Where To Begin?

[CoffeyBean]

Two-fold question here:

I am currently working for a university but am looking at making a move into an appraisal career. I recently got an offer to become a real estate agent (salary plus commission) and am wondering if this will end up helping or hurting me in the long run. My thought is that since I have no experience in finance, getting my real estate license could be an intro into that world and let me gauge whether I will like/be successful as an appraiser. Would that be encouraged, or should I just start on the appraiser education courses and get it done?

That also leads to my next question - with the new criteria going into effect on May 1st, will the required education courses still be the same? I would like to go ahead and start on the courses before May, but I would hate to pay for/complete a course then they say they have changed the course requirements or something.

TIA for any input! I have been researching for a while but there is so much information out there that i can't seem to get any straight forward answers to my questions. :/

 

[Tim The Enchanter]

Sales and appraisal are very different functions. If you are good with sales it would probably be better and pay more to stick to that.

 

[J Grant]

Imo the way the field is going now, I would not begin an appraisal career unless my goal was to get the st gen license ( that way you can do commercial or residential). However, I do think taking appraisal courses is a great way to learn to analyze and value property either as a RE agent or an investor. The money is in flix and flip on res end ...there is always some $ to be made as a res licensed appraiser but there are a lot of adverse conditions around it now due to AMC incursion into the business and pending technological changes....

 

[Red Flint]

1. Learning the real estate agent work will help in a future appraisal career.

2. Call your state appraisal licensing board with the requirement question. Add humor.

 

[Basically Rectangular]

An offer to become a real estate agent that includes salary plus commission is a great way to begin a career in real estate. If you hustle you can have your real estate license in less than one month. Now pay for your MLS service, nice clothes, bling bling items, etc, and be prepared to sit in open houses for free for a few months while other agents are closing deals. Everyone has to pay their dues.

Or you could get a degree in finance and start making 50K (conservative) right out of the gates, including internship of course.

Or you could roll the dice and pursue a career as an appraiser.

I recently passed the "easy" appraiser exam (licensed), and it was the most difficult exam that I have ever taken. While the AQB has decided to relax on certain qualification requirements, I do not believe they will be easing the quality of content in any of the exams, which in my opinion, and being witness to the last AQB meeting when those changes were made, is the final filter of relative competency with regards to entry into this field. One of the things they did not change was the appraisal specific course material. You can read about the adopted changes here https://appraisalfoundation.sharefile.com/share/view/s7ce4c46184b47f9a?

The only constant is change, and no doubt there is an evolution currently in effect in this (and other) career fields. Some will fail, others will succeed. Follow your passion and give it your all, whatever you choose, and only you can decide... It's a tough world out there.

 

[bnmappraisal]

I recently passed the "easy" appraiser exam (licensed), and it was the most difficult exam I have ever taken. While the AQB has decided to relax on certain qualification requirements, I do not believe they will be easing the quality of content in any of the exams, which in my opinion, being witness to the last AQB meeting when those changes were made, is the final filter of relative competency with regards to entry into this field.

(my bolds) I completely agree
I took the CR (6 hr national test - 02/2009) and it was a PITA. I agree, one of the most difficult exams I've ever taken. I took 5+ hrs of the 6 to complete. Tricky questions, etc. Thankfully I passed first take, but it wasn't easy. I do agree with your last statement that it is a "final filter of relative competency" To pass that exam, you either know your $#** of you don't

Some will fail, others will succeed.

And this I also very much agree with. I don't knock anyone being a RE Agent. I know MANY fine ones and respect many as well. Many earn WAY more $$$ than I do. And I have a decent number I consider my friends. That being said, it is a lot easier to get your real estate license than it is to get your appraisal license. To me, one really has to WANT to become an appraiser. This definitely isn't something for everyone, and that's fine.

 

[Mike Kennedy]

"one really has to WANT to become an appraiser. This definitely isn't something for everyone, and that's fine."

Seconded.

 

[Meandering]

If you are being offered salary plus commission, and you don’t understand how rare that is in the land of real estate, perhaps that university job might be worth keeping if you still want to train as an appraiser, part time.

A position as a traine in this industry does not pay much and you still have to take classes and foot expenses at least for travel. So, having another in the meantime is generally recommended, but, the way the industry is going, many appraisers are already looking for another income source as the volume of work is shrinking and the pay is low for many types of appraisal work.

With both sales and appraising, it can be feast or famine, but when you can sell, you can sell just about anything. When you can appraise, you have to wait for someone to care what your opinion is, to make money.

.

 

[Carnivore]

I am going to get stuck on a rotisserie and roasted over my comment but here goes

If your going to take Appraisal Classes then I would strongly recommend going through the Appraisal Institute and take theirs with the goal in mind to be designated either Residential SRA or an MAI. Over the long haul this is one of several paths that will probably result in more satisfaction and income and most importantly a Trainee position.

https://www.appraisalinstitute.org/

 

[Joe Flacco]

Appraisal is being disrupted by technology. It is still possible to have a rewarding and fulling career but it is going to be like walking up a escalator that is going down.