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Commercial Real Estate Appraiser
Posted on 11/2/09 at 2:46 pm
Posted on 11/2/09 at 2:46 pm
Hey guys! I know this seems like a random question but do any of you know how much a commercial real estate appraiser makes? I know what it says online but was hoping some of you might know one. Thanks and I wish you bad luck Saturday! 
2
Posted on 11/2/09 at 3:30 pm to I Love Bama
Do you mean how much they charge for a JOB or how much they make a year. I think it varies greatly depending on where you actually do work.
Appraisers are dying breed, I see automated valuation programs being the wave of the future. The other problem you have is finding someone who will train you with out having fear that you will take all their business away.
Appraisers are dying breed, I see automated valuation programs being the wave of the future. The other problem you have is finding someone who will train you with out having fear that you will take all their business away.
Posted on 11/2/09 at 4:05 pm to DieSmilen
I'm just thinking about getting into the career and was wondering what kind of money they make.
Posted on 11/2/09 at 6:11 pm to DieSmilen
quote:
Appraisers are dying breed, I see automated valuation programs being the wave of the future. The other problem you have is finding someone who will train you with out having fear that you will take all their business away.
Mmmm, yeah, that's what all the investment banks thought sbout their analytical models and, more consumer oriented, many institutions found that a high FICO and no income was a formula for a somewhat delayed disaster after the fact. Human knowledge, skills, and critical thinking can't be accurately replicated by models to the best of my knowledge.
I would love for someone to tell me what the 3 office towers that are being finished here in ATL - 2 in Buckhead, 1 in Midtown - with zero tenants signed up are worth. Hell, vacancy rates were already over 17%.
Posted on 11/2/09 at 7:40 pm to tirebiter
Well they recently changed the education requirements and by doing so they eliminated anyone with out a college degree. They also have a Appraisal Trainee requirement, thus you have to find someone willing to take you on as a trainee. If you find someone willing, your halfway there. The number of appraisers in the state is shrinking. If you are able to get on with a commercial firm that's one thing but if your working for a mom and pop good luck.
An interesting thing would be for you to find a phone book and pick ten random appraisers to call, I would bet 7 or 8 of them are over the age of 45. Most of the younger appraisers in the state work for family businesses or the had an in.
P.S. Three kinds of licenses
a.) Trainee
b.) Certified Residential Appraiser
c.) Certified General Appraiser
(well Louisiana anyway)
An interesting thing would be for you to find a phone book and pick ten random appraisers to call, I would bet 7 or 8 of them are over the age of 45. Most of the younger appraisers in the state work for family businesses or the had an in.
P.S. Three kinds of licenses
a.) Trainee
b.) Certified Residential Appraiser
c.) Certified General Appraiser
(well Louisiana anyway)
This post was edited on 11/2/09 at 7:42 pm
Posted on 11/2/09 at 8:01 pm to tirebiter
First off commercial appraisers are not a dying breed. Automated Valution Models are used for mass residential appraisals. AVMs don't work for commercial appraisals. There are opportunities in the profession due to the advanced age of most of the current appraisers.
You must first get hired as an appraiser trainee, which consists of a minimum of three years of apprentiship and 300 hours of classes. Income varies according to the size of the firm that you work for. Smaller firms typically hire you as an independent contractor and start you out at 35% of the fee. If you catch on pretty quick you can probably bill $100K in the first year and increase to about $120K by the third year. Depending on who you work for they will probably increase your percentage each year with a maximum of 50%. Income really depends on the effeciency of the firm and how quickly you can come up to speed. Keep in mind that they typically don't pay for your classes and depending on where you live you may have significant travel expenses associated with these classes.
Large national firms have different structures and can afford to hire you as an employee. Also most of them pay for your classes. I'm not as familiar with their pay scale but it is a little better than smaller firms.
The bottom line is that you have to treat the first few years as the equivalent of grad school. You will work alot of hours and not make much money. In my opinion you should not consider getting into this field unless you plan on getting an MAI, which is the equivalent of a masters degree in this profession. Technically you can get an MAI in three years but five years is more realistic.
Once you get a general license or an MAI you can start your own firm pretty easily because the capital needed to start an appraisal practice is pretty low. You can probably expect to make in the low $100's at that time.
As someone mentioned earlier the difficulty is getting someone to hire you as a trainee. Appraisers are typically afraid that they will spend three years training you and then you will leave them and become their competition as soon as you become certified. If things keep going the way they are now there may be a shortage of appraisers within the next ten years which should mean higher fees.
You must first get hired as an appraiser trainee, which consists of a minimum of three years of apprentiship and 300 hours of classes. Income varies according to the size of the firm that you work for. Smaller firms typically hire you as an independent contractor and start you out at 35% of the fee. If you catch on pretty quick you can probably bill $100K in the first year and increase to about $120K by the third year. Depending on who you work for they will probably increase your percentage each year with a maximum of 50%. Income really depends on the effeciency of the firm and how quickly you can come up to speed. Keep in mind that they typically don't pay for your classes and depending on where you live you may have significant travel expenses associated with these classes.
Large national firms have different structures and can afford to hire you as an employee. Also most of them pay for your classes. I'm not as familiar with their pay scale but it is a little better than smaller firms.
The bottom line is that you have to treat the first few years as the equivalent of grad school. You will work alot of hours and not make much money. In my opinion you should not consider getting into this field unless you plan on getting an MAI, which is the equivalent of a masters degree in this profession. Technically you can get an MAI in three years but five years is more realistic.
Once you get a general license or an MAI you can start your own firm pretty easily because the capital needed to start an appraisal practice is pretty low. You can probably expect to make in the low $100's at that time.
As someone mentioned earlier the difficulty is getting someone to hire you as a trainee. Appraisers are typically afraid that they will spend three years training you and then you will leave them and become their competition as soon as you become certified. If things keep going the way they are now there may be a shortage of appraisers within the next ten years which should mean higher fees.
Posted on 11/2/09 at 9:47 pm to I Love Bama
I can tell you I just got a bill for 15K for a commercial real estate appraisal that took him 3 days to do it.
There's nothing cheap or affordable about a commercial appraisers fee.
There's nothing cheap or affordable about a commercial appraisers fee.
Posted on 11/2/09 at 10:24 pm to slvs
quote:
First off commercial appraisers are not a dying breed. Automated Valution Models are used for mass residential appraisals. AVMs don't work for commercial appraisals. There are opportunities in the profession due to the advanced age of most of the current appraisers.
I miss spoke I should have been more clear with saying that Automated Valuation is going to cut into Residential Appraisers, as well as the requirement for AMC. This pushed younger Certified Residential Appraisers into the hurry up mode to get the General License. My knowledge is of that of LOUISIANA only.
I do agree with your statement about the shortage of Commercial Real Estate Appraisers in the future, now how long a future I have no idea.
This post was edited on 11/2/09 at 10:29 pm
Posted on 11/2/09 at 11:40 pm to DieSmilen
the whole appraisal industry is a sham with no accountability. it's a freekin joke.
Posted on 11/2/09 at 11:43 pm to Coon
I can ask my father; he does this for a living in Baton Rouge. I'll direct him towards this thread.
Posted on 11/2/09 at 11:47 pm to Purple Forever
quote:
I can tell you I just got a bill for 15K for a commercial real estate appraisal that took him 3 days to do it.
There's nothing cheap or affordable about a commercial appraisers fee.
15K for 3 days work? That seems high unless the appraiser has multiple people helping him with the project.
My dad should post in here sometime tomorrow.
Posted on 11/3/09 at 10:50 am to lynxcat
Some great responses! Thanks. This is such an awesome board. I look forward to hearing from your dad. 
Posted on 11/4/09 at 9:34 am to Coon
quote:
the whole appraisal industry is a sham with no accountability.
Nice broad strokes there pal.
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