Question about Appraisal Training (Realtor, fees, costs, appraiser)

[rb1754]

Hi There,

I'm a 24-year-old looking to get into a new career and I read that entering the industry as an Appraiser for a young person is a good move. My only concern is that I currently work part-time Mon-Fri from 6PM - 12AM and I understand there is a apprenticeship that is required. Would I still be able to maintain my part-time job while completing my apprenticeship? The income would be sorely missed otherwise.

Also, if anyone knows, does it matter what type of area you live in to make a living as an appraiser? I am considering moving into the city from the suburbs.

Thanks!

[TexasDillo]

The answer to your questions is "it depends".

You may be able to work part time depending upon how busy your state-required sponsor/mentor is and how much work they assign you. You also should be prepared to work for free or even pay the sponsor/mentor for training you. You are assisting them while they are training you so maybe you can work a fee split arrangement. Most folks can almost qualify for food stamps while going through the two-plus years of qualifying experience needed to obtain the basic (or lower level) appraiser license.

As for location, the more active your real estate market, the better chance you have of earning an income from appraising. Just be aware that your costs never go down but the fees you receive may not rise to match these increases. Most appraisers I know haven't seen a real fee increase in almost ten years and the analysis and reporting requirements (read: workload) have increased substantially over this same ten year period.

I suggest you read more at these websites: www.asc.gov (the Fed Gov's appraisal oversight committee) and www.appraisersforum.com (the leading appraiser forum website).

Best of luck with your decision.

[FalconheadWest]

You really need to talk with appraisers in your market. I thought I would become an appraiser in addition to being a Realtor. After speaking with 5 appraisers, and all of them saying they would never take someone on as an apprentice because it takes business away from them, you might be hard-pressed in finding someone to train you. Before you decide if this is something you want to do, you need to make more calls to actual appraisers in your market.