While things seem to be slowing down for appraisers early into 2023, many are hungry to learn alternative ways to expand their workload. It’s also no secret that the real estate appraisal industry has seen some big changes in recent years. Lenders and Appraisal Management Companies (AMCs) have become increasingly demanding, often requiring appraisers to complete more assignments for less compensation. As a result, many appraisers are looking for ways to supplement their income and diversify their workload.
One avenue that appraisers can explore is non-lender work. This can include appraising for private individuals, estate planning, divorce settlements, property tax appeals, and more. While the compensation for these types of assignments is often less than what you would earn from a lender, it can be a great way to add some diversity to your workload. Plus, it can be a great way to build relationships with other real estate professionals in your community.
If you’re interested in pursuing non-lender work, there are a few things you should keep in mind. First, be sure to check with your state’s licensing board to see if there are any restrictions on the type of work you can do as an appraiser. Second, be sure to brush up on your USPAP (Uniform Standards of Professional Appraisal Practice) standards, as they may be different for non-lender work. Next, be sure to market yourself to potential clients so they are aware of your services. Finally, subscribe to https://appraisaltoday.com a monthly newsletter with loads of insight on the non-lending subject and others relevant to the industry.
While the real estate appraisal industry is constantly changing, appraisers who are willing to adapt and diversify their workloads will be in the best position to succeed. So, if you’re looking for ways to supplement your income or expand your workload, consider non-lender work.
