In 2003 when I began my career in real estate appraising, the real estate market was on an upward swing. The real estate appraisal industry was taking on so many new appraisers that the state licensing board could not keep up with the demand. At the peak of the industry, some 20,000 real estate appraisers were licensed in the state.
I was trained in real estate appraising at Anthony School of Appraising, Clairmont CA. The two-week course cost $2,000. My class consisted of 78 students. At the end of the course, we were prepared to take the required state test in order to obtain our trainee license. I passed around an attendance sheet on the last day of class and asked if everyone would put their contact info so we could keep in touch with each other. I was amazed that I received 100% participation on the contact list. One year later, I contacted all in the class and found only 3 people including myself had taken the test and entered the industry. The other 75 classmates did not. The main reason was the lack of support
With the collapse of the real estate market and the increase government requirements and guidelines, newly licensed appraisers dropped by nearly 90%. Nearly 10 years later, that seems to be changing. The government requirements have relaxed, and the real estate market has become stable. This can be witnessed by the increase in new classes offered at universities and private online courses. In addition, state records show an increase in new trainee licenses issued recently. The problem still persists that once you obtain your trainee license you have no support. This is why, I created this collective at A1 Los Angeles Home Appraisals.
The first part is marketing.
“It only takes 1 client to break in to the business”
Getting to know the neighborhood and the active participants like agents, contractors, buyers, sellers, builders, hard money lenders, bail bonds, and investors.
Starting with a neighborhood. We will begin with the neighborhood of Winnetka. It’s a small homogeneous area with similar home and few major differences. Staying within the neighborhood narrows the focus and makes us experts in this market. In addition, the research results are relevant to those in Winnetka and can be displayed at several local area with similar impact. Like chamber of commerce, neighborhood councils, contractor groups, fiduciaries and attorneys, and local real estate offices working in Winnetka.
The research shows that the majority of sales are single family residences with 3 bedrooms and 2 baths. Using active listings descriptions in the area, we will research the features most important and the least important. This is good for marketing but also for our report writing and support for adjustments.
I suggest starting with a survey of the area and getting to know the market participants.