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Working For A Major Financial Institution

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Michael Irvine

Freshman Member
Joined
Apr 2, 2002
I had a recruiter contact me to interview for a major financial institution as a Residential Appraiser (Trainee). In terms of salary she indicated there would be a monthly salary + a percentage of the revenue I generated. I asked her if she could clarify what is meant by "generated revenue", I'm thinking a fee split, she had no idea what generated revenue meant and that I should ask the hiring manager for more details.

My questions are, does anyone have any idea what she means by generated revenue, and second, for those of you who have worked for a financial institution what has been your experience, good, bad, ugly?

Any and all comments would be greatly appreciated.

Thanks
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I'm feel fairly sure that it would be a salary/commission thing. Most appraisers are paid based on production (appraisal fees billed). If you want a stable job with set hours, and a guaranteed minimum pay, that's a good route to go for getting into appraising. Especially for a newbie learning the business....... you may not have to work for starvation commission wages in a fee shop. But the down side is they may require you to wear a tie. :wacko:

But in the long run, you have more opportunity to make more money on your own, or being with a good reputable firm. However, that takes getting clients, handling PR problems with clients-agents-owners, and being very disciplined to work efficiently to manage your business affairs without neglecting your family life.

Go to the interview, check it out. If it just doesn't feel right...... go with your gut feeling and keep looking.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Michael,

The prospect is an interview for a lender with an in-house appraisal staff, a training program, a set salary plus incentives for meeting and exceeding minimum production quotas.

My opinion is that you should do everything you can to get this job. It's a rare opportunity that you probably will not be able to duplicate anytime soon. If you check around, trainee slots of any kind are difficult to come by and most of them offer minimum wage or less and no benefits to start. You may not make as much salary as you would at a busy fee shop, but the combination of salary, bonus, benefits, education, stabilized workload (helps you get your license a lot quicker) and the stability will more than make up for it during your first couple years. Even if you decide you don't like the environment, wearing a tie or having set hours, the experience working on staff is priceless. Having a bank reference on your resume is also very important because it puts you on the fast track toward having bank clients (rather than mortage brokers) if and when you do decide to go out on your own; which nobody should even be thinking about during their first three years or so. There may also be an opportunity for advanced appraisal education and experience that would enable you to learn how to appraise complex properties or even non-residential properties. You can't do any of those things in the average residential fee shop.

You get what you give. Go for the job and work your tail off to get it. Don't show any hesitation or offer any less than 100% of your talents and motivation. Be the ball... Be the ball...


George Hatch
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I agree with George, those types of positions are hard to come by. If you later decide to go on your own you will have completed your 2,000 hours with company benefits. I know several appraisers who chose to stay on and while they don't make as much as some independant appraisers but they also have lots of benefits we dont have either. The other thing is it is usually an 8 to 5 five day a week job.
 
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