Become Appraiser vs. Realtor [RE agent]

[kimray]

Hi Tony -

You said you started by becoming an appraiser at 2 banks before real estate investing. Given a choice between becoming an appraiser or agent, what do you recommend?

My end goal is to be a real estate investor like you. I'm considering the appraiser path because I'll learn a different side of the real estate biz and can receive some pay.

In regard to pay, as trainee I hear it pays min wage - $10-14/hr. If you can confirm this off hand, pls let me know. I need to verify this.

If you suggest the appraisal path, after taking the class and passing the test, once a trainee, where do you suggest one to go to find a mentor to fulfill the required hours to be certified? Banks, city counties, independent appraiser.... where else?

I could apply for any part-time or full-time job but I want it to be real estate related so that's why I'm considering being an appraiser or agent. Perhaps you'd recommend something else. ... like being a property manager??

Look forward your reply. Thanks in advance.
Kim

[Tony Alvarez]

Knowing what I know today, I would FIRST become a real estate agent for many good reasons.

1. You will learn many more skills which will help you become a successful investor more quickly.

2. The pay is based solely on your performance.

3. The sky is the limit on earning. You could even earn over a million dollars yearly in just commissions if you master the field.

4. Appraisers are not respected. They are viewed as a necessary evil.

As an appraisal trainee, what you get paid is dependent on who is paying you. There is no rule of thumb. It has more to do with the need, level of desperation or generosity of the appraiser hiring you.

Keep in mind that the banking industry has always tried to find a way to limit or minimize the need to use appraisers. You should only decide to become an appraiser if this is something that you really desire to do, as in, you love the profession.

If this is about finding a way to break into the world of real estate investing I would head directly through the real estate agent door.

[kimray]

Thanks - Very useful !!

Gary Keller, co-founder of kw.com, wrote this book entitled "The Millionaire Real Estate Agent: It's Not About the Money...It's About Being the Best You Can Be!"

www.amazon.com/Millionaire-Real-Estate-Agent-Money-Its/dp/0071444041/ref=sr_1_1?s=books&ie=UTF8&qid=1342734563&sr=1-1&keywords=gary+keller%27s+millionaire+real+estate+agent

If there are other books, websites, etc. that you found useful for beginner investors, pls let me know.

Many thanks,
Kim

[Tony Alvarez]

Hello Kim,

Thank you for the information on Gary Keller's book!

As for resources for beginners, I would suggest Bruce Norris, your local library, google, BiggerPockets.com or any other real estate forum or blog out there.