real estate appraisal job? good to have?

[Nevada Sixx]

hi, i have a chance to go to school and take real estate appraisal and i have a connection to century21 here in town to help me get started.... before i start all this,, are there any appraisers here that can verify if there is a demand for someone with that major? and not gonna be a B.S. type job where the real estate company tries to sell you some books, name tags and board fees, knowing you won't make it? any tips or suggestions welcome!!!


thanks guys..

 

[Chili]

Not sure about the USA but here in Canada it's very market specific for how well you'll do it seems. I have a family member in one province who does very well doing appraisals and have talked to a few folks who do it in my market who seem to fair far worse.

 

[dirt bike dave]

I have been a real estate appraiser since 1988. If you have an apptitude for it, it can be a good career. There are many ways to enter into the industry.

Most appraisers do not have a degree in appraisal or real estate, but they did have to take appraisal courses to get licensed.

I believe in most states, real estate agents and brokers are also required to take at least one appraisal course to get their sales license. The course you are considering will probably be attended by potential appraisers as well as future and existing real estate agents.

Since the savings and loan crisis, each state regulates appraisers. To obtain a license, you will need to take classes and obtain work experience (check with your state government for their specific requirements).

If you take a basic class and like it, you could probably find a trainee position. Most appraisers start that way, working for someone else and training on single family homes. As a trainee, your fee split will be low. As a general rule, you will not make much money your first 2 or 3 years. During that time, you will also usually be taking classes. Once you are licensed or 'certified' (states have multiple levels of licensing, from trainee up to a level that allows you to appraise anything), you will need to take continuing education.

While single family residences are the 'bread and butter' of the industry, there are many potential career paths, including right of way work, specializing in a certain type of commercial property, working for developers, working for banks, etc...

Many appraisers work for small shops or become self employed. If you are sharp, motivated and can land some clients, you can realistically be making a decent living and/or be self employed within 5 years.

The premier proffessional organization is the Appraisal Institute, http://www.appraisalinstitute.org/ They will have a chapter that covers your region. They also offer classes. Their instructors are usually top notch, but the classes will be expensive. If you get serious about the career you will eventually want a proessional designation, the AI courses lead to the highest professional designation, the MAI. You can also usually take an introductory course at a Junior College for little money. Your state office that regulates appraisers can give you list of approved education providers.

 

[Nevada Sixx]

i was actually a real estate sales agent for a year back in 1999, it was a small century21 office with no appraisal department, just the broker, two assistants and one or two other agents. I bumped into the head broker/boss today and i asked her if she was interested in having a full blown appraisal department and let me work it if i took to necessary courses which are offered at the local college here. i'm gonna go talk to her next week about the details.

 

[COLEMANAPP]

Dirt Bike Dave has it right. I've been an appraiser since 87. There wasn't licensing back then but I worked as an trainee and then appraiser for one company for 5 years then been self employed ever since. I'm in a metro area (St. Louis) but there still can be a lot of driving. You better like to drive. My current car has over 200000 miles on it but its my money maker. Depending on work load, I'll hit about 75+ miles a day. I've got a 3 appraiser company and have trained several appraisers. Even a little of your real estate experience will be helpful. Its a great job if you can get yourself set up. Also seems like the type of job you either love or hate. Most know whether or not they like it the first couple months.
It also has its good years and bad, based obviously on lending volume. Its also got pretty low overhead. I had an office for the first 10 years and have been home for about 4 and its alot better out of the house. My other employees work out of theirs too.
The trainee stuff has changed now and you really have to have a couple years working for someone else.
I believe my old bosses motto was:
Long Hours, No benefits, See the country.

I don't see much of an advantage working with the Century 21 office. The majority of your appraisal assignments come from lending institutions like Banks, Credit Unions, Finance Co. and Mortgage Companys. Very little to none from a real estate sales office. I guess the laws could be different in MS though.
Hope it helps.