This post was prompted by a survey I saw on the AppraisalPort website. The survey question asked appraisers if they worked at a second job to supplement their regular appraisal income. It seems with the slow real estate market and the implementation of the HVCC last year, business has slowed down for a lot of folks or income has dwindled as a larger share goes to the Appraisal Management Companies (AMC’s) . The survey showed that of approximately 5,000 voters, 30% felt like they would have to supplement their current income with another job in the near future. Almost 18% currently have another job, and 8% take on another job when work slows down. If you add these figures up, you have almost 56% of appraisers who are currently working a 2nd job or will have to soon.
I have noticed a slow down in the appraisal work I do for mortgage lending and income as well, so I am attempting to take a proactive role and diversify my client base. In addition to mortgage lending there are other “non traditional” appraisal services that I offer. These include marketing appraisals (for FSBO sellers as well as Realtors), tax appeal appraisals, appraisals for bankruptcy, estate planning, foreclosure appraisals, and PMI reductions (although this has slowed down recently due to falling property values).
How about you? Have you taken on a second job or plan to? Have you diversified your appraisal services? If you have diversified what type of appraisal work are you doing? I would be interested in hearing from you.