Career as a Commercial Real Estate Appraiser ?

Question

I have a background in Real estate lending, residential wholesale and retail but am considering a move to the commercial side as an appraiser. I am currently located in Chicago which I feel is about the best place I could be for this line of work.

Does anyone know what I have to do as far as mentoring, internship, etc? I know I have to take classes and such, but from what I have read it seems I must also "shadow" a licensed appraiser or become an assistant to one for a certain amount of time before I can get a license.

Also, does anyone know what to expect as far as salary and or commission for this position? Would I work for a firm and get assigned jobs, or would I be looking for my own work?

Any help is appreciated

Answer 1

I just received your e-mail and I felt I should post to help others that might be looking into getting in the field as well. First in order to become a fully licensed Certified General Appraiser you need 300 classroom hours, 3,000 experience hours in no less than 2.5 years and pass a state licensing exam. As of 1/1/2008 you will need more class room hours I believe 400+ hours, a four year college degree and the 3,000 experience hours in no less than 2.5 years, also there will be a new state test issued (harder than the current test). My first suggestion is to do the classes at the Appraisal Institute their website is www.appraisalinstitute.org. You will be exposed to other students (most of which are appraisers themselves) that can help you along the way. They have job postings and offer you the opportunity to join your local chapter and network with other professionals in the industry.
As I mentioned getting into the business is very difficult. You should also find all the appraisal firms in your area and hand in your resume to them as well. You just have to take what you can get wether it be a residential or commercial job in the beginning and work your way up from there.
Most appraisers are freelance and work on commission. However, appraisers that work for banks, IRS are salaried. You can try and get your own work to be more marketable but it maybe difficult because you are not licensed.