Tips For Finding A Mentor

If you are getting into this business one of the most frustrating issues is finding a mentor. Then, if you are lucky enough to find a mentor, you have to find one who is trustworthy.

I finished my classes in June of 2007. I didn't actively start looking for a mentor until I finished my classes. USPAP was my last course and I wanted to be able to say that I had completed it. Over the summer of 2007, I had three full-time job offers in commercial appraisal firms. I chose one, and began my journey in October.

Here are some tips that I can pass on to you from my search:

1. If you take Appraisal Institute courses, make sure that the coordinator for your chapter has your resume.

I had five interviews and two offers from the chapter coordinator forwarding my resume to people who were actively looking for trainees. PS: I wasn't a member of AI at the time, I would say that most will gladly accept your resume whether you are a member or not.

2. Make sure your resume is spotless.

I don't want to offend anyone by saying this, check to make sure names are correct, check for typos and mis-spellings. I reviewed resumes for years, you would be surprised at how many well educated people never proofread their resumes. If I found typos or mis-spellings, it was thrown in the trash immediately. My current employer also followed this criteria.

You must be detail oriented in this business, prove it with your resume.

3. Emphasize your pertinent skills.

Any real estate experience, research experience, writing experience etc. Do yourself a favor and visit your local courthouse (or check for court records online.) Get acquainted with the process involved in searching for deeds, mortgages, tax maps, etc. You will be surprised how much of this can be done online, and you can emphasize these skills on your resume.

4. Know if you would like to specialize.

This may come later in your career, but if you know that you want to specialize in residential appraising, multi-family housing, health care facilities, hospitality establishments, etc. reasearch companies that specialize in these types of appraisals. There are some interesting niches out there. Think outside the box!

5. Join AppraisersForum.com.

There is a lot of experience on that forum. People who have been working in this field for years. Everyone is kind and respectful and they want to be helpful to you. Not only is it a great way to meet people it is a terrific opportunity to get questions answered. They have a newbe/appraiser wannabe forum and also a jobs forum.

6. Appraisal Institute Chapter/Dinner Meetings.

Personally, I never did this, but everyone in the field recommends that if you are interested in joining the Appraisal Institute that you visit your local chapter and attend dinner meetings. It is a good way to meet many appraisers under one roof. It could be that they are not looking for a trainee, but they may know someone who is, since they are able to talk to you and see you, you have a better chance of getting your resume forwarded.

7. Find Names of Appraisers In Your Area.

This is pretty easy. You can look in the yellow pages and on the internet. I wanted to find someone with an MAI designation, so if you click on the link and go to the Appraisal Institute's website you can search for appraisers by area. Print the list and start sending out resumes or making phone calls.

8. Keep A Paper Trail.

I kept track of every company I sent resumes and cover letters to. I would suggest making a subfolder for each or naming each specifically so you know who got which letter and resume. For some firms I tailored my resume to them and wanted to know exactly what the resume looked like. Make a simple spreadsheet of who you sent resumes to and what day you mailed them.

9. Read, Read, Read.

Read your text books, read everything and anything you can get your hands on, you'll learn some valuable information and when you do get that interview you'll be able to have conversations about issues in the field.

Good luck!

Next, Preparing For Your Interview(s)

Essential Skills For An Appraiser

Appraisers & Appraiser Trainees have to be. . .

Detail Oriented

You have to keep track of everything. You never know when an appraisal could be questioned, reviewed or taken to court. You have to take meticulous notes about research you've conducted, people you have spoken to and places you have visited, AND, you have to make sure that you stow it in the work file.

Resourceful

Research is a big part of appraisals, especially commercial appraisals. I spend whole days sometimes picking through public records, zoning maps and tax maps to try and find information that is pertinant to an appraisal, or to its comparable sales. Here is a recent example: I had a one acre parcel of commercial land on a very well-traveled highway. The parcel sold for $100,000, which is extremely low for our market area? Why? It turned out that the parcel was land-locked. Without the parcel next to it there was no way to gain entrance to the site. The person who paid $100,000 for the parcel owned a small strip center that adjoined the property.

Personable

Yes, its true, you have to be personable and sometimes you have to bite your tongue. You could find yourself in a situation where you have to bring your own business. You will be meeting clients and will have to bend to fit their schedules. You will be required to verify information via the telephone, sometimes this information is somewhat personal, i.e. "Can you tell me the expenses that this building had in a typical year?" I reference biting the tongue because you will encounter people who are downright rude. Yes, it happens. I hate to say this, but Realtors almost never want to help you. You will have to have people skills to succeed.

Computer Literacy

Many appraisers went for years not having to rely on computers. When a job comes across your desk, you need to search comps via your local market MLS or a commercial service such as CoStar, review deeds and transaction data via public record, check tax maps and zoning (you can't do all zoning online) and prepare your report, all via computer. Yes, computer skills are essential.


Math Skills

Now I'm only just beginning, but I find that I use finance math and geometry the most. There are plenty of jobs that require for intense calculations, but I think you could make a living without being a math genious. You do need basic math skills and you have to be precise, there are a lot of formulas that you will learn in your basic courses that will address all this. You should also purchase and be familiar with an HP 12C financial calulator. I love mine, and you will use it for your entire career.


You May Have To Get Dirty Sometimes

This is true, sometimes you have to go into crawl spaces, attics, muddy yards, flower beds, etc. You may find your self in a situation where you have to trek through a few acres to get to the parcel of land that you are appraising. Dress appropriately.


Be Able To Run While Being Chased

This is just to make sure you are still paying attention. In all seriousness, I had a job offer from a company who did a lot of litigation work, they told me that there could be times (forclosures especially) when the person living in the property is hostile and doesn't want you there. People have been chased by dogs, tenants, homeowners, just keep your safety in mind.

Next time, Tips For Finding A Mentor

We'll begin at the beginning. . .

I am a real estate appraiser trainee. I hope to use this blog to chonicle my trainee period for those who are interested in the field. Check back often, I hope to post at least several times per week.

It is well known that the "barriers to entry" in this field are huge. Anyone who is looking for a mentor can substantiate that now. Especially now that the market is going south. In most cases, mentors have nothing to gain by taking you on, this is why lots of mentors require trainees to bring their own business. I was very fortunate that my mentors didn't make me do this. I think some mentors have a hard time finding good quality trainees too. Let's be honest, some people get into this line of work because they think it is quick money for very little effort.

Not true. If you have this attitude, throw it away now.


I had decided early on that I wanted to pursue a Certified General License. This allows you to appraise just about any piece of real estate that you are competent to appraise. I'm the type of person that I like to have options. I don't want to work this hard and get stuck only being able to appraise houses, or only being able to appraise restaurants, etc. I want to be marketable, and I want to be able to pull income from as many job sources as I can.



I was experiencing job frustrations when I decided it was time for a new career. I was working in the field of eduation, and had worked in that field for many years, when I decided to make the switch. Like a lot of people, in my former job I was experiencing way too much frustration for way too little money. I always loved real estate, but didn't feel like I would make a very good salesperson. I love finance and math and I'm a good analytical thinker, this is what pointed me in the direction of appraisal.



I signed up for a series of Appraisal Institute courses. For anyone considering this line of work I would wholeheartedly recommend their classes. For the money I spent I got a really good education. In four courses I accumulated 90 hours of classroom time. (I will need 300 hours to get my license) and there are plenty of mentors out there who will not consider someone without Appraisal Institute education. For those of you who are considering the online route I would advise you not to, especially for your preliminary coursework. The instructors work in the field and have years of experience, I was able to benefit from the work/business experiences of every instructor. I wouldn't trade it for anything.

The courses that I have taken are:

Basic Appraisal Principles (30 Hours)
Basic Appraisal Procedures (30 Hours)
Residential Market Analysis & Highest and Best Use (15 Hours)
Uniform Standards of Professional Appraisal Practice (15 Hours)

This is a good start for anyone, keep in mind though that most states will not let you count hours that you have acquired before taking your USPAP course.

Coming up next, essential skills for an appraiser.