Appraiser considering other options, could use some input
Hey Everyone,

I'm a commercial / multifamily appraiser at one of the big firms, and I may be looking to transition into another side of the industry. The issue is, I don't know what I'm looking for.

My background: 
Mid to late 20's
Been appraising for less than 4 years at the same firm, recently certified and taking the Comp exam for my MAI in august.
Have a liberal arts degree (not in economics) from a relatively prestigious school.
Very recently relocated from a major midwestern market to a major west coast market for family reasons.

Dilemma:
Appraising is a solid job, and I have good prospects where I'm at. I'm 5 to 10 years younger than everyone I work with, I have a specialization and I'm finally in a position to be a little picky about the assignments I take. MAIs at my firm make a solid six figures (some of you guys wont believe that but I have no reason to lie here), and after a long time shoveling metaphorical shit, I'm starting to see my numbers climb. The average MAI is probably in his Mid 60's, so theres tons of potential if I stayed in this industry. The problem is I'm starting to find the work I'm doing unfulfilling. I feel as though my technical knowledge is a mile wide and an inch deep.  I see a property for 2-3 weeks, then its gone forever (unless I get the update). 

I've found the type of person who can find long term happiness at this kind of job, is someone who loves physical real estate for what it is.  They think the properties themselves are fascinating, and enjoy seeing things get built and land uses change. My interests are more value and investment oriented. I really enjoy the financial side of the industry, and have a hobby level interest in trading/investing (no capital to actually do any at the moment though).  I get the most enjoyment with the limited opportunities I get to talk with developers, and investors from PE firms, banks and funds. 

I'd like to begin steering myself in the direction of another role within my firm or a new field altogether where I can utilize the skills and knowledge Ive acquired, while doing more of the type of work I find interesting. At the same time, Id like to find a career path that would be at least as lucrative as my current one. But I'm not sure where to start.

Any advice anyone could offer is appreciated. Happy to clarify anything and add more details.

Also happy to answer questions about appraising.
[{"id": "e0e8841", "text": "If you want to change positions and you're at one of the big firms, LET YOUR SENIOR MANAGING DIRECTOR KNOW. They hate losing talent to other firms. Tell them you want to get into capital markets in some way, shape, or form. You might have to do bitch work for a while as a Senior Associate, but I think you'll be happier. Your two options are brokerage (buying and selling the damned things) or Debt and Structured Finance (securing the loan). \n\nAnother option is reach out to other SMDs at other firms and tell them you'd like to explore opportunities. \n\nAnother avenue is to stick it out, get your MAI, stay for 2-3 more years, and try to nail down an MD position at a smaller shop. Stay there for a few years, then get hired back as an MD or SMD at your old big firm. These places are so incestuous, that as long as you don't burn any major bridges, you'll typically always be welcomed back for more money.", "replies": [{"id": "e0eg5ml", "text": "Definitely sound advice. I like the people I work with / for and wouldn't want to put them in a compromising position. I've brought up my interests in capital markets and more specialized areas of valuation before in passing.\nI've noticed that the larger shops dont do a lot of brokerage outside of the main 3 food groups, retail, office and industrial.  I wonder why that is.  There are definitely opportunities there, do you have any advice on ways or resources to learn more about capital markets / brokerage? I know talking to the people I work with is the best option, but want to go into those conversations seeming like I know what I'm talking about.\nI'll be sticking with it for the short term, it seems foolish to drop out right before getting my MAI, but just wondering what some of my other long term options are with my background.  Thanks for your input.", "replies": [{"id": "e0egnio", "text": "With the knowledge you have in appraisal, you already have the base knowledge to properly value CRE. Now all you have to learn to do is sell it. As long as you're not some aspey basement dweller, you'll do fine. Your shop should be doing apartments in addition to the three main food groups you mentioned. Apartments are where the money is at quite honestly. They sell themselves as long as they are not shit holes. Same with the rest of the property types. The big companies sell the easiest assets: the ones already leased up with top tier tenants. Shitty assets get handled by smaller shops or smaller brokers in a top shop. Trust me, the easier the asset you have to sell, the better a position you are in.\n\nJust tell them you have the technical skills, and prove it to them, and ask them to give you the sales skills and the contacts. That's the real difference between the two. As an appraiser, you sniff out bullshit, as a broker, you try to cover up the smell.\n\n\n\n", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e0ea09d", "text": "Servicing analysts for capital markets often use appraisal skills and you can make good money", "replies": [{"id": "e0eg9ph", "text": "Can you expound on that at all? What's the typical career path look like for a typical servicing analyst? What does the compensation look like? Glassdoor is down for maintenance atm.", "replies": [{"id": "e0egij4", "text": "I work with a group that does commercial financing and mortgage banking for life insurance companies and they require full underwriting and inspections annually we basically do mini appraisals for financial institutions on the servicing side. They have hired former appraisers to work in this area and they pay pretty well I\u2019d assume based on experience 70k+ benefits and more if you are an Mai or have more experience I don\u2019t directly work in this area but it might be worth looking at.", "replies": [{"id": "e0egsf8", "text": "Thanks I appreciate the lead.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e0eawft", "text": "Acquisitions analyst for developer / REIT. \n\nThese are the first people fired when the market tanks though. Appraisers is shit work that needs to be done, so will always be in high demand. \n\nAnd after awhile, you manage accounts, you don't actually do the work once you make your connections, so it seems like you are moving in that direction in your current gig. \n\nI dunno, I am an analyst, and the job itself is easy but not super fullfilling anyway, so why jump ship to another lame ship I guess? \n\nAnd if you want to really get into the weeds, why not find something a little quirky that you are interested in and try to specialize? \n\nWe have a guy in our office that specialized in cold storage, so he goes all across the country since he is the best at what he does. Another guy specializes in mega-churches. Can you believe that? Seems like a crock of shit, but there is a need for it I guess. \n\nAnyway, probably sound like your mother, but sometimes solid work  is a fine position to be in in a cyclical business such as ours. \n\nBut make connections, keep an open mind and you may find an opportunity at a bank, institutional capital shop, private equity, ect. Everyone is hiring these days, but it is all entry level shit. \n\nYou can make your own position and do what you like, you just have to find the right person to sell it to. \n\nAnd the low level shit work that you have been working on, that is the price of admission. You already paid that, so walking away means you would have to pay that again if you went in without a game plan. \n\nBest of luck. \n\n", "replies": [{"id": "e0egih6", "text": "Job security in appraising is definitely not something that worries me.  Like you said, shit work that has to be done. \n\nI actually do have a quirky specialization that I'm focusing on right now.  I can give you a little bit more information about it in PM if you're interested.  I need to learn a little bit more about going concern before I can really start doing anything with it though.\n\nI get what you're saying, the grass is always greener etc.  This is a really solid job, and the pay is hard to beat, just wanted to see if I'd have an \"aha!\" moment with any suggestions anyone put out there, this board seems pretty knowledgeable as a whole.  You're right too in that I've already put my time in and paid my dues.", "replies": [], "depth": 2}], "depth": 1}, {"id": "e0ebm2u", "text": "Stick to it if you can (not HATE it),soon you will have others under you and in a couple years when the baby boomer appraisers retire you have leverage. Start your own firm and with some capital you gained from these boilerplate books you write you can dabble in your own CRE. \nI did commercial appraisal and hated it. If someone would have told me I would focus nonstop on a single 200 page project that I only got to take some simple pictures and comps and be forced in an office I would have never gone through with it. ", "replies": [{"id": "e0egkci", "text": "Can I ask what you're doing now and if you enjoy it?", "replies": [], "depth": 2}], "depth": 1}]