could continue as I have been doing for the past couple years, as I'm slowing down and close to retirement myself. My question to those of you running your own business; do I pay a lawyer to assume the name, or do I file a DBA or LLC under something else, zzz Appraisal Serv, whatever? The way I look at it, that would cost me an extra $100 in admin fees at the board along with the DR fee ($270 I think), but it would get me out of the lawyer fees. Or should I just hang it up all together, I don't need to work, our market definitely seems to be in a decline for business, but I have a year left on my license and just paid my E&O. Any thoughts?

No offense but if MLS dues and a few hundred bucks are a make and break I would just shut it down and be done.

 

[Elliott]

Getting a DBA from the state is filling out a form. Liability issues are something to have a conversation with your E/O. I've never hired a lawyer about being an independent fee appraiser, but if you have concerns, by all means, hire one for an hour at $500.

 

[Overimprovement]

Or should I just hang it up all together, I don't need to work, our market definitely seems to be in a decline for business,

This is called answering your own question...

 

[EddieB]

This is a decent field for side work, pocket money or a round of golf. A couple grand in hard costs a year. Couple three orders a month. This keeps you in the game, provides some mind work and maybe someone drops a big job on you once or twice a year. They’ll have to pull my license outta my cold dead’s hands.

 

[Tom D]

this is the best job when you are retired. what are you going to do all day at home, look at your wife while she's looking at you wondering why you are doing nothing. just 1 full appraisal a week gives you money to have more fun, or give it to your wife, or girlfriend.

 

[alebrewer]

Agreed w/Eddie - I'm not too far away from the big R myself, but I don't think I'm going to just give my credential back. Who knows what might come along as a side hustle down the road.

 

[BRCJR]

Let the current client base know that the company name is changing.

I think that the email and phone number are very key elements to try and maintain/control.

 

[Fernando]

this is the best job when you are retired. what are you going to do all day at home, look at your wife while she's looking at you wondering why you are doing nothing. just 1 full appraisal a week gives you money to have more fun, or give it to your wife, or girlfriend.

I can't imagine I ever retire except I think Social Security will force me to if I make too much money.
Real Estate has cycles of good and bad years. Work hard in 1-2 years and relax and take it easy in other years.

 

[The Bob]

Why do you need the co name?

Just let the clients know you are going on your own and the owner is cool with it. Maybe get a letter from the owner stating he is retiring.
I've been a sole prop for the past 30 years...no office...no name..no DBA, etc...