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I worked as an appraiser for 7 years before becoming a real estate agent. I used to really enjoy the job. It had its drawbacks as the real estate market went up and down and so did the amount of work. As the lending standards got tighter, the appraisal reports took much longer to complete. I used to be able to knock out a report in an hour, then it started to take 3 hours with all the extra information now required by lenders. So if you did too many inspections in one day, you had all that paperwork to catch up on.
It also became less lucrative and the management companies that were now required took a piece of the appraiser's cut and turn around times became much quicker.
Its also a lot more difficult to become a licensed appraiser with the 3 year apprenticeship they now require.
I mostly did work for banks and mortgage companies, but I did have a short stint working for a company that did town tax reassessments. They worked you pretty hard and had quotas for the amount of houses you had to assess in one day.
Most of my friends who are still appraisers are trying to transition into sales, as its become harder to make a living as an appraiser these days.
The short answer is that many appraisers and those looking to enter the profession feel it is no longer worth the level of effort and liability for the money received. For people such as yourself that might be interested in entering the profession, the new entry requirements become effective January 2015. Though it varies by state, most have a lengthy internship (2.5 years or more), tons of expensive qualifying and continuing education requirements (even as a trainee) PLUS many lenders want you to have at least five years experience AFTER licensing before that will offer you work.
You should also know that appraisal management companies, a third party vendor, now control about 80 percent of all mortgage appraisal orders. They will take 40 percent or more of the fee that the lender charges the borrower.
This all means that you'll have a college degree, will likely have limited work for several years, and will have approximately $4000 per year in expenses related to continuing education, E&O insurance, MLS and BoR dues and fee, miscellaneous office expenses, and the general headaches associated with running a start-up small business.
The BIGGEST headache but one that is critically important to address early is you must find a certified or general appraiser who will act as your coach/mentor/sponsor. This person is reportable to the state for your development, training, and products during the entire period you are a trainee. This person will also likely have a split-fee relationship with you which means you are earning even less money. PLUS, and here's the real interesting point, is that when you have finished your training and go out on your own, you and your trainer will likely be in direct competition with each of for appraisals in the same geographic area.
I have been in the business since 1970 and this is the worst it has been. I agree with TexasDillo as to appraisersforum. Great resource.
I did not recommend this business to my kids and won't recommend it to anyone else. The lenders and Congress are trying to eliminate appraisals in conforming loans. AMCs are taking the lions share of,the fees.
Just go do something else. After all, the typical appraiser will make maybe $3K after expenses a month. 1 home sale as an agent will usually net you more than that. Look at what a certified auto mechanic charges, what your AC tech charges.
What about a county appraiser that pays for your training? Is that a good gig?
That would be a county assessor, not appraiser. The functions are similar but an assessor is a representative of the municipality and has different guidelines, methodologies, and appraisal standards which result in different value conclusions.
That would be a county assessor, not appraiser. The functions are similar but an assessor is a representative of the municipality and has different guidelines, methodologies, and appraisal standards which result in different value conclusions.
In Texas they are called appraisers, who work for a local appraisal district. The appraisal districts serve local municipalities as well as counties and school districts. True, their guidelines are different since they essentially due mass appraisals and the Uniform Standards of Professional Appraisal Practice (USPAP) offer guidelines for them as well.
What about a county appraiser that pays for your training? Is that a good gig?
It can be, if you like steady monotonous work and low pay. But it's a guaranteed paycheck, whereas most fee appraisers don't have that.
My 31 years as an appraiser has been in commercial real estate. For the first 8 years I worked for a medium sized firm working my way up to senior staff appraiser, before buying out another firm from an appraiser who was retiring. I operated that for several years with several staff appraisers doing both residential and commercial work; I mainly reviewed their work and did one or two commercial appraisals a month. I am now semi-retired and work when I want to, out of my house.
In Texas they are called appraisers, who work for a local appraisal district. The appraisal districts serve local municipalities as well as counties and school districts. True, their guidelines are different since they essentially due mass appraisals and the Uniform Standards of Professional Appraisal Practice (USPAP) offer guidelines for them as well.
County appraisal district but the county tax assessor-collector (at least, in the four counties my office services) per their websites. They may be called county appraisers in your area.
County appraisal district but the county tax assessor-collector (at least, in the four counties my office services) per their websites. They may be called county appraisers in your area.
And, yes, they must comply with USPAP Standard 6.
The county assessor-collectors are in charge of COLLECTING taxes, primarily through local business licenses, car registrations, etc.. The individual appraisal districts are in charge of appraising ad valorem real property and business personal property throughout the state, serving the local taxing authorities including the cities, counties, and school districts. The people doing the appraising are known as appraisers. Each appraisal district in Texas has a chief appraiser, and big counties like Dallas, Harris, etc. may have several dozen appraisers working for them. During my time as an appraiser, I spent 16 years as a property tax consultant dealing with quite a few counties, and earned the senior property tax consultant designation in 1994. In order to get this I pretty much had to the Texas tax code pretty well. I also interviewed for the position of Chief Appraiser for a local small appraisal district several years ago. The designation they seek is the RPA - Registered Property Appraiser.
While the two entities sort of related, they serve distinct and separate functions. The separation was pretty much official and permanent when the state adopted the "ad valorem" tax system in the 1970s and the appraisal districts were formed. There is some confusion about who is the assessor and who is the collector among the general public. I used to belong to the Texas Association of Assessing Officers, a group that was formed a LONG time ago when they were all called assessors, but that was a long time ago. The group has never changed their name for some reason even most of their members are appraisers. The term "assessors" has evolved over the years, but there are no assessors working for any appraisal district in the state.
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