Man, good on you racking up 6 figures as a trainee!!! Real Estate Appraiser Trainee here working in the commercial sector making minimum wage with no split-fees (3 months on job, with Appraisal Trainee license). Location: Southern CA.
Thank you! It didn’t start out this way but I’m grateful. I started and made 50K/annual for the first two years. It wasn’t until year three and four until my income started to improve. However the recent slow down and rising interest rate have heavily impacted my income so I’m afraid I won’t be making six figures again this year.
@@davidtranpdx from my research around $50K is what I had expected to start at for my area. I figured that would be a manageable starting point while I work on taking my certified general courses and testing. But with a 4 year college degree and an appraisal Trainee license (which isn’t cheap either) I was taken aback a bit to be making equal to/or in most cases less than a high school job with 0 education or experience required… BUT I will say the job itself has been wonderful and really cemented that I think I’ll be happy with this career change in the long run. Great video, everything was spot on. **apologies for the rant, it’s mostly for anyone reading this deep in the comments. To let them know they aren’t alone if they’re off to a rough start financially with the career.***
Same here. Cushman was offering a salary of 50-55k for 1st year trainee. I chose to go with a different national firm, and made a 17% split, which ended up to be minimum wage. It's appalling that I'm getting paid the same as those without educational requirements
@@jchan2811 appalling is an appropriate term to describe it. Been trying to find a place that starts off at around 50K myself (which though not great, I think is a fair-ish starting point). Interested to hear if anyone has successfully done that recently in CA. Or if anyone has had any experience working for the government in the assessors office as an appraiser.
I have certified residential license and am working towards general license. I only have another two 15 hours courses to go. But it seems it's very difficult to find a commercial appraiser to sponsor in order to accumulate the 1500 hours commercial experience.
Try looking into large brokerage firms and see if they have a valuation department. You can also check the local counties near you and see if they are hiring an assessor. You can also call the state and see if they allow practice appraisals or demonstration of knowledge; basically where you appraise and write a report on a property that technically has no client. Best of luck.
Is there alternative courses that can be taken in lieu of a bachelor's degree requirement for obtaining your CG? I'm an AR as well and remember all of the education requirements that changed for each license level in 2008, 2015, and then again in 2018. I remember the state decreased the experience hours for AL, AR, after 2018, and replaced the degree requirement for additional courses, but I wasn't sure about the CG, I'll need check the OREA website
AMCs usually assign an order to the lowest bidder and quickest turn time. They charge the borrower $600 +\- for a standard 1004 while expecting you to complete it in a couple days for $300 or so. Some offer below that for $10M properties. Don’t forget they charge the client RUSH fees while none of that goes to the appraiser as they still expect a 2-3 day turn time for $300 or so. Had one where I was paid $600 only to hear the borrower grumble that he paid $1400. Not what it used to be.
Sure! I can make a video covering that next time. They definitely have different education requirements. In the time being, I would check with your appraiser state board/bureau and see what the qualifications are first. It does vary per state. Thanks!
Real Estate Appraisers are in low demand with excessive competition, unless you live in the boondocks where volume is low. Residential appraisers do not make enough money. My appraiser friend told me last that appraisal assignments are now on a bidding system where only the lowest bidders win the work. Also, real estate appraisers have high risk being open to suit for upto 10 years after every assignment!
I agree, it’s tough for residential appraisers due to competition and the low fee bidding. Fortunately for me, I work on commercial assignments therefore we’re slammed busy with work. Thanks for chiming in!
@@davidtranpdx Commercial Appraising is still worth it. Encouraging people to become Residential should be considered an act to cause harm punishable by litigation! LOL
To be fair we are in one of the larger famine portions of the business than I've ever seen (trainee but worked with my father for 2 decades), however once it starts cooking, it really cooks. Plus doing DOD and estate appraisers for property owners helps, just have to market yourself big time.
@@MrHartApart The greedy banks want to eliminate appraisers and replace them with AVM (Automated Valuation Model) at a higher error rate and risk, which they will have tax payers on the hook for when the inevitable comes from it.
Great question. I’m not entirely sure but I highly doubt it. Someone in my family obtained their broker license and did not have any appraisal experience prior. I believe it’s just passing an exam and taking a class for broker’s license. However I would recommend doing your own research.
I highly recommend that since lots of firms and independent fee appraisers are struggling to stay busy. Starting with the county will get you some basic experience and also guarantee a salary.
Hi, am in southern CA, do you think residential appraisal still worth it in these interest rates? Am still working on my 1000 hours with my supervisor. Also, is the national exam hard to pass ?
Hi there, thanks for chiming in. It’s definitely harder to get in now, and residential is especially even more challenging. I would recommend putting in the extra time and effort to get your commercial license if possible. The national exam can be difficult but there’s plenty of available study guides, and online courses made for exam prep. Best of luck!
@@davidtranpdx actually i did find a residential appraisal supervisor and completed 400 hours so far. I meant will there be lack of work by the time am finished ? The continuously rising interest is not helping!
@@Skidrow247 It's hard to say as I don't have a solid grasp of when we will exit this, dare I say, recession. Depending on your market and your employer, you may be able to slowly get your hours. You could also call your state board and see if they will accept practice appraisals and start writing those/putting those in your log.
Hey Guys, Commercial RE appraiser from Frankfurt, Germany here. First David really nice video. Nice to here from the american perspective. I will start doing the appraiser certification in germany in a half year, hope to finish it in one or 1,5 years. Its from the organization HypZert and transferable to the Appraisal Institute as an MAI. I wonder what the general view of an MAI is in the real estate industry, also towards architects and in project development? Are they considered specialized experts with a high status, as is the case in my country? Furthermore, congratulations on the high salary, which I can also confirm after 2.5 years of work experience.
Sorry for the late reply. MAI definitely are viewed highly in the commercial real estate industry. If I were to bid for jobs for example, having an MAI would give me an edge in competing for work.
Tough to say with this current market. You can always try large brokerages like CBRE, Newmark, JLL, Cushman & Wakefield, Colliers, Bowery Valuation. You could also look to see if your nearby county or state is hiring trainees.
Depends on the employer. In most case when you’re starting off, yes. But some employers will just give you a base salary and expect you to work overtime for no extra pay.
What are your honest thoughts on someone wanting to get into RE Appraisal but is fully tattooed and pierced? (A couple facial pericings, and face tattoo)
I'm in Oregon. As trainee, do you mean the required 1500 hours to become an appraiser? You can get paid for that? Would you still recommend getting into the industry? Thanks
It depends on which license you’re going for as the hour and education requirement is quite different. In terms of getting paid, it depends on your employer. You may be paid to assist with appraisals, which you can then use to jot down in your log. However not all employers pay for your classes so that may be something coming out of your pocket. Not to mention, you’ll mostly likely take those classes after-hours and not during your work hours. I would only recommend it if it would be a step-up from your current employment in terms of compensation, work-life balance, career interest, and employer benefits.
It’s possible but while at the same time may be incredibly difficult. One of the common requirements and often the most challenging to accomplish is finding a supervisor appraiser as you’re completing your education courses and documenting your work hours. Now depending on your supervisor appraiser, they may not want to hire a part-time trainee and want someone’s that fully committed to helping improve the workflow and profitability of their existing business. For them, it’s an investment to set aside their time, experiences, and fees, so it’s likely they will want a return on that investment. Hope they provides some clarity. Best of luck!
Hi Lala, It depends on your state and the the level of designation you’re aiming for. I would recommend checking out your state ACLB or McKissock for training and education requirements. Hope that helps!
We work on mostly commercial appraisals and not familiar with the upcoming changes being implemented by Fannie/Freddie. Sorry! Care to share a brief summary?
@@davidtranpdxnot an expert as I am simply a student studying residential appraisal at a community college, but from what I’ve been hearing is that they are pushing in the residential appraisal market to allow a plethora of options to by pass property evaluations. And have created a waiver program which has been being abused by borrowers. The waivers show history of loans and past reports that trade as “comparables”. It’s scummy and inaccurate and apparently has gotten a few loan Sharks bitten. There’s reports already of people sueing over this practice. We will see how it plays out.
@@davidtranpdxdamn that’s executive investment banker money bro. Is it investment banker hours tho? I literally changed course this year after having my first internship at citi group and I realized I hated investment banking. I can’t do the 80-100 hour week workload. So my professor put me on track to real estate banking. And from there I stumbled on appraisals and I think it sounds fitting for my liking.
Can you make money as a real estate appraiser trainee work in a rural area of town of 16,000 people. Can you make money working in town as a real estate appraiser trainee in town of 50,000 people.
It varies per state. If you're talking about getting your trainee license, you can always check our your state's appraiser certification and licensing board. You can also check out McKissock in addition and see if they offer the courses for your state. Hope this helps!
None of this is true. The profession is basically being phased out by AI and use of quantitative evaluation by computers. This has been gradually eroding appraisal volume for years. Fannie Mae is also phasing out appraisers in real estate transactions by repeatedly raising the threshold at which an appraisal is required to close a loan. The trend is to eliminate and marginalize human appraisers to the greatest degree possible. The barrier to entry also remains high, which is ludicrous given the income now possible. Which is low. The vast majority of appraisers are broke and scrambling and taking second jobs. Fees are also dropping. And all while regulation is increasing, including woke regulation that seeks to evade reality and imply that bad neighborhoods and undesirable communities simply don’t exist. Which of course is an utter lie.
W up Nice, i am apraissal specialist (especialista en avaluos) from Colombia, here we use the ivs and other standards to apraisse real state stuff, i realy like know what kind of ISO or something like that you use with
Man, good on you racking up 6 figures as a trainee!!!
Real Estate Appraiser Trainee here working in the commercial sector making minimum wage with no split-fees (3 months on job, with Appraisal Trainee license).
Location: Southern CA.
Thank you! It didn’t start out this way but I’m grateful. I started and made 50K/annual for the first two years. It wasn’t until year three and four until my income started to improve. However the recent slow down and rising interest rate have heavily impacted my income so I’m afraid I won’t be making six figures again this year.
@@davidtranpdx from my research around $50K is what I had expected to start at for my area. I figured that would be a manageable starting point while I work on taking my certified general courses and testing. But with a 4 year college degree and an appraisal Trainee license (which isn’t cheap either) I was taken aback a bit to be making equal to/or in most cases less than a high school job with 0 education or experience required… BUT I will say the job itself has been wonderful and really cemented that I think I’ll be happy with this career change in the long run.
Great video, everything was spot on.
**apologies for the rant, it’s mostly for anyone reading this deep in the comments. To let them know they aren’t alone if they’re off to a rough start financially with the career.***
Same here. Cushman was offering a salary of 50-55k for 1st year trainee. I chose to go with a different national firm, and made a 17% split, which ended up to be minimum wage. It's appalling that I'm getting paid the same as those without educational requirements
@@jchan2811 appalling is an appropriate term to describe it. Been trying to find a place that starts off at around 50K myself (which though not great, I think is a fair-ish starting point).
Interested to hear if anyone has successfully done that recently in CA. Or if anyone has had any experience working for the government in the assessors office as an appraiser.
Any advice on how to gain some commercial experience, I'm an AR in CA? Thanks in advance
Thanks for sharing. I am retiring from the military and planning on becoming certified general. Please keep making videos!
I have certified residential license and am working towards general license. I only have another two 15 hours courses to go. But it seems it's very difficult to find a commercial appraiser to sponsor in order to accumulate the 1500 hours commercial experience.
Try looking into large brokerage firms and see if they have a valuation department. You can also check the local counties near you and see if they are hiring an assessor. You can also call the state and see if they allow practice appraisals or demonstration of knowledge; basically where you appraise and write a report on a property that technically has no client. Best of luck.
@@davidtranpdx Thank you, David.
@@davidtranpdxWhich state are you licensed in?
Is there alternative courses that can be taken in lieu of a bachelor's degree requirement for obtaining your CG? I'm an AR as well and remember all of the education requirements that changed for each license level in 2008, 2015, and then again in 2018. I remember the state decreased the experience hours for AL, AR, after 2018, and replaced the degree requirement for additional courses, but I wasn't sure about the CG, I'll need check the OREA website
@MrDmacc1 I’m a licensed trainee in the state of Oregon.
AMCs usually assign an order to the lowest bidder and quickest turn time. They charge the borrower $600 +\- for a standard 1004 while expecting you to complete it in a couple days for $300 or so. Some offer below that for $10M properties. Don’t forget they charge the client RUSH fees while none of that goes to the appraiser as they still expect a 2-3 day turn time for $300 or so. Had one where I was paid $600 only to hear the borrower grumble that he paid $1400. Not what it used to be.
Very informative video! Thank you for sharing your knowledge.
How do one become a commercial appraiser vs residential appraiser? Can u explain or do a video? Different education requirements etc?
Sure! I can make a video covering that next time. They definitely have different education requirements. In the time being, I would check with your appraiser state board/bureau and see what the qualifications are first. It does vary per state. Thanks!
Real Estate Appraisers are in low demand with excessive competition, unless you live in the boondocks where volume is low. Residential appraisers do not make enough money. My appraiser friend told me last that appraisal assignments are now on a bidding system where only the lowest bidders win the work. Also, real estate appraisers have high risk being open to suit for upto 10 years after every assignment!
I agree, it’s tough for residential appraisers due to competition and the low fee bidding. Fortunately for me, I work on commercial assignments therefore we’re slammed busy with work. Thanks for chiming in!
@@davidtranpdx Commercial Appraising is still worth it. Encouraging people to become Residential should be considered an act to cause harm punishable by litigation! LOL
Plenty of money in residential, unless you’re in a rural area. And there’s no bidding. I have clients who just send me orders I don’t bid on anything
To be fair we are in one of the larger famine portions of the business than I've ever seen (trainee but worked with my father for 2 decades), however once it starts cooking, it really cooks. Plus doing DOD and estate appraisers for property owners helps, just have to market yourself big time.
@@MrHartApart The greedy banks want to eliminate appraisers and replace them with AVM (Automated Valuation Model) at a higher error rate and risk, which they will have tax payers on the hook for when the inevitable comes from it.
Do I have to be a trainee before I'm licensed? or can I go to school to become licensed ?
...factor in overhead costs of software, datasources, insurance, education, skyrocketing licensing fess..ECT
Does appraisal work count towards experience required for a brokers license?
Great question. I’m not entirely sure but I highly doubt it. Someone in my family obtained their broker license and did not have any appraisal experience prior. I believe it’s just passing an exam and taking a class for broker’s license. However I would recommend doing your own research.
Hi David, Do you recommend starting your appraiser trainee career with the county?
I highly recommend that since lots of firms and independent fee appraisers are struggling to stay busy. Starting with the county will get you some basic experience and also guarantee a salary.
@@davidtranpdx Thank you for your advice! The County where I reside will be opening more appraiser trainee positions this fall. Patiently waiting
If I’m looking to eventually get into hotel appraisal what licensing should I look into ?
Most likely certified general.
Hi, am in southern CA, do you think residential appraisal still worth it in these interest rates? Am still working on my 1000 hours with my supervisor. Also, is the national exam hard to pass ?
Hi there, thanks for chiming in. It’s definitely harder to get in now, and residential is especially even more challenging. I would recommend putting in the extra time and effort to get your commercial license if possible.
The national exam can be difficult but there’s plenty of available study guides, and online courses made for exam prep. Best of luck!
@@davidtranpdx harder to get in in what way please ?
It’s harder to find an employer or a supervisor appraiser that’s willing to take on a trainee.
@@davidtranpdx actually i did find a residential appraisal supervisor and completed 400 hours so far. I meant will there be lack of work by the time am finished ? The continuously rising interest is not helping!
@@Skidrow247 It's hard to say as I don't have a solid grasp of when we will exit this, dare I say, recession. Depending on your market and your employer, you may be able to slowly get your hours. You could also call your state board and see if they will accept practice appraisals and start writing those/putting those in your log.
What are some firms you recommend that will take on a residential trainee? I'm currently taking the appraiser course. I'm located in Louisiana.
What CIty are you in, where there is an influx of commercial properties to appraise.
We did appraisals in the Portland, Oregon metropolitan area.
Hey Guys, Commercial RE appraiser from Frankfurt, Germany here. First David really nice video. Nice to here from the american perspective. I will start doing the appraiser certification in germany in a half year, hope to finish it in one or 1,5 years. Its from the organization HypZert and transferable to the Appraisal Institute as an MAI. I wonder what the general view of an MAI is in the real estate industry, also towards architects and in project development? Are they considered specialized experts with a high status, as is the case in my country?
Furthermore, congratulations on the high salary, which I can also confirm after 2.5 years of work experience.
Sorry for the late reply. MAI definitely are viewed highly in the commercial real estate industry. If I were to bid for jobs for example, having an MAI would give me an edge in competing for work.
I was planning to start working in appraisal Q3 2023.
That sounds great, the earlier the better, but I understand job availability plays a huge role. Best of luck to you!
Are there any great companies you should look at as trainee? Looking for a company to get my required hours.
Tough to say with this current market. You can always try large brokerages like CBRE, Newmark, JLL, Cushman & Wakefield, Colliers, Bowery Valuation. You could also look to see if your nearby county or state is hiring trainees.
Heyyy are you still in the appraisal business or no? Haven't seen you post about it in a while... updates??
Yes! I posted a video recently about a month ago.
Thank you David!
How does this profession work also do you get paid every 2 weeks or do you get a paid a commission.
Depends on the employer, some pay per two weeks, some pay once per month. Depends if you’re paid on a base salary or commission.
Thanks very helpful! Is this applicable to London?
In a general sense, it should be applicable. Your supervisor appraiser, your employer, your location, or property speciality can factor in as well.
But does a real estate Trainee appraiser do they get paid hourly.
Depends on the employer. In most case when you’re starting off, yes. But some employers will just give you a base salary and expect you to work overtime for no extra pay.
Is a real estate trraine appiaser pay a stable check
If you’re salary, I guess so. But if you’re commission or production based, probably not in this current market.
What are your honest thoughts on someone wanting to get into RE Appraisal but is fully tattooed and pierced? (A couple facial pericings, and face tattoo)
@@Shesnotallthatbutdoesntcare It’s a somewhat traditional career but I think it’s still doable. It depends on the company.
I'm in Oregon. As trainee, do you mean the required 1500 hours to become an appraiser? You can get paid for that?
Would you still recommend getting into the industry?
Thanks
It depends on which license you’re going for as the hour and education requirement is quite different. In terms of getting paid, it depends on your employer. You may be paid to assist with appraisals, which you can then use to jot down in your log. However not all employers pay for your classes so that may be something coming out of your pocket. Not to mention, you’ll mostly likely take those classes after-hours and not during your work hours.
I would only recommend it if it would be a step-up from your current employment in terms of compensation, work-life balance, career interest, and employer benefits.
Is it possible to be a part time appraiser?
It’s possible but while at the same time may be incredibly difficult. One of the common requirements and often the most challenging to accomplish is finding a supervisor appraiser as you’re completing your education courses and documenting your work hours.
Now depending on your supervisor appraiser, they may not want to hire a part-time trainee and want someone’s that fully committed to helping improve the workflow and profitability of their existing business. For them, it’s an investment to set aside their time, experiences, and fees, so it’s likely they will want a return on that investment. Hope they provides some clarity. Best of luck!
@@davidtranpdx After training is completed, would it be reasonable to work part time hours?
@@brittanybaker7937 That would depend on your supervisor or place of employment.
I'm looking into becoming an Real Estate Appraiser in Houston Tx...... Do I have to have a Bachelors Degree?
Hi Lala,
It depends on your state and the the level of designation you’re aiming for. I would recommend checking out your state ACLB or McKissock for training and education requirements. Hope that helps!
You need a bachelors degree IF you want to get your Certified General. So technically no.
Do you need to have good credit to become an appraiser?
Good question! I don’t believe good credit is a needed. Biggest requirement is getting your hours, training, education, and license.
Thoughts on the new Fannie and Freddie changes being implemented 4/1?
We work on mostly commercial appraisals and not familiar with the upcoming changes being implemented by Fannie/Freddie. Sorry! Care to share a brief summary?
@@davidtranpdxnot an expert as I am simply a student studying residential appraisal at a community college, but from what I’ve been hearing is that they are pushing in the residential appraisal market to allow a plethora of options to by pass property evaluations. And have created a waiver program which has been being abused by borrowers. The waivers show history of loans and past reports that trade as “comparables”. It’s scummy and inaccurate and apparently has gotten a few loan Sharks bitten. There’s reports already of people sueing over this practice. We will see how it plays out.
What about independent ones
Hi Carson, sorry for the late reply. Could you please elaborating your question? Would love to help if possible.
How much do MAI’s make at your firm?
Last year the MAI’s at our office probably made around 350K/annual.
@@davidtranpdxdamn that’s executive investment banker money bro. Is it investment banker hours tho? I literally changed course this year after having my first internship at citi group and I realized I hated investment banking. I can’t do the 80-100 hour week workload. So my professor put me on track to real estate banking. And from there I stumbled on appraisals and I think it sounds fitting for my liking.
Can you make money as a real estate appraiser trainee work in a rural area of town of 16,000 people. Can you make money working in town as a real estate appraiser trainee in town of 50,000 people.
I have an Appraisal degree. Never worked in appraisal. Any recommendations?.????.
Congratulations! Any particular tips you were looking for?
How do i get my course hours for trainee?
It varies per state. If you're talking about getting your trainee license, you can always check our your state's appraiser certification and licensing board. You can also check out McKissock in addition and see if they offer the courses for your state. Hope this helps!
Dope video 💯
Thanks! 💯
thank you for sharing 😭
Good video my man!!!!
Thank you!
Join the Discord channel for Trainees & Appraisers at bit.ly/appraisaldiscord.
New Fannie May cbanges..??????
I work mainly on the commercial side and not familiar with the Fannie Mae changes.
None of this is true. The profession is basically being phased out by AI and use of quantitative evaluation by computers. This has been gradually eroding appraisal volume for years. Fannie Mae is also phasing out appraisers in real estate transactions by repeatedly raising the threshold at which an appraisal is required to close a loan. The trend is to eliminate and marginalize human appraisers to the greatest degree possible. The barrier to entry also remains high, which is ludicrous given the income now possible. Which is low. The vast majority of appraisers are broke and scrambling and taking second jobs. Fees are also dropping. And all while regulation is increasing, including woke regulation that seeks to evade reality and imply that bad neighborhoods and undesirable communities simply don’t exist. Which of course is an utter lie.
W up Nice, i am apraissal specialist (especialista en avaluos) from Colombia, here we use the ivs and other standards to apraisse real state stuff, i realy like know what kind of ISO or something like that you use with
Thanks for commenting! What did you mean by ISO?
@@davidtranpdx International organization for standarization