Rental Property Investor · Detroit, MI · Member since 2020 · 54 posts · 18 votes
Hi Everyone,
So I know for sure that I have no interest in being an agent but I have given consideration to becoming an inspector or even an appraiser. I know that requirements vary by state but can any of my bigger pockets family members give any advice, tips, suggestions or stories regarding their career as either or both? Looking forward to hearing from you.
Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
4y
Those are two VERY different jobs. The skills sets required don't overlap much, surely if you look into them more, you'll see which one suits you better?
Inspector - Mechanically/technically minded. crawling in attics and crawl spaces. knowledge of construction and how houses should be built.
Appraiser - Strong written communication skills. knowing how houses are valued and factors that buyers care about. Office job with brief visits at subject properties.
Both careers will require salesmanship so you are able to procure business and grow. Both require templating your reports so you can work most efficiently. If anything, I bet appraisers make more per hour.
Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
4y
Those are two VERY different jobs. The skills sets required don't overlap much, surely if you look into them more, you'll see which one suits you better?
Inspector - Mechanically/technically minded. crawling in attics and crawl spaces. knowledge of construction and how houses should be built.
Appraiser - Strong written communication skills. knowing how houses are valued and factors that buyers care about. Office job with brief visits at subject properties.
Both careers will require salesmanship so you are able to procure business and grow. Both require templating your reports so you can work most efficiently. If anything, I bet appraisers make more per hour.
There are definitely two different types of jobs. As a home inspector, you really have to network to get referrals. Appraisers, at least residential, are hired by lenders through a intermediary to get to an appraisal company/person. So, while the market is hot I'd like to think you'll stay busy. "Privately" ordered appraisals aren't useful for lenders.
Like with any job/profession, there will be their pros and cons. Sorry couldn't of more assistance.
Rental Property Investor · Detroit, MI · Member since 2020 · 54 posts · 18 votes
4y
@Allan Smith Thanks for stopping by the post. I think I might lean a little more towards appraiser. I really enjoy all of the inspecting things for homes that I'm considering and purchasing but for a living maybe not so much. I can always avoid stepping in, crawling through or climbing on anything I don't want to if it's for me. Huge help.
Rental Property Investor · Detroit, MI · Member since 2020 · 54 posts · 18 votes
4y
@David M. no, that was a big help. Having the lenders refer you business (appraiser) vs having buyers refer you business (inspector) is a huge difference.
As an inspector, you'll learn to look for things that the normal person would overlook or have to hire an inspector for. You'll be able to waive inspections and make stronger offers as you can inspect your own properties.
As an appraiser, you can appraise your own property, but it won't be as useful as doing your own inspection as your appraisal will not count with your lender. For example, you can come up with an appraisal price of 500k, but the hired appraiser may come in and say "475k". As many others here can attest, appraisers opinion of value can vary greatly, and being able to comp properties on your own is easier/quicker than inspecting a property. I can comp a property in less than 5 minutes. A good inspection will take a few hours.
Rental Property Investor · Detroit, MI · Member since 2020 · 54 posts · 18 votes
4y
The speed of both is something I've really been thinking of the past few days. And being able to comp the properties will safe a lot of time when considering different properties. This could easily help me make up the inspection fee. Thanks for the info, major help.
Not sure I understand what you mean... There are many ways, much cheaper and personally less time consuming, to learn how to figure out the value of a property. I vaguely remember / forget, if both home inspectors and appraisers require an apprentice period to get your licenses... Anywa....
For a loan, the lender has to order the appraisal (even though the buyer pays for it) to make sure there isn't any influence on the results. If you order the appraisal privately, the appraiser now works for you so you could, as has happened in the past, coerce the appraiser to fudge the results. After the 07-08 crash, regulations don't let the lenders directly order appraisals for the same reason, which is why there is a middle man.