How to Get Started in the Real Estate Appraisal Business PDF
Preview How to Get Started in the Real Estate Appraisal Business
How to Get Strategies to earn a six-figure Started salary in the Real Estate Appraisal Business This page intentionally left blank Strategies How to Get to earn a six-figure Started salary in the Real Estate Appraisal Business Daniel J. Nahorney Foreword by Vicki Lankarge McGraw-Hill New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a data- base or retrieval system, without the prior written permission of the publisher. 0-07-148707-7 The material in this eBook also appears in the print version of this title: 0-07-146323-2. All trademarks are trademarks of their respective owners. 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For more information about this title, click here Contents Foreword vii Acknowledgments ix Introduction xi Part 1: Looking in at the profession 1 1 A five-step process 3 2 So, you want to become an appraiser 7 Work to smooth out the cycles—a conversation with Richard Powers 15 Part 2: From outsider to trainee 19 3 Courses you’ll need to get started 21 It’s a family tradition—a conversation with Jack Miller 25 4 It’s time to find a quality mentor 29 Find a quality mentor—a conversation with Frank O’Neill 33 5 A day in the life of an appraiser 37 Get into the business now—a conversation with George Dell 45 Part 3: Choosing a direction 49 6 Will that be residential, commercial, or both? 51 A fast market in a fast city—a conversation with Julie Burkart 60 7 Becoming an analyst 65 Opportunities abound for appraisers—a conversation with Bruce Kellogg 75 8 Become the appraiser everyone wants to hire 79 A unique market—a conversation with Dave Munsell 82 9 You’ve made it! 87 A great profession for women—a conversation with Anne Johnson 91 Part 4: External forces changing the profession 95 10 Appraisers play key roles in society 97 Right from the start, real estate was for him—a conversation with Mark Pomykacz 101 v Contents 11 AVMs—how big a threat? 105 Find a niche—a conversation with Doug Smith 109 12 Staying in or getting out 113 Making the balancing act work—a conversation with Jeff Grendysa 121 Part 5: Appendixes 125 Appendix 1 Who sets the Rules? 127 Appendix 2 Competency Rule 135 Appendix 3 Ethics Rule 139 Appendix 4 Outlines for introductory courses 145 Appendix 5 Licensing changes coming in 2008 149 Appendix 6 Residential appraisal forms 153 Form 1004 Uniform Residential Appraisal Report 154 Form 2055 Exterior-Only Inspection Residential Appraisal Report 160 Form 1004c Manufactured Home Appraisal Report 166 Form 1073 Individual Condominium Unit Appraisal Report 173 Form 1025 Small Residential Income Property Appraisal Report 179 Appendix 7 Where to reach for help in the United States and Canada 187 Appendix 8 Local appraiser regulations 191 Appendix 9 Glossary of real estate appraisal terms 197 Index 217 vi Foreword I know the author of this book pretty well. That’s because Daniel J. Nahorney is my twin. Well, technicallywe have different mothers and were born in different years, but we’re twins nonetheless. This revelation dawned on me slowly. In 2000, we were writing and editing for a small dot com in West Hartford, Connecticut, when suddenly the tech sector went bust. Overnight, the company was smaller by a third. During its prolonged death throes, there was a kind of siege mentality. Dan and I hunkered down, brainstorming ways to preserve the Web site’s reputation as one of the most respected consumer insurance information resources on the Internet. It was a blast. Although the venture capital disappeared along with the promise of an IPO, we soldiered on. Our articles appeared on AOL, MSNBC, and CBS Marketwatch. The Columbia School of Journalism selected the Web site as a finalist in their first annual Online Journalism Awards for “General Excellence in Content Original to the Web.” We lost the contest to Salon.com, but so did the Central Europe Review, CNET News, and TheStreet.com. It was heady stuff. vii Copyright © 2006 by The McGraw-Hill Companies, Inc. Click here for terms of use. Foreword This is also when I discovered that Dan and I are actually twins who were separated in childhood and lived in some freakishly parallel universe. Both of us are veterans of small town newspapers where we each penned the classic “Sure Is Hot!” story every July and the “Sure Is Cold!” story every February. Both of us are competitive. All it takes is for Dan to taunt me with, “Lankarge, you’ll never get that information,” and I’m off. Within sec- onds, I have a phone glued to my ear and my browser opened to Google. Likewise, if you tell Dan something is impossible—like buying his dream vacation home—stand back! If you look up the word relentlessin the dictionary, there’s a picture of Dan under the entry. And both of us love to “talk shop,” especially when it comes to real estate and home renovations. Long before I wrote What Every Homeowner Needs to Know About Mold(McGraw-Hill, 2003) and Dan and I partnered on How to Increase the Value of Your Home(McGraw-Hill, 2004), we rou- tinely swapped war stories about the home improvements that made us proud, the ones that were utter train wrecks, and the others that just plain drove us crazy. In fact, Dan is so enthusiastic about his improvements that he has left one closet untouched from the days of his home’s previous owners—just so he can show visitors the truly hideous original décor. He takes great delight in flinging open the closet door in his living room to reveal chartreuse and white stripes that narrow to a point on the ceiling like a miniature circus tent. Dan’s sense of fun is exceeded only by his depth of knowledge about the real estate market and home values. In How to Get Started in the Real Estate Appraisal Business, his ability to network with folks from the industry infuses his writing with life and wit. This “blood and bones” approach is what sets this book apart from the rest. There are plenty of “How to Become a Real Estate Appraiser” books on the market that are completely devoid of the human touch. This is not one of them. The real estate appraisal profession is not a cinch to break into, but there is room for those who are willing to work hard to excel. Dan says leading real estate appraisers are like other professionals at the top of their games. “They are smart. They work hard. They demand excellence of themselves.” I will put aside any sibling rivalry and say Dan oughta know. He’s describing himself. Vicki Lankarge West Hartford, Connecticut viii
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