That story sold me. I want to get into real estate but be paid for it with structure coming from a military background. I believe this is the best way for me to get into the RE industry. Also I am looking to learn all aspects of real estate! Great video and that granite and stone back splash is freaking beautiful!
Awesome true-life story! All appraisal students should watch this, as it draws a beautiful picture of the importance of a appraiser, comparing apples with apples, and about being ethical. I'm an appraiser in Canada, but have worked in New Zealand and the UK (we call ourselves valuers there). I've met a few 'Daves' over the years!
Great story. This is a great testimonial. I'm heavily considering to become an appraisal and has convinced me even more in that direction. Absolutely love the part about being truthful with the clients. Can't lose with that character and integrity!
I’ve seen videos of people saying it’s nearly impossible to find a mentor/trainer because no one wants to train their competition … anyone have any input on this ?
Thanks for telling it like it is. There are a lot of people today that simply want to believe that the high Appraisal is always correct. This is a great explanation as to how it might be that the lower Appraisal is correct. Each Appraisal is unique. No one should ever assume, that one or the other is automatically correct or incorrect. This is very important in todays world for people to listen very carefully too.
Thanks Jimmy! Stumbled on this doing research. I was an appraiser from 2005-2010 and had to go in a different direction because of "Dave" lol. My clients basically vanished overnight. It was the best job I ever had so I recently reactivated my license. Have a lot of catching up to do but it was fun to see your video. Great work man!
Thank you for the video. I entered the mortgage business a few years after the recession and everything in that regard is accurate. Im curious to know about the lifestyle and daily processes of appraisers. The mortgage environment is very stressful and is practically impossible to live a "normal" life. Do appraisers have more flexibility and a better work-life balance?
Awesome video thanks for sharing. I'm just curious, what was in it for Dave to raise the prices? and what was in it for appraisers at this time to influence the market in this way? I'm sure it's obvious I'm just missing the motivation.
For the appraisers involved it was a steady stream of income doing what they thought was a victimless act. After all wasn’t it their job to do what their clients asked.
I'll be graduating in 2 weeks with a degree in accounting. But real estate is my passion. I'm having trouble finding the appraisal course for the state of Kentucky. Could you help me?
Usually a professional appraisal will help a smaller property get a better appraisal especially if they are using Sold comparables from larger properties. Sq foot ratios are a reflection of size...but smaller props typically have higher price per square foot. The same is true if small property comparables are used to gather an appraisal for a large property. Comparables that are accurate include brick vs frame, year built, detached garage, amenities, updates, condo vs non condo etc.. Typically appraisers use sq footage comparables for @%75 of appraisal Unless the numbers of comps w/ in past 3-6 mos is too low, then strict comps are used (not price per square foot) similar sq footage etc %25 of appraisal. These combined methods very in order to get a more robust representable number for a strong appraisal. With that said you seem like a really good appraiser!!!!! and that you have a heart of gold!!! I’m thinking they were using comparables that were not condominiums, possibly had more amenities, year Built was not similar etc. Great Vid:)!
I’m considering about an appraiser career. Would you mind introducing some details about appraiser’s incoming and what I should possibly expect as a new appraiser please? Nervous 😬
I don't understand how being refinanced and appraiser 50k higher is better than being refinance and appraiser 15k higher. Dave appraising 50k more means you had to pay more in interest rates
Would you mind sharing a link for the trainee appraisal course please? I’m just start looking into it, still very confused about where to start from? Lol 😂
Hello! I appreciate the video... what state are you located in? Do you have a contact in the Los Angeles area? I’m currently looking for an appraiser to mentor me to receive my apprenticeship hours!
Hi there. If you live in Michigan, I did/do my classwork at Middleton Real Estate Training. My apprenticeship was done with a local commercial appraiser (a friend of a friend), that had been in the business for decades. Hope that helps.
Hello, I’m looking to become a certified Appraiser. The education requirement is a Bachelors. Is that in any field or is there an actual program for appraisers?
Congratulations! Bachelors in any field is fine. I'd suggest you get some experience using Excel for statistical modeling and analytics. You don't need to take a "class" for this, but it would be a good idea to get the experience.
Thank you for your video! I am interested in pursing this career and am currently looking to begin the appraisal trainee courses. Your video has further encouraged and sealed the deal for me to decide to really do this! Thank you again!
Hello, I just wanted to give you a follow up. I did complete my appraiser trainee courses in 2019, found a great mentor that I’ve been working with and will be hitting my required log hours in the next couple of months. I’m now beginning the required courses to upgrade. I’ve been learning so much and it is and continues to be tough, but I am truly enjoying it and very happy that I’ve stuck with it. I look forward to upgrading my license and will let you know when that happens! Thank you for your help and inspiration.
First Congratulations! Find a school that you trust and get your course work done. Once you’ve Taken the minimal number of classes to meet your specific licensing requirements, start asking Appraisers to mentor you. Often times real estate schools will introduce well liked students to existing appraisers, so do your best in each class and be prepared. It may turn out that one of your instructors ends up training you.
Congratulations! Continue on and get your Bachelors 😊. If you NEED to start working, start taking RE Appraisal classes if you’re planning to get into the industry. If you plan to go far in the industry you’ll need a bachelors degree at a minimum. Good luck and keep it going 👍🏾
The best thing I did was find a great teacher. I’m in MI and I took my classes w Lori Chimura at Middleton Real Estate Training. I recommend her because she makes sure you know EXACTLY what you’re going to be tested on. If you’re not in MI find the teacher in your area that does the same.
Thanks for the video! A huge value add,especially for those unfamiliar with the events leading into the recession. I am curious as to how you got out from under that condo, and what closing fees you had to pay to refinance twice within 4 years though. I need the scoop! 😅
Sir, may I contact you in regards to starting a career as an appraiser? I am currently active duty, married with 2 kids but I am getting out in a year. I have my sites set for Augusta, GA but I think that will be a hard market for constant appraisal work. But I really want to get into this field, I love homes, I love land and property and I am in need of a mentor or someone who could point me in the right direction
No disrespect to you or your video, but I think it's important that some light be shed on what's going on in the appraisal industry and why this could have happened.Yes, there are some bad apples in every bunch! I have been a Certified Appraiser for 33 years. In the case you mention, because this guy was a veteran, I'm almost certain that he was working for an AMC or as a staff appraiser. In the past 10 yrs. banks are requiring all of their appraisals to go thru an AMC (Appraisal Mgt. Co.). They collect a fee from the property owner, telling them it is an "appraisal fee" say $600.00, pocket half, then give the order to the AMC. The AMC looks for the cheapest appraiser they can find, because the AMCs' payment is what is leftover after the AMC pays the appraiser! So the AMC is incentivized to find the cheapest appraiser. The AMC's provide the service of simply "assigning" the appraisal and oftentimes make as much or more than the appraiser! Because this guy was an old vet, he probably was getting the actual appraisal fee ($600) in the beginning of his career, which allowed him the opportunity to support his family. Because banks typically provide 80% of the appraisal business he had to start accepting work from these AMC's at somewhere between $200-$250 an appraisal. He probably quickly became aware that in order for him to compete for this AMC business, he had to give them what they wanted. And what they want are appraisals values to come in at what they "need", more often than not, because that's what's needed to make their money on a loan. The banks award AMC's work by how many appraisals come in at the value they need to do a loan and how fast they get them back. Their whole motive is to make more money. There is no consideration given as to how long or how many manhours it takes to produce a credible appraisal report. If an appraiser is being fair, honest and representing the public trust, but the number isn't right, the AMC/bank does not want to use that appraiser. In the past ten years banks have created their own appraisal rules (aside from state and federal regulation) to manipulate the appraisal process to make more money for themselves. One of their new rules created an oversupply of appraisers in most cities which allowed them to drive the price of an appraisal down. Most appraisers are struggling to stay in business. So, as a 33 year vet let me say that if you're ok with paying over $8,000 to get set-up as an appraiser, get paid store clerk wages while dealing with hundreds of thousands to millions of dollars of liability, be willing to follow the rules and process of an AMC/bank who is only concerned about the money, which greatly increases your liability, then, I wish you luck, cuz you're going to need it!
Hi, Jimmy Roberts/Appraisals Explained, thanks tremendously for this fabulous video! Could you comment please on Lawrence Walsh's comment above. I'm interested in learning a lot more about being a Certified Residential Appraiser but Lawrence Walsh's post gave me great pause. Thanks.
I was a certified appraiser for 17 yrs, the industry changed so much after 2008, when AMCs became a thing. I got tired of working for pennies & endless revision requests. My license is do for renewal, i will just let it expire. I regret the day i decided to become an appraiser.
There sis a lot of truth to what you’re saying. The industry did change A LOT. That said, it’s my opinion that even with the changes Appraisers are still supposed to do the job they’re asked to do. In my case, that was to determine Market Value for my home. Market Value has nothing to do with the Appraisers compensation in my opinion. In regards to AMCs, as a business owner you have a decision to make. Not all AMC clients are the horrible, many are.. and as a business owner I get to choose which of those AMCs get my business. This is the same thing that was happening before AMCs. Personally I have chosen to only work with a handful of AMCs. But again that was a business decision. It does not affect or alter the professionalism I display when completing assignments regardless of the client.
Karen Moore Much depends on your personality and financial needs. Being a Realtor is an emotional roller coaster, as you can't really count on anything until the deal closes. You can be the best Realtor in the world, but there are factors beyond your control that can kill the deal, leaving you without compensation for your efforts. You have to be really emotionally tough. At least appraising, you will be paid for your time and effort. But there are changes planned in the financial industry that will result in fewer appraisals ordered for homes selling under $400,000. Being a trainee, you are going to cost your employer time and money until you become state-certified. As a one-person shop, I can't afford a trainee. I would suggest trying to shadow a local appraiser to get an idea if this is for you. I wish I could be more encouraging. Good luck!
Great video! I am an Appraisal Assistant in Oregon looking for a good supervisor. How many appraisals can you complete in a week while still keeping quality as the utmost importance? The gentleman that interviewed me said he can do about 1 a day but I have informally asked other appraisers over the last few months and he said a good appraiser that focuses on speed and quality should be able to complete 2 a day on average. Obviously that's twice as much income if I could do 2 a day instead of 1. Should I hold out for someone who can train me to be able to complete 8 or 10 per week? Or take the first offer of training and hope I can train myself to complete more in a few years. Thanks for any advice!
Great question. The answer is you do as many appraisals as your trainer says ;-) I can easily do 2 full reports (start to finish, including the property inspection) a day. That said, when my assistant provides me with a prepared report (after I've selected comps), and updates the report with my notes while I'm in the field, so all I need to do is complete my analysis and recon, I can add another. Hope that helps.
You can have multiple supervisors if you want. At the beginning (In my case), I basically worked side by side with my supervisor from 9 to 5 or whenever we finished for the day. Maybe 6 months later (not 100% sure on time frames), I put software on laptop & went to work on my reports from my real estate office. Even when I started doing paperwork on my own, he got the orders in, would give me one by saying meet me here @ _:__, we would meet & inspect & I would head back to my office & he would carry on to his property or wherever. Even though FNMA lifted the requirement of a supervisor having to be present for inspection (if they thought apprentice was competent), ALL our lenders/amcs required him to be present. I never bothered trying to work under multiple supervisors but IF you are a 1099 employee & don't have to sign any paperwork for him/that company, you can do whatever you want. As a trainee, 5 a week is plenty. I couldn't picture myself being able to handle 8 to 10 a week training, especially not at any point in the first year...unless you already have some sort of fairly good appraisal knowledge. I was brand new & didn't know jack other than what I learned in the classes prior to becoming a trainee.
In the Hampton Roads area…Is there a way to determine African American appraisers in my area…. Says that we a a community must invest in ourselves and keep our dollars circulating within our own…Thanks
Unfortunately there are No African American Appraiser associations that I know of so you'll need to rely on word of mouth. You might want to reach out to Kris Haskins. He's an investor in the area and has been for a while, so he may be able to point you in the right direction. Look him up on UA-cam, he has an amazing channel.
such a great vid Im in NC and want to change my career. Is it easy to latch on as a trainee once I complete courses of study? That part I'm worried about Mike
Start networking and asking early and often. The VA and many conventional lenders are allowing trainees to do inspections (with proper supervision of course) so some appraisers are willing to bring people on again.
There is now a degree requirement. I believe its an associates. I cant tell you about 'salary'. I own the company and am paid as an independent vendor.
at this point, I believe you do. They were some talk a few years back about allowing folk with associates degrees who took additional classes the opportunity to enter the profession. However if memory serves correctly, if you had an associates degree, the additional classesPut you within striking range of having a bachelors degree. There is a push, to make real estate appraising, and other real estate related industries more “professional “, this means raising the barriers of entry such ass ensuring that everybody entering the field has a minimum of a bachelors degree. That’s it, if you have college experience currently, I would still suggest you pursue your bachelors degree, Because this is becoming equivalent of a high school diploma. To be sure of the minimum requirements though, you could definitely gonna wanna contact your state licensing department. Our licensing is managed at the state level. I hope this helps.
Can you recommend any appraisers who serve the Maryland area who will not undervalue or overvalue a home based on the racial makeup of the neighborhood?
I assume you mean, how do banks benefit from overvaluing property? If this is your question, loan officers are typically paid on the volume of loans they generate, so one immediate benefit of making “new” loans is increased volume-> more commissions.
First I apologize for the delayed response. I took and take my appraisal classes with Lori Chimura at Middleton Real estate training. She’s AMAZING! I also do my salesperson training with her. I also take classes with the appraisal institute.
Hi! I am currently looking into the steps to becoming an Appraiser. What is a good school to enroll for this and is a bachelor's really a requirement? I've been doing the research but not sure which courses to really trust.
Yes... I am willing to train the right person (i.e. diligent, has chosen to complete the training and build a career, is not wishy-washy, will show up, etc.) That said, my previous experiences have shown me that not everyone who says they want a career in the appraisal industry really wants it and even fewer are committed to achieving it.
There was talk about the entry requirements changing in the near future & I am not sure if that happened in 2020 or not. As of 2019, yes you needed a degree OR the alternative of select courses & hours laid out by the AQB. I do not know what courses were required as an alternative to the education degree but I think it was like.... a specific set of courses that could probably be acquired at most local colleges (maybe online) totalling to 30 hours or 50 hours in courses. 30 hours keeps popping in my head but not sure. Appraiser Qualifications Board should have all info you are looking for. Your local LLR website might have it also.
That story sold me. I want to get into real estate but be paid for it with structure coming from a military background. I believe this is the best way for me to get into the RE industry. Also I am looking to learn all aspects of real estate! Great video and that granite and stone back splash is freaking beautiful!
The pay structure is great. Base salary, then you get to keep a portion of the fee for each report you do. The more you do, the more you make.
How is this going for you
Awesome true-life story! All appraisal students should watch this, as it draws a beautiful picture of the importance of a appraiser, comparing apples with apples, and about being ethical. I'm an appraiser in Canada, but have worked in New Zealand and the UK (we call ourselves valuers there). I've met a few 'Daves' over the years!
Thanks for the video! I'm gearing up to start working towards becoming an appraiser and I appreciate hearing your story.
Great story. This is a great testimonial. I'm heavily considering to become an appraisal and has convinced me even more in that direction. Absolutely love the part about being truthful with the clients. Can't lose with that character and integrity!
Im actively looking into trainee courses to start my Appraisal Career
@Nathan Caveney Hi There! Do they help you find a mentor to become a trainee?
@Nathan Caveney good to know because I was just looking at their program.
16:29 summary
I’ve seen videos of people saying it’s nearly impossible to find a mentor/trainer because no one wants to train their competition … anyone have any input on this ?
Dave is a classic appraiser name.
🤣
Looking to build my own appraisals and inspections business! Thank you for the information 💯
Thanks for telling it like it is. There are a lot of people today that simply want to believe that the high Appraisal is always correct. This is a great explanation as to how it might be that the lower Appraisal is correct. Each Appraisal is unique. No one should ever assume, that one or the other is automatically correct or incorrect. This is very important in todays world for people to listen very carefully too.
I agree 1,000% Donald!
Thanks Jimmy! Stumbled on this doing research. I was an appraiser from 2005-2010 and had to go in a different direction because of "Dave" lol. My clients basically vanished overnight. It was the best job I ever had so I recently reactivated my license. Have a lot of catching up to do but it was fun to see your video. Great work man!
Thank you. Any topics you'd think would be helpful?
Thank you for the video. I entered the mortgage business a few years after the recession and everything in that regard is accurate. Im curious to know about the lifestyle and daily processes of appraisers. The mortgage environment is very stressful and is practically impossible to live a "normal" life. Do appraisers have more flexibility and a better work-life balance?
@Renaissance Appraisal Inc. is it still a good
Career with technology coming around
He did it for the shorties
For everybody who clicked on this video pursuing appraisal..look into PAREA..things are about to shake up in the appraisal industry😊
true.
Awesome video thanks for sharing. I'm just curious, what was in it for Dave to raise the prices? and what was in it for appraisers at this time to influence the market in this way? I'm sure it's obvious I'm just missing the motivation.
For the appraisers involved it was a steady stream of income doing what they thought was a victimless act. After all wasn’t it their job to do what their clients asked.
@@jroberts303 makes sense. So the agents were also involved and that's why appraisers and agents cant have the relationship they used to. yes?
I'll be graduating in 2 weeks with a degree in accounting. But real estate is my passion. I'm having trouble finding the appraisal course for the state of Kentucky. Could you help me?
Great Video.
I share the same fate but 19 years later I am still paying as much extra to pay it off as I took all the equity years ago
i appreciate the video looking to start my career in appraisal.
I look forward to you joining us 😊
Usually a professional appraisal will help a smaller property get a better appraisal especially if they are using
Sold comparables from larger properties. Sq foot ratios are a reflection of size...but smaller props typically have higher price per square foot. The same is true if small property comparables are used to gather an appraisal for a large property.
Comparables that are accurate include brick vs frame, year built, detached garage, amenities, updates, condo vs non condo etc..
Typically appraisers use sq footage comparables for @%75 of appraisal
Unless the numbers of comps w/ in past 3-6 mos is too low, then strict comps are used (not price per square foot) similar sq footage etc %25 of appraisal. These combined methods very in order to get a more robust representable number for a strong appraisal.
With that said you seem like a really good appraiser!!!!! and that you have a heart of gold!!! I’m thinking they were using comparables that were not condominiums, possibly had more amenities, year Built was not similar etc.
Great Vid:)!
Got damn! Becoming an appraiser is same as getting a master! Might as well get a master
it is just that :-)
That's only for becoming an certified general appraiser
I’m considering about an appraiser career. Would you mind introducing some details about appraiser’s incoming and what I should possibly expect as a new appraiser please? Nervous 😬
I think you're underestimating Dave & the "system" because there were just too many coincidences!!
Thanks for the video. Very different reason why we are considering it, but your experience is now a life lesson for us.
Your story resonated with me because it’s exactly what happened to me and my husband.
Unfortunately, its more common than we think
Where Can I start my appraiser career in Florida any list?
I don't understand how being refinanced and appraiser 50k higher is better than being refinance and appraiser 15k higher. Dave appraising 50k more means you had to pay more in interest rates
Hi sir I’m currently working on my trainee appraisal course.
Great! Keep it going!
Would you mind sharing a link for the trainee appraisal course please? I’m just start looking into it, still very confused about where to start from? Lol 😂
Hello! I appreciate the video... what state are you located in? Do you have a contact in the Los Angeles area? I’m currently looking for an appraiser to mentor me to receive my apprenticeship hours!
Ahhhh... Michigan!!!
Do residential appraisers have to actually go in the crawl spaces or do they just peak their head in kind of thing
From one appraiser to another...Go Blue
Morning. I had a broker tell me that the appraisal business may be on the way out in the near future. Do you forsee this? Thanks.
Where would I go to get the same training the you've got?
Hi there. If you live in Michigan, I did/do my classwork at Middleton Real Estate Training. My apprenticeship was done with a local commercial appraiser (a friend of a friend), that had been in the business for decades.
Hope that helps.
Hello, I’m looking to become a certified Appraiser. The education requirement is a Bachelors. Is that in any field or is there an actual program for appraisers?
Congratulations! Bachelors in any field is fine. I'd suggest you get some experience using Excel for statistical modeling and analytics. You don't need to take a "class" for this, but it would be a good idea to get the experience.
follow us on facebook too. I'm adding new content there daily.
Jimmy Roberts ty
Thank you for your video! I am interested in pursing this career and am currently looking to begin the appraisal trainee courses. Your video has further encouraged and sealed the deal for me to decide to really do this! Thank you again!
Congratulations & Thank you!
Hello, I just wanted to give you a follow up. I did complete my appraiser trainee courses in 2019, found a great mentor that I’ve been working with and will be hitting my required log hours in the next couple of months. I’m now beginning the required courses to upgrade.
I’ve been learning so much and it is and continues to be tough, but I am truly enjoying it and very happy that I’ve stuck with it. I look forward to upgrading my license and will let you know when that happens! Thank you for your help and inspiration.
Hi! Great video. I'm looking to get into this industry. Just graduated college. I live in SC. How do I get started?
First Congratulations! Find a school that you trust and get your course work done. Once you’ve Taken the minimal number of classes to meet your specific licensing requirements, start asking Appraisers to mentor you.
Often times real estate schools will introduce well liked students to existing appraisers, so do your best in each class and be prepared. It may turn out that one of your instructors ends up training you.
just finished my first semester on my way to get a associates degree in business of real estate. Any advice?
Congratulations! Continue on and get your Bachelors 😊. If you NEED to start working, start taking RE Appraisal classes if you’re planning to get into the industry.
If you plan to go far in the industry you’ll need a bachelors degree at a minimum.
Good luck and keep it going 👍🏾
Thanks for sharing your insight and experience.
Great story, approach, and history.....
Augt Uhoucsulbusd I appreciate it.
Hey there, Can you plz share some tips on how to study/pass the Certified Residential Appraiser exam. Struggling to pass:( here.
Did you find anything? I’m about to take mine and am at a loss.
The best thing I did was find a great teacher. I’m in MI and I took my classes w Lori Chimura at Middleton Real Estate Training. I recommend her because she makes sure you know EXACTLY what you’re going to be tested on.
If you’re not in MI find the teacher in your area that does the same.
Thanks for the video! A huge value add,especially for those unfamiliar with the events leading into the recession. I am curious as to how you got out from under that condo, and what closing fees you had to pay to refinance twice within 4 years though. I need the scoop! 😅
@Renaissance Appraisal Inc.Many suffered from the recession pop. What's scary is its starting to look like that again now 😱
This is something I really want to get into
Then get to it. 👍🏾
Fast forward 2022 - lot of homebuyers waived appraisals just to beat the ‘next’ buyer due to multiple offers on houses for sale. Next recession?
I hear you! History DOES repeat itself... hopefully the wave won't be as high this time.
Is this a part time field or can I do this full time without worrying about getting a job?
Thanks for the videos man!
Sir, may I contact you in regards to starting a career as an appraiser? I am currently active duty, married with 2 kids but I am getting out in a year. I have my sites set for Augusta, GA but I think that will be a hard market for constant appraisal work. But I really want to get into this field, I love homes, I love land and property and I am in need of a mentor or someone who could point me in the right direction
Sure thing. Jroberts@renaissanceappraisal.net
Video starts 18:23
No disrespect to you or your video, but I think it's important that some light be shed on what's going on in the appraisal industry and why this could have happened.Yes, there are some bad apples in every bunch! I have been a Certified Appraiser for 33 years. In the case you mention, because this guy was a veteran, I'm almost certain that he was working for an AMC or as a staff appraiser. In the past 10 yrs. banks are requiring all of their appraisals to go thru an AMC (Appraisal Mgt. Co.). They collect a fee from the property owner, telling them it is an "appraisal fee" say $600.00, pocket half, then give the order to the AMC. The AMC looks for the cheapest appraiser they can find, because the AMCs' payment is what is leftover after the AMC pays the appraiser! So the AMC is incentivized to find the cheapest appraiser. The AMC's provide the service of simply "assigning" the appraisal and oftentimes make as much or more than the appraiser! Because this guy was an old vet, he probably was getting the actual appraisal fee ($600) in the beginning of his career, which allowed him the opportunity to support his family. Because banks typically provide 80% of the appraisal business he had to start accepting work from these AMC's at somewhere between $200-$250 an appraisal. He probably quickly became aware that in order for him to compete for this AMC business, he had to give them what they wanted. And what they want are appraisals values to come in at what they "need", more often than not, because that's what's needed to make their money on a loan. The banks award AMC's work by how many appraisals come in at the value they need to do a loan and how fast they get them back. Their whole motive is to make more money. There is no consideration given as to how long or how many manhours it takes to produce a credible appraisal report. If an appraiser is being fair, honest and representing the public trust, but the number isn't right, the AMC/bank does not want to use that appraiser. In the past ten years banks have created their own appraisal rules (aside from state and federal regulation) to manipulate the appraisal process to make more money for themselves. One of their new rules created an oversupply of appraisers in most cities which allowed them to drive the price of an appraisal down. Most appraisers are struggling to stay in business. So, as a 33 year vet let me say that if you're ok with paying over $8,000 to get set-up as an appraiser, get paid store clerk wages while dealing with hundreds of thousands to millions of dollars of liability, be willing to follow the rules and process of an AMC/bank who is only concerned about the money, which greatly increases your liability, then, I wish you luck, cuz you're going to need it!
Hi, Jimmy Roberts/Appraisals Explained, thanks tremendously for this fabulous video! Could you comment please on Lawrence Walsh's comment above. I'm interested in learning a lot more about being a Certified Residential Appraiser but Lawrence Walsh's post gave me great pause. Thanks.
I was a certified appraiser for 17 yrs, the industry changed so much after 2008, when AMCs became a thing. I got tired of working for pennies & endless revision requests. My license is do for renewal, i will just let it expire. I regret the day i decided to become an appraiser.
There sis a lot of truth to what you’re saying. The industry did change A LOT. That said, it’s my opinion that even with the changes Appraisers are still supposed to do the job they’re asked to do. In my case, that was to determine Market Value for my home. Market Value has nothing to do with the Appraisers compensation in my opinion.
In regards to AMCs, as a business owner you have a decision to make. Not all AMC clients are the horrible, many are.. and as a business owner I get to choose which of those AMCs get my business. This is the same thing that was happening before AMCs.
Personally I have chosen to only work with a handful of AMCs. But again that was a business decision. It does not affect or alter the professionalism I display when completing assignments regardless of the client.
Great content Jimmy
Thank you! Is there anything specifically you'd like to learn about?
I’m trying to figure out whether to be a real estate agent or appraiser
Karen Moore
Much depends on your personality and financial needs. Being a Realtor is an emotional roller coaster, as you can't really count on anything until the deal closes. You can be the best Realtor in the world, but there are factors beyond your control that can kill the deal, leaving you without compensation for your efforts. You have to be really emotionally tough.
At least appraising, you will be paid for your time and effort. But there are changes planned in the financial industry that will result in fewer appraisals ordered for homes selling under $400,000. Being a trainee, you are going to cost your employer time and money until you become state-certified. As a one-person shop, I can't afford a trainee. I would suggest trying to shadow a local appraiser to get an idea if this is for you. I wish I could be more encouraging. Good luck!
Karen Moore I’m a real estate agent, just remember your on your own a lot and have to market yourself a ton. Hope that helps God bless!
Great video! I am an Appraisal Assistant in Oregon looking for a good supervisor. How many appraisals can you complete in a week while still keeping quality as the utmost importance? The gentleman that interviewed me said he can do about 1 a day but I have informally asked other appraisers over the last few months and he said a good appraiser that focuses on speed and quality should be able to complete 2 a day on average. Obviously that's twice as much income if I could do 2 a day instead of 1. Should I hold out for someone who can train me to be able to complete 8 or 10 per week? Or take the first offer of training and hope I can train myself to complete more in a few years. Thanks for any advice!
Great question. The answer is you do as many appraisals as your trainer says ;-) I can easily do 2 full reports (start to finish, including the property inspection) a day. That said, when my assistant provides me with a prepared report (after I've selected comps), and updates the report with my notes while I'm in the field, so all I need to do is complete my analysis and recon, I can add another. Hope that helps.
In my research, it appears it's difficult to find trainers willing to take trainees on. Did you find it difficult?
You can have multiple supervisors if you want. At the beginning (In my case), I basically worked side by side with my supervisor from 9 to 5 or whenever we finished for the day. Maybe 6 months later (not 100% sure on time frames), I put software on laptop & went to work on my reports from my real estate office. Even when I started doing paperwork on my own, he got the orders in, would give me one by saying meet me here @ _:__, we would meet & inspect & I would head back to my office & he would carry on to his property or wherever. Even though FNMA lifted the requirement of a supervisor having to be present for inspection (if they thought apprentice was competent), ALL our lenders/amcs required him to be present. I never bothered trying to work under multiple supervisors but IF you are a 1099 employee & don't have to sign any paperwork for him/that company, you can do whatever you want. As a trainee, 5 a week is plenty. I couldn't picture myself being able to handle 8 to 10 a week training, especially not at any point in the first year...unless you already have some sort of fairly good appraisal knowledge. I was brand new & didn't know jack other than what I learned in the classes prior to becoming a trainee.
In the Hampton Roads area…Is there a way to determine African American appraisers in my area…. Says that we a a community must invest in ourselves and keep our dollars circulating within our own…Thanks
Unfortunately there are No African American Appraiser associations that I know of so you'll need to rely on word of mouth. You might want to reach out to Kris Haskins. He's an investor in the area and has been for a while, so he may be able to point you in the right direction. Look him up on UA-cam, he has an amazing channel.
@@jimmytalks thank you sir…GOD BLESS
such a great vid Im in NC and want to change my career. Is it easy to latch on as a trainee once I complete courses of study? That part I'm worried about Mike
Start networking and asking early and often. The VA and many conventional lenders are allowing trainees to do inspections (with proper supervision of course) so some appraisers are willing to bring people on again.
Very good vid thanks!
Glad you liked it!
My pleasure.
Thank you-
Do you need a degree to be an appraiser? Im in Florida, not sure it that affects it. And also is it salary based or paid per ?
There is now a degree requirement. I believe its an associates. I cant tell you about 'salary'. I own the company and am paid as an independent vendor.
Did you find out if a degree is needed in fl.
I'm 10 months late but ty for the video.
james mccrorey you’re welcome.... I think.
If I get my real estate license and my elective is economics can I be an appraiser ? Or what jobs can I get with that elective
That’s cool.... but my degrees are in Physics so I have No idea 🤷♂️ 😊
I was thinking about this for awhile now
Do you need bachelor degree to be be a home appraiser?
at this point, I believe you do. They were some talk a few years back about allowing folk with associates degrees who took additional classes the opportunity to enter the profession. However if memory serves correctly, if you had an associates degree, the additional classesPut you within striking range of having a bachelors degree.
There is a push, to make real estate appraising, and other real estate related industries more “professional “, this means raising the barriers of entry such ass ensuring that everybody entering the field has a minimum of a bachelors degree.
That’s it, if you have college experience currently, I would still suggest you pursue your bachelors degree, Because this is becoming equivalent of a high school diploma. To be sure of the minimum requirements though, you could definitely gonna wanna contact your state licensing department. Our licensing is managed at the state level.
I hope this helps.
With your associates if your in California
Can you recommend any appraisers who serve the Maryland area who will not undervalue or overvalue a home based on the racial makeup of the neighborhood?
That is a really really big ask. That said I’ve had some great interactions with several appraisers out your way. Give me a day or two.
Appraisals Explained thanks.
What was "daves" motivation to do that for someone he didnt know?
I guess id also ask, how does that help the banks?
No idea. not my issue.
I assume you mean, how do banks benefit from overvaluing property? If this is your question, loan officers are typically paid on the volume of loans they generate, so one immediate benefit of making “new” loans is increased volume-> more commissions.
Dave's not here man.
Wow,,,,thanks
You’re welcome 😉
Are you thinking of joint the profession?
I have been wanting to begin taking appraisal courses. I also live in Michigan, where did you start taking your courses?
First I apologize for the delayed response.
I took and take my appraisal classes with Lori Chimura at Middleton Real estate training.
She’s AMAZING! I also do my salesperson training with her.
I also take classes with the appraisal institute.
How do you become an appraiser?
Pass the required classes, pass the exam, and find an appraisal mentor.
Don't be Dave....
Do you work for someone or you do this business on your own
Hi there. We work on our own. Can I help you with anything?
Daves not here man!!
Hi! I am currently looking into the steps to becoming an Appraiser. What is a good school to enroll for this and is a bachelor's really a requirement? I've been doing the research but not sure which courses to really trust.
Elisha I. It varies by state google appraisers and your city and state
@@kaycayce9214 thanks I did but kept getting conflicting information.
Hi, would you be willing to be a trainer to others?
Yes... I am willing to train the right person (i.e. diligent, has chosen to complete the training and build a career, is not wishy-washy, will show up, etc.) That said, my previous experiences have shown me that not everyone who says they want a career in the appraisal industry really wants it and even fewer are committed to achieving it.
I think Dave is now in Jail
Mark Polakovich quite possible 😊
Fer real?
Why do you think this?
Do u need a degree to become an appraiser?
There was talk about the entry requirements changing in the near future & I am not sure if that happened in 2020 or not. As of 2019, yes you needed a degree OR the alternative of select courses & hours laid out by the AQB. I do not know what courses were required as an alternative to the education degree but I think it was like.... a specific set of courses that could probably be acquired at most local colleges (maybe online) totalling to 30 hours or 50 hours in courses. 30 hours keeps popping in my head but not sure. Appraiser Qualifications Board should have all info you are looking for. Your local LLR website might have it also.
Needing a degree or not depends on the state. Andrew covered all the details.
Your ego wanted to believe DAVE.
I don’t disagree.
How's the industry now post-Covid?
Good question. We’re still going through it. Banks and government entities have made some significant changes to keep everything flowing.
Get a real job
Thank you.