Re: Appraisers, Please respond - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on May 23, 2000 at 11:48:19:
In order to take appraisal assignments for lending, you must be state certified, and lending appraisals make up the bulk of residential work. However, breaking into residential appraising is tough right now, as there is (generally) an oversupply of them and decreasing demand for their services. Most residential appraisers depend on lending work for their bread and butter, but that type of work is decreasing or becomming less profitable due to national or regional “appraisal management companies” who order appraisals for the larger lenders and aren’t willing to pay much and demand quick turnaround. Residential appraisers who stay busy are those who diversify into estate work, divorces, relocations…ie non-lending work. Although more profitable, this type of work is harder to get and requires experience. If you have basic real estate knowledge, you can get into commercial appraising too, but it’s truly necessary to work as an apprentice for an experienced commercial appraiser. You will work long hours for little pay through the initial learning curve, but commercial appraising is ultimately more profitable. You never stop learning though - one could say the learning curve never ends.
Paul Ness, MAI
Appraisal Review Officer
Bank of Lancaster County