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What To Look For In A Mentor?

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Mary Ann Guenther

Freshman Member
Joined
May 8, 2003
Hi. I have been considering some college courses in appraisal and have read many of the current and past comments posted to the boards. I am finding that there is more to appraising property than I had initially supposed. I love to look at houses and the idea of learning how to estimate value is a challenge I am looking forward to:)

One of the concerns I have seen posted is in finding a mentor. I live near St. Louis Mo and have seen ads from time to time soliciting associates. Some have been from appraisal companies, some from banks, and one ad from an out of the area company hiring for specific territories. Salary and benefits mentioned by bank, split-fee by others.

Questions I have are:

do banks/mortgage co. offer quality training?

is there a big difference in compensation between a salary/benefits position versus split-fee?

does an appraiser have to "inspect" a premises for FHA appraisals? if so, how does one go about getting an inspectors license?

will an associates opportunity for training improve if they have other office skills to offer employer?- from what I have seen posted a trainee can expect to earn what an average office clerk is compensated.

I would appreciate any advice given and I thank you for reading this post!

Mary G.
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hello Mary Ann;

I will try to answer your question as best as I can:

do banks/mortgage co. offer quality training?


I have not worked for a bank, but have several friends who do and I believe they recieved good training. I think a bank environment is/would be a more nurturing situation than a busy high volume appraisal firm.

is there a big difference in compensation between a salary/benefits position versus split-fee?


Again, since I have not worked in a bank or employment position I can only surmise. In either situation you will be very low on the wage scale. You could probably make as much at McD's. But the benefit package associated with employment is very very valuable At this stage of your career, you should be most interested in gaining your experience, learning your craft and keeping body and soul together. I would place money in a prioity after learning and building your experience log.

QUOTE]does an appraiser have to "inspect" a premises for FHA appraisals? if so, how does one go about getting an inspectors license?[/QUOTE]

First try not to use the word "Inspect" when discussing an appraisal assignment. We are not house inspectors and we dont want to assume the implied liability of having done an inspection. We visit and observe. Now to the point of your question. As a trainee you will not be allowed to do any FHA appraisals on your own. However you may assist your supervisor/mentor and claim experience hours for your time, as long as you are specifically acknowledge in the report that you and he prepare. When you do get your state certification then you will be able to take the FHA test and assuming you pass it then you can do FHA appraisals and you will not need a home inspection license.

will an associates opportunity for training improve if they have other office skills to offer employer?


Office skills are like chicken soup "It can hoit" :D What I would be looking for in a trainee is attitude, enthusiasim (sp?), an excitment for learning and indicataions of fortitude. Naturally I would also be looking for intelligence, loyalty and above all honesty. I have seen many of the trainees in the office I came from leave the minute they pass the state test and are granted their license --- not one shred of loyalty. I promised my supervisor that I would give him a year of post trainee loyalty, but that I also would be developing my own client list for my own account. We still work together on many projects. Loyalty really does pay.

I hope I have helped you and I am sure others will respond to your questions.

Regards and good luck

Hal
 

Allen Bruckner

Junior Member
Joined
Oct 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Check out your mentor real good. Don't be afraid. Down here in Florida there are a few of us newbees that have taken positions with "very busy" firms, and were still waiting for that busy time.

Allen
 
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