Appraisal Questions
I am currently interviewing for a role as a valuation and advisory analyst for Newmark on a mid team on Monday. To be honest, I am not really interested in appraisal at all, however, I believe it will help me get my foot in the door in CRE. Obviously, I am going into this role with a grind mindset to learn as much as I can, however, as stated prior the career seems a bit dead-end. My questions are:
What are some exit opportunities?
What skills are valuable in appraisal that will translate to say an asset management or development role?
What is the salary like within the first-2nd year?
Also, I am currently on the 3rd interview with the team and I felt like I have been interviewing good. The one question I felt like I did not answer sincerely but will come up again was "Why do you want to work in appraisal?" I really can't come up with a sincere and honest answer because It's not really what I want to do, however does anyone have a good answer for the question?
I started in Valuation & Advisory. Had people on my team exit to both acquisitions and asset management, myself I went to work in am with a gp. Was in the same position as you, took the role to make my first step into commercial real estate.
Regarding the “why appraisal” question - personally I thought it was ideal as I got exposure to every property type in all over the United States. This was a result of the team/client I was put on but still I think appraisal is a valuable place to start as it casts a pretty wide net for your next move. Got a ton of Argus experience/exposure to discounted cash flow analysis. That paired with a general knowledge of all asset types and you can pitch yourself pretty well for an acquisition or am role.
Also, do some research on what an MAI is. Maybe work into the conversation that it’s something you want to work towards and it will probably be music to their ears.
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