If I got my appraisal license.

Asked by Agent, 10256 Mon Dec 6, 2010

Would I be able to start my own company when I complete training and got to say AR or AG level? How would AMC's (appraisal management companies) affect me being able to get foreclosure, divorce, etc. Appraisals

Would my own appraisal business have a chance at being successful or do AMC's shoot that down?

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Daniel Alvar…, Agent, Weehawken, NJ
Mon Dec 6, 2010
Yeah, its a good avenue to pursue in addition to real estate sales. It takes a while to get the hang of sales, but once you're on a roll (about a year if you really learn how to go after short sales) then you're on your way to $150,000+.

Hey, could you please thumbs up my answer if you thought it was helpful. I'm trying to earn points for a vacation (kidding).
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Agent, , 10256
Mon Dec 6, 2010
Thank you for that reply that's what I was looking for. I just got my real estate license and plan on getting my brokers in two years but in the meantime was planning on starting to work on getting my appraisal license to like you said supplement my income as an agent/broker
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Daniel Alvar…, Agent, Weehawken, NJ
Mon Dec 6, 2010
Corey, to answer your questiion: AMCs control much of the business now as regulations have forced mortgage company to play round robin when it comes to assigning an appraiser to a particular property. In the past, a mortgage company could go direct to an appraiser but now it seems they have to go through the middle man or woman (AMC). AMCs take a huge chunk for themselves (often half). This is not to say that you can't make it as an independent, but its in the lender's best interest to use an AMC that will do field reviews on all these orders, as opposed to going with a mom and pop that may or may not know the markets well enough and will return values that are too high or too low.

I'm planning on taking the appraisal course, mostly because i know i'll be making a little more than i do now, completing Broker Price Opinions (BPOs). Some can be a piece of cake, while others will have you pulling out your hair. Its a nice paycheck regardless, and i don't complain.

So to summarize: don't quit your day job. Appraisal work should supplement your income and not be your only source. I don't know of many appraisers these days earning more than $100,000. I'm sure there are some, but i'm willing to bet the majority are lucky to clear $50,000.

You may want to consider becoming an agent while you're at it. Make money working the distressed sales side of the business, with appraisal work on the side.
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