I've looked at a few of the older threads and the comp seems really low. I'm being quoted for a senior analyst position $90-$99k (I have 2 years exp). Would really like to get some more recent data if possible, thanks!
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Highly dependent on firm, split, amount of work you take on. Boutique firm here in TX. $150k second year.
Thanks - do you know how the range goes up from there? Do you have an idea what VP/Director types and MD's make? And out of curiosity do you already have your license?
So, I've never personally worked as an appraiser, but used to work in consulting on projects along side appraisers and have decent understanding of their world (also have some very close friends who are appraisers or former appraisers who transitioned to equity/development world).
Most appraisers start as researchers/trainees, who can get paid anywhere from shit (say $50k) to decent (say $90-100k) depending on shop/market, etc.
Once "trained" (may involve passing the state general lic. test), a lot of appraisers go "on fee" where they earn a split of the fee revenue of assignments they complete. My understanding, is once on fee at a legit commercial appraisal shop, you can easily make $100k to $200k depending on shop/market factors and how much you want to work. A good friend of mine who worked at major shop basically said you could do as much work as you wanted, so he would work late/long hours and complete more assignments. If you wanted more "leisure" you work less/make less.
At the high end, like once you get MAI designation and more years of exp. you can do more complex assignments (like litigation and complex valuation) and/or train/supervise others. The supervisors get a "cut" of the fees and more complex assignments well, pay more. I know that sr. appraiser's can bill at north of $350 per hour in litigation work. My understanding is the "seniors" are making north of $200k up to even $400k depending on shop/market, etc.
In all reality, most of the senior appraisers I know from my consulting days (they focused on litigation, eminent domain, managed firms, etc.) looked like legit rich men and women. They owned airplanes and boats and most owned a portfolio of investment properties. If you make it to that level, seems like a nice deal. The entry level, low level stuff seems to suck hard imho, so I think you need at least 5 years or maybe closer to 10 to make it good.
I also have a few friends who work for banks in appraisal review, these are straight corporate/banking jobs, and I think their pay is level/in-line with similar ranked people at the bank. They said pay could be somewhat "lower" than if they worked fee, but the hours/wlb more than made up for it (like making solid 6-figs plus great benefits, stock etc. for 35-45 hr weeks).
like all other things, lots of things can change/vary this. If you are "good" (meaning your work is solid and you can do it quickly), you can make a lot in this field. If you are slow, and not to be trusted on the good assignments, I think this field sucks.
I did a stint in appraisal to get my feet wet in the commercial real estate side. Top producers later into their career can make 500k all in, however, these are from clients you bring in. At the larger shops there are two streams of revenue, clients the appraiser brings in, and people that reach out to a shop directly in order to get an assignment filled. The prior gives you a larger cut of the fees.
On top of that I know appraisers that make in the $1MM mark, however, these are very special types in that they appraise things such as niche chemical plants and things like that which no one else can really do.
I remember an appraiser who got paid out $750k in one year from working on a series of related eminent domain cases (this was public record), I know he did some other stuff but these cases dominated his time. I think he had to pay some expenses out, but he owned his small firm, and prob kept the bulk. And this was a "no name" person in a secondary market, just a good specialist who got a premium!
Spent my first 1.5 years as an appraisal trainee at one of the big brokerages. The entry level valuation analyst salary at several of the brokerages is lower compared to other analyst roles (have heard 15 an hr to 50k). Also at my firm you had to at least have a trainee license in your state and the expectation is that you stay on and then become a certified general where you can be more independent as some of the other replies have said. However getting the certified general license takes several years due to amount of hours needed and courses taken followed by exam. With all that being said, if you end up getting the certified general license at a major brokerage like JLL, CBRE, NKF, CW you should definitely be making at least 125k to as high as 500k. At this point you would work strictly on production and be a 'fee guy' as you can see the pay is vastly better than the analyst roles. All the certified guys at my firm were billing atleast 30k a month, I'm not sure how much of a split they received but that was the expectation. With the supervisor I worked under we would typically bill 50k a month with as high as 90k in one month. I also personally knew one appraiser at the firm I was at who was a specialty guy. He would only appraise data centers and he bills a million a year on average. The valuation market leaders at my firm were typically paid around 250k, this position is usually not writing reports they mostly serve as manager so they review reports, recruit other appraisers and basically work to increase billings for the office/division. These jobs in my mind are the best roles in appraisal because your not churning out reports. I would think about it this way , at least at the brokerages 50k analyst - 1 to 3 years, 125k appraiser - 3 to 5 years, 200k VP - 5 years to 10 years.
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