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Old 04-18-2012, 09:59 PM
 
11 posts, read 46,534 times
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Default Is Real Estate Appraiser A Possible 2nd Career?

I'm considering a second career in the real estate field. I've always had an interest in and followed residential real estate closely. I've been in management for a Fortune 50 consumer products company (primarily Finance but also Sales and Marketing) for the past 25 years. I have an MBA and Accounting/Finance undergrad. Professional demeanor/appearance.

I'm ready to retire and start something new so I thought the best place would be to follow my interests. Real estate sales was a thought and I'm open to trying that. Most of my career has involved a fair amount of high level analytics so I thought appraising real estate might be a fit. I'm 56 years old and look forward to many more years of employment. What are the prospects of breaking into residential real estate appraising as a second career? Any insights would be great.

Thanks,
m-dad
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Old 04-19-2012, 08:49 AM
 
Location: OK
2,489 posts, read 4,002,720 times
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You will find that many appraisers are appraising as a second career. Your biggest challenge is going to be finding a supervisor who is willing to train you. And your second biggest challenge is to find one who is actually interested in training you and not just is looking for cheap/unpaid labor.

Good luck!
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Old 04-19-2012, 02:51 PM
 
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Thanks for sharing that. I really want to understand what the realities are. I may just go ahead and do the class time anyway (while I'm still working at my other job) and see where it goes from there. Hey, other appraisers, tell me your thoughts. Is this how you do business?
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Old 04-19-2012, 04:31 PM
 
Location: DFW - Coppell / Las Colinas
17,409 posts, read 16,060,492 times
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There seems to be many appraisers struggling right now due to the new ways they do business. I'd think it's one of the tougher parts of RE to start today.

Maybe you could start with appraising foreclosures for banks, etc.
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Old 04-19-2012, 08:58 PM
 
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I too have thought about appraising here in California before getting my RE Brokers license a few months ago. It seemed promising at first but since the Great Recession, the law now requires appraisers to go through an AMC or Appraisal Management Co. to get their work which significantly cuts down on their pay. The required education is similar to that of a real estate broker but also requires 1 year of full time supervisory experience from a licensed appraiser. This makes the field less competitive but if you can swing a year working for marbles or for free then more power to you. Also, it seems there is a lot of face to face client interaction, clients are mainly the banks(agency relationship as you will learn in RE course) but sometimes homeowners or firms may ask you to appraise as well, and if the valuation does not come in at the clients target, do not expect to get more work from them.

Like you, I have been keeping an eye out the local RE market and believed, which I still do, that being an appraiser would help my situation as far as home valuation. I chose to become a broker instead because brokers can get paid directly.

I am currently looking for experience in the Property Management field of RE here in SoCal. Good luck with whatever career you choose, RE will get very interesting in the next few years. My opinion is a further decline for the next 10 years but not before a small blip thanks to investors buying at low interest rates.
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Old 04-19-2012, 10:36 PM
 
Location: Exton, Pennsylvania
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I've heard appraisers are working twice as hard for half the money. If you're looking for a job in real estate and have decent computer skills, I recommend getting an assistant / transaction coordinator position with a reputable real estate agent. The hours and expense won't be crazy and by working for an agent already successful enough to hire an assistant you will have an opportunity to learn the real estate business without all of the risk of being an agent. You could help the agent by preparing marketing, market analysis for listings, manage Internet sites, etc. Good luck!
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Old 04-20-2012, 05:34 AM
 
Location: OK
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Quote:
Originally Posted by Rakin View Post
There seems to be many appraisers struggling right now due to the new ways they do business. I'd think it's one of the tougher parts of RE to start today.

Maybe you could start with appraising foreclosures for banks, etc.
Many appraisers have left the business due to the new regulations and the rest of us have been busier than ever. Problem is that many appraisers operate the way they did in the old days where little marketing was required. Being an appraiser is no different than any other business ...... marketing is a big part of it.

This is a great time to get into appraising.

Last edited by Annemieke Roell; 04-20-2012 at 05:42 AM..
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Old 04-20-2012, 05:40 AM
 
Location: OK
2,489 posts, read 4,002,720 times
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Quote:
Originally Posted by domdigs View Post
It seemed promising at first but since the Great Recession, the law now requires appraisers to go through an AMC or Appraisal Management Co. to get their work which significantly cuts down on their pay.
There is no requirement for lenders to go through an AMC. The law requires that the people who are involved with the loan process are removed from the appraisal process. This means that anybody not involved directly with the loan in the lender's office can order appraisals.

Fees have stagnated but not significantly dropped for those of us who will accept fees the clients determines rather than determining our own fees. Last time I checked I am an Independent Fee Appraiser, not an employee of the lender.

Quote:
The required education is similar to that of a real estate broker
In order to become a Certified Residential appraiser the current education requirements are 250 classroom hours.

Quote:
but also requires 1 year of full time supervisory experience from a licensed appraiser.
Two years minimum for 2,500 field hours under a Certified appraiser.

Quote:
and if the valuation does not come in at the clients target, do not expect to get more work from them.
That is illegal now.
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Old 04-20-2012, 06:58 AM
 
Location: Pawnee Nation
7,165 posts, read 9,557,531 times
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Amazing how much misinformation is passed along as fact.

Appraising is a great second (or third) career. In my classes I see a lot of ex military and former teachers coming into it. It is far more rigorous to get in than it was so go to the appraisal foundation website and look at the current requirements. It can take several years to become certified and you will not make much money while you do it. I do not pay trainees. If I am going to train my competition I am not going to pay them while doing it.

Job outlook? there is getting to be a shortage of appraisers. In the states I have examined there are less than 25% of the appraisers today than there were in 2005. A lot of clients have tried to keep the fee schedule they did three and four years ago. I frequently get requests at a $275 fee and when I tell them my minimum for such an assignment is $475, they frequently agree to it. If they don't, too bad. I am booked two weeks out.

Do not get the idea that you can do today what people were doing 5 years ago. Doing it sloppy or lazy can incur fines of $10,000 a day. If you are willing to do it right and do the work required to provide a credible, supportable opinion of value, you will be in good shape. If all you want is to have an income without working for it, find another career option.
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Old 04-21-2012, 01:13 PM
 
11 posts, read 46,534 times
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This has been quite insightful. The rigor of the course work etc is not really a concern. But, the fact you have to do a year of slave labor to get certified doesn't sound appealing. At some point perhaps the market will play out and there will be a shortage of appraisers which might in turn, improve conditions for the apprentices. I think I'll take the classes to expand my knowledge. If something happens to fall into place, so be it. But, I don't think I'm going to give up my day job just yet.
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