Becoming a CRE Appraiser?
Hi All,

New to the community. I've been working as a Commercial Credit Analyst for the past 3+ years for a credit union. I've been thinking of pursuing a career in CRE appraising and I'm just curious how someone would make that jump? The CU I work for $24MM in business loans last year and I would say I underwrote about 80% of that volume. I love the idea of doing commercial appraisals but how does one get the experience needed? What is the salary range for trainees? Where can I find information for that process?

Edit: If this isn't the place for this let me know.
[{"id": "g224tka", "text": "You have to obtain a mentor and then 2-4 years of classes/apprenticeship. Pay is usually not great in this stage. However once you get fully licensed you can begin billing so pay is usually how much you put into/ if you reach to a partner level(or own your own shop). Hardest part is probably finding someone to be the person you train under. Like all cre it is highly relationship dependent so work your network and expand it.", "replies": [{"id": "g227lnd", "text": "Am I looking at basically taking a pay cut for a couple years to pursue the appraising gig? I make about $65k right now doing commercial underwriting. I don't know if I'm in a position right now to take a pay cut though to learn which is the tricky part. I know of some local commercial appraisers from my current work experience but not sure how reaching out to them would go.", "replies": [{"id": "g22athh", "text": "Most likely yes, but most of these apprenticeships are set up differently between each shop/mentor and especially how they are compensated. It definitely can\u2019t hurt to reach out to these commercial appraisers you know if you are truly interested. Also look at information through the Appraisal Institute. They conduct the classes required for a license and have some pretty useful information on their site", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "g227pco", "text": "Most have a RE broker and Appraiser licenses.  Before the laser measurer it used to a tough job measure buildings with trees shrub taller than you make the measurements difficult. These roses prick one skin. I have seen people order a $1500 commercial appraisal for a 150 page appraiser.  Some people charge $1000.  The hardest is getting business and often you need to work with a valuation company. The loan underwriter can not pick his favorite appraiser anymore. Must be arm length relationship. Also membership on data is very expensive. Several grand a year just from 1 source. Some valuation companies can not afford costar membership. I imagine they get paid 30-40% more than residential. But many have to take whatever they can get to survive. Only sales people are better compensated.", "replies": [], "depth": 1}]