Need Advice-Any Real Estate Appraisers Out There?

[peregrine]

Hello fellow Mustachians!

Are any of you Real Estate Appraisers?  I'm a full-time teacher in Colorado, and planning on taking Real Estate Appraiser classes this summer.  It's time to take up a second career and get this early retirement thing in high(er) gear.

I'd like to get advice from people who have done this and are licensed real estate appraisers. The federal gov't changed the requirements after the housing crash, and it seems kind of tough to navigate some of these new requirements.

My main problem is figuring out how to get supervision hours once my courses are complete. Colorado says 2,000 hours must be supervised by a qualified appraiser over the course of not less than one year.

Where I need help:

1. How does one find a trainer/supervisor?

2. How do you convince someone to train you for a year or more if you will become possible competition for that same trainer?

3. Are there alternative ways to earn these hours?

4. Can this be done evenings/week ends, so I can keep my regular F/T job?

I know this is a lot to ask about, but I'm totally new to this field. ANY informed, knowledgeable information would be greatly appreciated!

Thanks a million,

peregrine

[frugaliknowit]

Not a direct answer to your question, but I have been interested in getting into the field as well.

I have 2 pieces of (not necessarily new) information:

1.  http://nbr.com/2016/09/27/shortage-of-appraisers-delays-home-closings/

2.  Recently, my home was appraised for a new Heloc.  I was chatting with the 50+ year old veteran appraiser about getting into the business.  He reiterated that he has no incentive or interest in training anyone.

It seems (per the NBR report) that soon the industry will have to change, otherwise there will not be enough appraisers at some point!!

[peregrine]

It seems (per the NBR report) that soon the industry will have to change, otherwise there will not be enough appraisers at some point!!

Hi frugal,

Funny you should mention that. I'd been thinking about the profession since 2015, but when the closing on my new home (Aug 2016) was delayed - TWICE - b/c the appraisers no-showed and then showed up late, I thought to myself, "Hmmm.... maybe this town needs more good, reliable appraisers..."

Folks I've talked to in the field do say there seems to be an upcoming, real shortage, if there isn't one already. I don't want to wait, though - I figure that if I can get into this right now, while it's tough going, then there should be plenty of work. Besides, someone out there is doing it... so why not me? (Or you?)

[arebelspy]

Folks I've talked to in the field do say there seems to be an upcoming, real shortage, if there isn't one already.

I'm not a real estate professional (in the sense of having that as a main job--just a landlord with a dozen plus properties), but have many real estate friends and connections and have heard the same thing, multiple times from multiple sources.

Doesn't seem like a fun job to me (I'd rather own them than look at them), but if you enjoy it, seems like it could be decent to get into.  :)

[frugaliknowit]

It seems (per the NBR report) that soon the industry will have to change, otherwise there will not be enough appraisers at some point!!

Hi frugal,

Funny you should mention that. I'd been thinking about the profession since 2015, but when the closing on my new home (Aug 2016) was delayed - TWICE - b/c the appraisers no-showed and then showed up late, I thought to myself, "Hmmm.... maybe this town needs more good, reliable appraisers..."

Folks I've talked to in the field do say there seems to be an upcoming, real shortage, if there isn't one already. I don't want to wait, though - I figure that if I can get into this right now, while it's tough going, then there should be plenty of work. Besides, someone out there is doing it... so why not me? (Or you?)

I hear you, but from what I can tell, there's 2 hurdles (at this point barring no changes in the process):

1.  Appraisers (from what I can tell now and when I sold as a liscensed salesperson years ago...) do NOT generally work off hours (mostly business hours and EARLY evenings...), so this would be difficult/impossible to do part-time if you have a 9-5/M-F job.  Plus, you need to work for FREE (as an assistant/intern).

2.  Getting someone to train you.

A HUGE front-load (as of now).

[arebelspy]

1.  Appraisers (from what I can tell now and when I sold as a liscensed salesperson years ago...) do NOT generally work off hours (mostly business hours and EARLY evenings...), so this would be difficult/impossible to do part-time if you have a 9-5/M-F job. 

I'd think an appraiser could set their own hours (not always, depending on the employer, but often).  No reason why you can't appraise after 5pm, or weekends, or whatever (as long as it's light enough to see).