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| Favorite team: | LSU  |
| Location: | Baton Rouge |
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| Number of Posts: | 54 |
| Registered on: | 11/14/2006 |
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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.
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The grass is always greener buddy. Sometimes change is a bad thing. I think its a good thing that Les is staying. I'll bet he brings in an excellent DC to go with his excellent OC hire.
Enjoy the game.
Enjoy the game.
I love listening to negative dumbasses. :cheers:
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