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Started By
Message
Thoughts on Becoming a Commercial Real Estate Appraiser?
Posted on 7/19/17 at 12:34 pm
Posted on 7/19/17 at 12:34 pm
I have a financial background, a CPA and have given this some thought over the years but am a bit intimidated by the time commitment to become certified.
My dad is general certified and has been in the industry for most of his career. He does pretty much exclusive commercial work. He would obviously act as my "supervisor". He has really settled down into a groove and only has a few clients at the moment, not interested in growing his business (ie workload), so I may have some opportunity there to take on business he may not be interested in.
Being my own boss is important to me, and I'm not sure I feel comfortable opening a traditional "CPA service" shop on my own, so I thought this may be a great way to build my valuation skillset, while also controlling my own destiny.
Any input would be great.
My dad is general certified and has been in the industry for most of his career. He does pretty much exclusive commercial work. He would obviously act as my "supervisor". He has really settled down into a groove and only has a few clients at the moment, not interested in growing his business (ie workload), so I may have some opportunity there to take on business he may not be interested in.
Being my own boss is important to me, and I'm not sure I feel comfortable opening a traditional "CPA service" shop on my own, so I thought this may be a great way to build my valuation skillset, while also controlling my own destiny.
Any input would be great.
6
Posted on 7/19/17 at 12:46 pm to OceanMan
Only way is if you get your MAI.
Posted on 7/19/17 at 1:43 pm to Drop4Loss
How is that more beneficial than getting a general license?
Posted on 7/19/17 at 2:46 pm to OceanMan
I've been a commercial appraiser at a national company since graduating college in 2014 and got certified earlier this year. I'd be more than happy to discuss with you if you'd like.
Posted on 7/19/17 at 3:03 pm to OceanMan
Well, I think it is an excellent career with long-term serious potential if you stick with it.
Reason being the long road to certification and requirements you mention in your post. The appraisal industry has been squeezed for years in the residential category alone, so the commercial pool is even smaller.
In other words, few people going that route anymore leading to more potential in a long-term outlook.....just my two cents.
Reason being the long road to certification and requirements you mention in your post. The appraisal industry has been squeezed for years in the residential category alone, so the commercial pool is even smaller.
In other words, few people going that route anymore leading to more potential in a long-term outlook.....just my two cents.
Posted on 7/19/17 at 3:09 pm to OceanMan
I've been appraising commercial properties since 1990. At one point I was working towards a designation, but it went by the wayside due to the time demand and the constant cost of living. As a general certified appraiser, I've always stayed busy and through the years have become much more selective and specialized relative to which jobs I want to complete. I prefer appraising farmland and industrial properties, so bid more aggressively on those and bid real high/long on undesirable jobs.
There is a growing shortage of appraisers, so future is bright with regard to business. One of the biggest problems of the industry is the apprenticeship need and finding an experienced appraiser to work with. It looks like you already have bypassed that hurdle. There is talk of removing the college degree from the certification requirement. That would bring larger numbers into the fold.
Pros:
It's "a living". You'll never get rich, but you can comfortably raise a family.
I absolutely love being my own boss, choosing my assignments, and coming & going as I please.
In this day and age, you can operate your own "appraisal shop" with a computer and desk. Everything you need is on-line now, be it for a price.
Cons:
Benefits of a corporate structure with paid vacation and health insurance.
Income tops off a certain level, unless you want to work your butt off or bring in trainees, which is time-consuming and increases liability (E & O insurance).
There is a growing shortage of appraisers, so future is bright with regard to business. One of the biggest problems of the industry is the apprenticeship need and finding an experienced appraiser to work with. It looks like you already have bypassed that hurdle. There is talk of removing the college degree from the certification requirement. That would bring larger numbers into the fold.
Pros:
It's "a living". You'll never get rich, but you can comfortably raise a family.
I absolutely love being my own boss, choosing my assignments, and coming & going as I please.
In this day and age, you can operate your own "appraisal shop" with a computer and desk. Everything you need is on-line now, be it for a price.
Cons:
Benefits of a corporate structure with paid vacation and health insurance.
Income tops off a certain level, unless you want to work your butt off or bring in trainees, which is time-consuming and increases liability (E & O insurance).
This post was edited on 7/19/17 at 3:13 pm
Posted on 7/19/17 at 8:18 pm to LSUGoose
In Louisiana most of the licensees are Residential and a very large portion of the General appraisers are from out of state. The shortage of appraisers is a real issue here in LA. The appraisal qualifications board has recently suggested adding a classification between Traniee and Certified called licensed. Some states already have this classification but Louisiana is not one. Thought process partially has to do with requiring licensees to have college degrees the other is the stigma of the word trainee, as it can scare the general public. It's also super hard to find a supervisor but you already have that covered.
Posted on 7/19/17 at 8:39 pm to OceanMan
With the advice given, it sounds like you should be well on your way! Good luck!
Posted on 7/19/17 at 11:26 pm to OceanMan
Just curious, don't you have a JD/LLM in tax or am I thinking of some other FSU poster?
Also, I'd think with that background if you got into Commercial you'd have an inside track on making your own way investing in that market.
Also, I'd think with that background if you got into Commercial you'd have an inside track on making your own way investing in that market.
This post was edited on 7/19/17 at 11:26 pm
Posted on 7/20/17 at 9:27 am to LSUGoose
Thanks for all of the thoughtful replies so far guys.
Posted on 7/20/17 at 10:25 am to Teddy Ruxpin
quote:
Just curious, don't you have a JD/LLM in tax or am I thinking of some other FSU poster?
TheOcean has an FSU symbol, not sure of his background, but I am not a JD. I do have a strong tax background though and often opine on tax matters on this board so that may be what you are thinking.
quote:
Also, I'd think with that background if you got into Commercial you'd have an inside track on making your own way investing in that market.
I also have a lot of interest (and a bit of capital reserved) for these purposes.
Posted on 7/20/17 at 10:29 am to LSUGoose
quote:
At one point I was working towards a designation, but it went by the wayside due to the time demand and the constant cost of living
What do you mean by this? MAI? What extra benefit would that actually provide over the General license?
quote:
I've always stayed busy and through the years have become much more selective and specialized relative to which jobs I want to complete
You sound a lot like my dad.
quote:
I absolutely love being my own boss, choosing my assignments, and coming & going as I please
quick question on this, do you work from home? or do you have an office?
I really appreciate your insight, thanks again
Posted on 7/20/17 at 10:37 am to yellowhammer2098
quote:
I've been a commercial appraiser at a national company since graduating college in 2014 and got certified earlier this year. I'd be more than happy to discuss with you if you'd like.
Yeah that would be great to hear about life at an actual firm...are you based out of NOLA?
edit: got it
This post was edited on 7/20/17 at 5:50 pm
Posted on 7/20/17 at 10:40 am to OceanMan
Ah that's it.
And good deal. Specialized knowledge is a key leg up.
And good deal. Specialized knowledge is a key leg up.
Posted on 7/20/17 at 2:30 pm to OceanMan
quote:
My email is my *** if you want to shoot me a note
Done. Let me know if you didn't receive it.
Posted on 7/20/17 at 3:05 pm to OceanMan
quote:
quick question on this, do you work from home? or do you have an office?
I know him (asked him to post here when I saw the thread) so I'll respond. He has an office but has the ability to work from home if needed.
Posted on 7/20/17 at 5:51 pm to lynxcat
Thanks Lynx, I know you were close to someone in the profession based off previous threads.
Posted on 7/21/17 at 2:18 pm to OceanMan
quote:
At one point I was working towards a designation, but it went by the wayside due to the time demand and the constant cost of living What do you mean by this? MAI? What extra benefit would that actually provide over the General license?
Yes - was working towards MAI. Was in the middle of demo report, but it was just too time-consuming with work constraints and bills.
quote:
I absolutely love being my own boss, choosing my assignments, and coming & going as I please quick question on this, do you work from home? or do you have an office?
I work in a very small office with an older guy. He supplies everything (computer, subscriptions, biz hub, supplies) for a percentage of everything I bill out. If he kicked the bucket tomorrow, I'd have to make the decision to set up shop at home or rent space with another appraiser. Most guys/gals that I know that have gone out on their own in recent years have just set up shop at home. My only fear is distractions - cut the grass, cook, etc. instead of working on appraisals if I were at home.
Posted on 7/21/17 at 3:37 pm to LSUGoose
quote:
My only fear is distractions - cut the grass, cook, etc. instead of working on appraisals if I were at home.
And that is why I ask. Seems like it is awfully hard to stay focused at home.
Posted on 7/19/21 at 12:02 pm to OceanMan
I have been exploring a career change and wanted to bump this thread.
Would the existing appraisers in here recommend getting into the industry (particularly on the commercial side)? I have read a few things that have speculated the industry could be heavily watered down with new software. Obviously the last 14 months or so have been booming for anything related to the housing market, but how do you see the industry in 10 years?
It seems that the education and apprenticeship/trainee requirements to be come certified are pretty extensive. Is there any realistic chance to be able to get the required hours in to become certified while working another job (weekends, nights, etc.)?
Just for some background: Almost 30, with an MBA. Dual income household with kids. I currently have a well-paying job with good benefits, but the work just leaves something to be desired. I have always found the real estate industry to be interesting and actually enjoy looking at comps/accessor website and getting to do work in the field. Also have good contacts with people in residential lending as well as commercial and residential developers.
If anyone would be willing to talk on a few specifics, it would be greatly appreciated! drunkencrawfishtd@gmail.com.
Would the existing appraisers in here recommend getting into the industry (particularly on the commercial side)? I have read a few things that have speculated the industry could be heavily watered down with new software. Obviously the last 14 months or so have been booming for anything related to the housing market, but how do you see the industry in 10 years?
It seems that the education and apprenticeship/trainee requirements to be come certified are pretty extensive. Is there any realistic chance to be able to get the required hours in to become certified while working another job (weekends, nights, etc.)?
Just for some background: Almost 30, with an MBA. Dual income household with kids. I currently have a well-paying job with good benefits, but the work just leaves something to be desired. I have always found the real estate industry to be interesting and actually enjoy looking at comps/accessor website and getting to do work in the field. Also have good contacts with people in residential lending as well as commercial and residential developers.
If anyone would be willing to talk on a few specifics, it would be greatly appreciated! drunkencrawfishtd@gmail.com.
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