re: Career Path - Appraiser or Insurance

Think of it this way. Insurance is unlimited so you have a glass ceiling particularly due to capacity and the residuals. Once you do a policy it’s done and keeps making you money until the property sells, the owner sells the business or they move from you. There’s some schmoozing and boozing of clients to stay in front of them and be engaged with them throughout the year and not just at renewal time.

Appraisals are one shot you do the appraisal and get paid, done. Appraisals can take a long time to do so you’ll be limited in what you can handle from a capacity standpoint unless you hire. Also, biggest key here - it doesn’t matter how many banks, credit unions etc etc you know. Banks (by regulations) are supposed to bind bid an appraisal order. So yes, you can be on their approved appraiser list to receive bids, but nobody at the bank can just up and say let’s use joe blow to do the appraisal. Used to work like that before 2008, but the world changed dramatically since then. Look up and read through the FIRREA regulations. Some of it will make your head spin.

Just my opinion, but can say Insurance $100k and appraisals $200k as there are too many factors involved. I just like the idea of having a gravy train (residuals).