Job Responsibilities
As Chief Appraiser for a $1b bank with lending offices throughout
the western US, but with only a one-person appraisal department,
my tasks are many. I manage the appraisal compliance and review
function (30%), perform valuation consulting to senior management
(5%), manage list of roughly 130 contract (fee) appraisal vendors
(20%), serve as co-environmental risk manager for the bank (5%),
as well as measure, analyze and forecast quarterly real estate
and economic market trends in all the markets where we lend
(40%). My day is full even when the pipeline is not.
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Uppers
Personal fiefdom. To a large degree, as a specialized advisory position to the
primary lending function my job requires specialized expertise in the real estate
appraisal/valuation and economics fields as well as general knowledge of lending.
I am respected and appreciated for my past advanced education (BS, MBA, SRA,
MAI, and state general appraiser license) along with my current knowledge and
25-year work history. I get to advise the BOD and senior management on
compliance and policy issues as well as potential new markets to expand into. I
also get to spread my sphere of knowledge past appraisal and into market trend
analysis and environmental risk analysis. Way cool opportunity.
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Downers
A lot of work for only one person, yet current bank needs do not
justify additional full-time help; I do get some part-time
assistance as needed thankfully.
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Lifestyle
For the most part, Chief Appraiser is a regular 40-hour-week position with full
bank holidays and benefits, yet occasionally work needs call for more time. As a
one-person office with responsibility for environmental risk management, market
trends assessment, and appraisal services to satellite lending offices, I am
required to travel on business about 15-20 days per year though I can generally
elect when to travel. Social culture is typically conservative at a bank, yet
ours is generally a friendly atmosphere requiring business dress (Friday business
casual), regular daytime hours, and minimal staff meetings. We usually have
company parties with families twice each year. Of course diversity is stressed
and complied with at our bank as at most. Job seekers for my position must
realize there is ample required (initial and annual continuing) education plus
journeyman training prior to attaining a Chief Appraiser position.
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Compensation
Compensation varies for similar Chief Appraiser positions
depending on several factors: appraisal experience; education
achievement; management experience/abilities; type/size of
lender; geographic location/economics; size of appraisal
department; function(s) of appraisal department (review,
production, administrative only); and its a plus if candidate has
knowledge of compliance, environmental risk management, and
economics/market trend analysis. For a one-person office like
mine, base salary tends to range roughly $60k to $120k plus
bonuses, stock options or profit sharing, and other benefits that
are extremely varied from employer to employer. Fee
(independent) appraisers may earn 6-digit incomes but it comes
with high operating expenses and appraisal office management
concerns during up and down economic cycles. I find the net
income to a fee appraiser/manager who owns a small firm is only
slightly higher than what I earn, but may be lower on an hourly
basis especially when you consider part of my package includes
paid holidays and vacation, medical benefits, paid sick time, and
slightly increases each year regardless of economic cycles.
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Advice to Jobseekers
Education, training, and patience are the keys to seeking a Chief
Appraiser position. One must learn all about it and keep
learning annually, train with a mentor or in a formalize
appraisal office (at least a few years with lenders) in the
location you wish to practice eventually, and have patience since
the level of education and expertise to reach such a level
typically takes a broad-based work history and about 20 years.
Nonetheless, I highly recommend job seekers to start now before
the requirements get tougher!
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