Entry-Level Appraiser Dilemna
Hello all,
I just started as a valuation associate (entry-level appraisal at a large brokerage firm) after graduating from a state school in the south. I looked for this role because I thought it would be the best way to learn the underlying skill in all of real estate (valuation) and it would be more stable comp at first as opposed at starting in brokerage. Also the company name would be a good look for roles in the future.
After being here for two months, I know that appraisal is not for me. Didn’t know this until on the job, but my boss is more old school than I anticipated, antisocial, and overall isn’t the greatest mentor. On the other hand, I envy the brokerage teams in my office hustling and hopping on the phone pursuing business with great MDs leading them and teaching them.
Today, my boss came up to me saying he got an offer to go work at a mid-tier valuation services company. My guess is that he will probably take it. There is a signed affidavit stating that he has to mentor me until I’m “competent” to value on my own, so he said he would bring me along.
In the future, I would love to get into more of an acquisitions/asset management role. Open to going back to school and getting a MBA/MSCRE/MSRED but how long should I stick it out until I exit? Open to any advice thanks guys.
Based on the most helpful WSO content, here's what you need to consider:
Timing Your Exit: It's common advice to stick with a role for at least a year to avoid raising red flags on your resume. However, if the opportunity to transition into a more relevant role (like brokerage, acquisitions, or asset management) arises sooner, and it aligns with your long-term goals, it may be worth considering an earlier exit. Networking within your current firm could help you pivot internally or gain insights into other opportunities.
Leveraging Your Current Role: While appraisal may not be your passion, it provides a strong foundation in valuation—a critical skill in real estate. Use this time to build your technical expertise, understand market dynamics, and develop transferable skills that will be valuable in acquisitions or asset management.
Boss Transition: If your boss leaves and takes you along, evaluate the new firm's reputation, growth opportunities, and mentorship quality. If the new environment doesn't align with your goals, it might be better to explore other options rather than following him.
Networking and Mentorship: Envying the brokerage teams is a sign you might thrive in a more dynamic, client-facing role. Start networking with those teams or others in your office to learn about their work and potentially transition into a role that excites you. Building relationships with MDs or senior professionals could open doors to better mentorship and career opportunities.
Future Education: If you're considering an MBA, MSCRE, or MSRED, aim to gain 2-3 years of experience before applying. This will strengthen your application and help you clarify your career goals. In the meantime, focus on roles that align with your desired post-graduate career path, such as acquisitions or asset management.
Exit Strategy: If you decide to leave appraisal, target roles that align with your long-term goals. Acquisitions, asset management, or even brokerage could be logical next steps. Highlight your valuation experience as a key asset during interviews, as it demonstrates a strong analytical foundation.
Ultimately, the decision to stay or leave should balance your current learning opportunities, the potential for growth, and your long-term career aspirations. If appraisal isn't for you, start planning your exit strategically while maximizing the skills and connections you can gain in the meantime.
Sources: Career advice needed: Acquisitions vs Asset Management, Career Prospects Advice! Where do I stand., Contrarian Thesis: Acquisitions is the Least Interesting Job In Real Estate, Fork in the road: Career path in Asset Management, https://www.wallstreetoasis.com/forum/private-equity/leave-pe-early-or-stick-it-out-2-years?customgpt=1
Who is the signed affidavit between (do you work for him or the brokerage)? Why not stay at the shop you are at currently?
The signed affidavit is between me and him through the state of Blank real estate commission. The issue is that he is the only senior appraiser at this office in this market. Nobody else can train me besides him.
Wouldn't the affidavit require him to stay at your current company until you are trained? Make sure he's not trying to dupe you into leaving your company just so he's off the hook.
If he's replaceable then it might be better to stay where you are now for the brand recognition. Maybe you'll like your new mentor better.
I don’t think the affidavit states that he has to stay at the company. I think he is free to switch companies, as long as he brings me along (which he said he would do)
There is no other person qualified to train me at my office unfortunately.
I don’t know what power I have but I would prefer to stay at the big brokerage firm because we have plenty of volume, institutional work, and great data at our fingertips.
You say that appraisal is not for you, but then you start discussing issues with your manager. Is appraisal not for you because of your manager or do you simply not like the specific day to day of the job?
I know I don’t want to be an appraiser because of the day-to-day and what I want to be doing 5-10 years down the line. The issues with the manager are separate, however looking at what he does day-to-day, I don’t want to be doing that in the future.
Stay with CBRE friend. Talk to your boss's boss. They CAN find you a new mentor (they did for me). DO NOT go to a no-name appraisal shop or you're cooked.
Seconding this. Talk to the managing director of the office you are in. Not the appraiser that your boss reports to, but to the head of brokerage and all that in the physical office that you are in.
That is the person who will know what teams need people and can help you switch departments.
Edit: also talk to the appraiser that your boss reports to, that person will be able to get you a mentor within the firm until you can figure out an alternative role if you still aren’t sold on appraisal.
I know that my old firm had trainees in physical locations without supervisors, but there was a CG and an MAI mentoring them from another office with all the relevant licensing.
Make sure your boss doesn’t delete any workfiles that you worked on on his way out, or make backups in case you need the for an experience request later.
How long did it take for them to bring in a new head appraiser? I’m in a smaller market so there’s only one person in the office qualified to train me.
If you want to go acquisitions/asset management, why not use this as a catalyst to discuss the transition? Talk to your bosses, boss and say that you understand boss is leaving and is willing to take you with him, but you would like to discuss the possibility of staying, but in a different role.
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