Afternoon everyone. I currently work as a commercial appraiser for a top 5 RE firm in the US, unfortunately I'm only a trainee and just started working towards general certified thanks to the AQB, the state, and my grad school not meshing and getting me past the education requirements more quickly. That said, i've been offered a position as a financial analyst/junior broker/team manager for an investment sales group with the same RE firm. It would require moving to a new city, though in the same state and I'd be around plenty of my appraiser colleagues. I know the senior partner of the group very well, went to grad school with him.
Now for my questions.
1.) Has anyone made the jump from appraiser to investment sales? Tell me about it.
2.) Do you see more fee compression in the coming years for appraisers, or will it remain steady from here?
3.) Would being in proximity to appraisers be a hesitation to you? Given that you've worked with them and/or been hired by them?
4.) What do you think about working with friends?
Any other input you've got would be great.
I just got my CG license, and have been trying to move to the debt side. It is possible to go to from valuation to investment sales. I know of two guys that made the jump, and one leads an MF investment sales team, and the other focuses on office and industrial.
Despite the greying of the appraisal profession, I think that industry growth will remain flat due to automation (i.e. report writing software), and potential de-regulation. In fact, appraisal fees have dropped over the past five plus years due to report writing software. However, I still see appraisal as a viable profession if you work for a national firm in a major metro, as their assignments will be difficult to completely automate. As we enter the later stages of the cycle, you should be aware that valuation is more recession proof than brokerage/acquisitions.
How many years of appraisal experience do you have? Also, I don't think that it would be too awkward to stay with the same firm. Afterall, appraisers do need to verify sales so they should remain friendly with you.
Among other things, the stage in the cycle is definitely a hesitation. Was going to ask about it, but that was more than less, a known. Completely agree on the recession proofing of appraisal, it's a huge plus, but it's not nearly as sexy as brokerage. I've got two years of appraisal experience during and after grad school. I'm not green, but I've still got plenty to learn.
Appraisal to Investment Sales/REPE/REIT/REIB (Originally Posted: 01/29/2016)
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It's about what you know (how good are your underwriting skills and real estate investment knowledge) and who you know (your network to get your foot in the door of interviews). My buddy went from CBRE appraisal to top boutique advisory to PE. He did it because although he was working in appraisal he knew more about the business than half of the kids sitting on acquisition desks. Combine that with knowing the right people and you're fine. This is how life works contrary to the popular belief of rigid career paths. Hustlers will hustle and the rest will get left behind.
You also need to understand that REPE/REIT/REIB are very different jobs. Know what you want to do and learn what you need to know to do it.
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