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Career Path - Appraiser or Insurance
Posted on 7/21/22 at 5:02 pm
Posted on 7/21/22 at 5:02 pm
Looking to hear from folks with experience in either of these fields.
I'm getting ready to make some changes, and I've got a couple different paths with some in-roads, and people to help me. I'm in my early 30's, married with a couple kids.
One option is to go the Appraiser route. My particular contact in this field is in the commercial space as a certified general appraiser.
The other route is the commercial insurance route. I have not had as many talks with my contact, but he's already very successful and highly connected in our regional area. There's the potential he's looking to branch out and form a team, as he's essentially maxed out as is (or as busy as he wants to be right now).
I know this is a very vague level of detail at this point (I'll update as I get more information). But essentially, I am interested in hearing from anybody with experience in either of these fields - the good, the bad, the ugly.
I'm not one to work for somebody else forever (I currently run 2 other companies, and some real estate/STR's, they run themselves fairly efficiently without my involvement, I'm just looking to maximize my time & income to further grow my long-term wealth). If you were talking long-term planning, and were to really grind in one of the fields, is there a way to form your own team/company, and do well at it? Which one could you really hit a "homerun" with if you buckled down? Are they about the same?
I'm getting ready to make some changes, and I've got a couple different paths with some in-roads, and people to help me. I'm in my early 30's, married with a couple kids.
One option is to go the Appraiser route. My particular contact in this field is in the commercial space as a certified general appraiser.
The other route is the commercial insurance route. I have not had as many talks with my contact, but he's already very successful and highly connected in our regional area. There's the potential he's looking to branch out and form a team, as he's essentially maxed out as is (or as busy as he wants to be right now).
I know this is a very vague level of detail at this point (I'll update as I get more information). But essentially, I am interested in hearing from anybody with experience in either of these fields - the good, the bad, the ugly.
I'm not one to work for somebody else forever (I currently run 2 other companies, and some real estate/STR's, they run themselves fairly efficiently without my involvement, I'm just looking to maximize my time & income to further grow my long-term wealth). If you were talking long-term planning, and were to really grind in one of the fields, is there a way to form your own team/company, and do well at it? Which one could you really hit a "homerun" with if you buckled down? Are they about the same?
4
Posted on 7/21/22 at 7:01 pm to Fbohn1
I’d say insurance easily. Won’t make as much ramping up but it’s lucrative once you get it going and start living off the residuals. It’s also not hugely tied to one industry like appraisals are. Everybody needs insurance even in a recession. Commercial is a lot more relationship based too vs personal lines that will leave you for $25.
I just see the appraisal business, even the commercial side, becoming more and more consolidated and regulated almost to the point of automated appraisals even coming on the commercial side. It too is a grind. You can kind of think if it as a little recession proof if you have good bank clients. Banks love appraisals for whatever reason and will get them when doing loans and also get them when foreclosing on loans ??.
- 25 yr commercial banker
I just see the appraisal business, even the commercial side, becoming more and more consolidated and regulated almost to the point of automated appraisals even coming on the commercial side. It too is a grind. You can kind of think if it as a little recession proof if you have good bank clients. Banks love appraisals for whatever reason and will get them when doing loans and also get them when foreclosing on loans ??.
- 25 yr commercial banker
This post was edited on 7/21/22 at 7:53 pm
Posted on 7/21/22 at 7:15 pm to Im4datigers
If you’re getting residuals, insurance is the answer.
It’s the best thing about the biz.
-6 yr insurance agency owner
It’s the best thing about the biz.
-6 yr insurance agency owner
Posted on 7/21/22 at 9:25 pm to Im4datigers
Thanks - I appreciate both of your input
Posted on 7/22/22 at 6:59 am to Fbohn1
I’d really say insurance. At 45 (with two kids and a wife that was a stay at home) I almost took the leap and went into insurance. I had it tee’d up down to the fact I had a resignation letter written to my bank. Just got that gut feeling to not do it as I didn’t feel like I had enough saved up and what if I only hit 25% of what I was projecting sales/income wise the first three years instead of 100% or more of projections.
The what negative what ifs got me. I kick myself that I didn’t do it in my 20’s or 30’s when I had less debt, less responsibility and my wife was working (before kids).
The what negative what ifs got me. I kick myself that I didn’t do it in my 20’s or 30’s when I had less debt, less responsibility and my wife was working (before kids).
Posted on 7/22/22 at 7:04 am to Im4datigers
Also keep in mind that you may want to dabble in personal lines while you are cranking up the commercial line business just go get some income and residuals going.
My understanding is commercial can only move once a year at renewal time and like I said very relationship based. But I’d let an actual insurance agent comment on that as it’s just based on my small conversations with people.
My understanding is commercial can only move once a year at renewal time and like I said very relationship based. But I’d let an actual insurance agent comment on that as it’s just based on my small conversations with people.
Posted on 7/22/22 at 8:15 am to Fbohn1
Read this thread about Pros/Cons on Commercial Appraiser career path
This is a helpful reference thread from someone in the industry.
This is a helpful reference thread from someone in the industry.
Posted on 7/22/22 at 1:33 pm to lynxcat
quote:
This is a helpful reference thread from someone in the industry.
Went to check out the thread and realized I was the third reply on it back in 2017.
I'm still a commercial appraiser. I got my CG in 2017 and my MAI in 2019. I still work for the same person and company who hired me out of college in 2014. I think it is a great career, but I think it takes a little bit of luck (getting with the right mentor/company) and a lot of hard work (grind is an understatement). I came in making a good bit less than other recent graduates who took jobs in corporate banking, accounting and other business degree type jobs that you get straight out of college, but my income started to exceed theirs within maybe three years, and I've made up for the $10-$20k less I made for a couple years many times over since then.
I can only speak for myself and my experience, but it has been a great career for me and I'm very glad I ended up doing it. It definitely is not for everyone.
Posted on 7/22/22 at 4:27 pm to Fbohn1
I was a commercial appraiser for 7 years. Too much stress. Too many deadlines. Decent money.
I don’t know any appriaiswrs with a good work life balance.
Can’t recommend it.
I don’t know any appriaiswrs with a good work life balance.
Can’t recommend it.
This post was edited on 7/22/22 at 4:38 pm
Posted on 7/22/22 at 7:06 pm to Fbohn1
I’ve been in commercial insurance for 10 years. It’s an amazing industry to get into and can make you serious wealth. I worked 2 years at a wholesale brokerage and 8 years at the same carrier now underwriting.
You can make WAYYYY more money (millions) in brokerage, but you work your dick off non stop. You have no product so you’re married to the relationship with your clients and uws.
I chose underwriting because I’m not as extroverted and prefer to have more of a work/life balance. I make probably better than decent money and really enjoy my job.
You also get treated to some really nice dinners/events/etc.
I’d recommend commercial insurance to anyone.
You can make WAYYYY more money (millions) in brokerage, but you work your dick off non stop. You have no product so you’re married to the relationship with your clients and uws.
I chose underwriting because I’m not as extroverted and prefer to have more of a work/life balance. I make probably better than decent money and really enjoy my job.
You also get treated to some really nice dinners/events/etc.
I’d recommend commercial insurance to anyone.
Posted on 7/22/22 at 10:11 pm to SouthMSReb
Benefits to insurance:
1) recession proof. In bad times, businesses will shop to get costs under control.
In good times, businesses come online, grow and expand their needs.
2) inflation proof. As cost of claims go up, so do premiums and commissions.
3) you get to be honest. Bluntly honest. Insurance is selling promises. You have bad news? Share it. Good news? Share it. It is a great career for a sales rep who shares it like it is.
1) recession proof. In bad times, businesses will shop to get costs under control.
In good times, businesses come online, grow and expand their needs.
2) inflation proof. As cost of claims go up, so do premiums and commissions.
3) you get to be honest. Bluntly honest. Insurance is selling promises. You have bad news? Share it. Good news? Share it. It is a great career for a sales rep who shares it like it is.
Posted on 7/23/22 at 6:56 am to meansonny
quote:
3) you get to be honest. Bluntly honest. Insurance is selling promises. You have bad news? Share it. Good news? Share it. It is a great career for a sales rep who shares it like it is.
Really, this is the key to any sales position. I’m a commercial banker of 25 plus years and I’ve been very successful by following this. I’m known in the market for being bluntly honest and telling it like it is. Good bad or ugly. Versus the lenders that paint the deal as a great deal, tell the client they’ll get them exactly what they need and then end up getting declined right before closing or having the deal completely changed up by Committee.
If you follow this mantra, you will be more successful than any sales pitch you’d ever come up with.
Posted on 7/23/22 at 7:52 am to yellowhammer2098
I really appreciate all the advice/input from everyone here. Thanks
Posted on 7/23/22 at 8:16 am to Fbohn1
Does anybody care to share numbers (ball park is fine, obviously). But if we’re talking one career over the other is 3X, 5X, 10X income with comparable levels of work, dedication, stress. That would have an impact on one’s decision.
Regarding appraising, from what I’ve heard, AMI is the way to go? I do have a ton of local bank
contacts both family and friends, who are VP’s, Boards Members, Presidents, Owners, etc. So eventually, maybe it’d be possible to branch out on my own doing this? Rather than a fee-split structure working for a major company.
Regarding appraising, from what I’ve heard, AMI is the way to go? I do have a ton of local bank
contacts both family and friends, who are VP’s, Boards Members, Presidents, Owners, etc. So eventually, maybe it’d be possible to branch out on my own doing this? Rather than a fee-split structure working for a major company.
This post was edited on 7/23/22 at 8:19 am
Posted on 7/23/22 at 8:43 am to I Love Bama
WORK-LIFE BALANCE DOESN'T EXIST!
bust your arse if you want to get ahead. some poster i think it was old wikitiger years ago wondered why i worked 60, 70, 80 and sometimes 98 hours a week in the past. simple and some still to this day. to get ahead. did'nt mean i had not taken a bunch of vacations the last 25 years. i have. but when i work, i work, when i play i play. it paid off.
if all you can work is 40 hours at a job get a side gig or start a business.
bust your arse if you want to get ahead. some poster i think it was old wikitiger years ago wondered why i worked 60, 70, 80 and sometimes 98 hours a week in the past. simple and some still to this day. to get ahead. did'nt mean i had not taken a bunch of vacations the last 25 years. i have. but when i work, i work, when i play i play. it paid off.
if all you can work is 40 hours at a job get a side gig or start a business.
Posted on 7/23/22 at 8:49 am to Fbohn1
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).
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).
Posted on 7/23/22 at 10:10 am to Fat Bastard
quote:
Fat Bastard
It does exist my man. In my 20s I absolutely crushed. 65-70 hour work weeks for 10 years. On a plane 3 days a week appraising senior housing for REITS, Banks and private funds in almost all 50 States (licensed in 15 of them)
Missed two of my friends weddings, my grandmothers funeral and more family events than you can imagine.
It was a terrible path I was on.
Now I work 20-30 hours a week and make triple what I made as a commercial real estate appraiser.
Working smart > Working Hard
I will admit that working like that in my 20s put me way ahead in life but I still have so many regrets from that time period. Now, I will never miss a single family event and when I have kids I will have time to be an actual father figure vs a man that just makes money.
We do agree that real estate has been the shiznit though.
Posted on 7/26/22 at 12:50 pm to Im4datigers
Regarding work flow/clients. It seems like with Appraising (assuming you get in with a large company - which would be where my contact, who is willing to be my sponsor works), it seems like they provide the leads/work for you? Or are you out hustling on your own?
Unless I’m misinterpreting, it seems like the commercial insurance industry is the opposite? You become licensed, start your own agency, and get out and hustle yourself? Or is there a lucrative path with working for a large firm, etc?
Eventually, I’d like to be out on my own after getting established.
Unless I’m misinterpreting, it seems like the commercial insurance industry is the opposite? You become licensed, start your own agency, and get out and hustle yourself? Or is there a lucrative path with working for a large firm, etc?
Eventually, I’d like to be out on my own after getting established.
Posted on 7/26/22 at 2:00 pm to Fbohn1
quote:
it seems like they provide the leads/work for you? Or are you out hustling on your own?
Depends on the market. After 2008 I was hustling but if you were with a national firm the last few years the phone just rings off the hook.
People have forgotten how bad 2008 was. You could hustle all you wanted but nobody was buying shite.
The phone went from ringing all the time to dead silence in the office.
Posted on 7/26/22 at 2:15 pm to I Love Bama
quote:
Depends on the market. After 2008 I was hustling but if you were with a national firm the last few years the phone just rings off the hook.
People have forgotten how bad 2008 was. You could hustle all you wanted but nobody was buying shite.
The phone went from ringing all the time to dead silence in the office.
you are dead on......I wasn't an appraiser then, but was a commercial banker. Many people graduating college these days were like 8 years old. They haven't been through a cycle yet. That one was bad all the way around.
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