I’ve read countless threads regarding people wanting to get a RE license in order to access the MLS for comps, but I haven’t seen much that talk about getting an appraiser’s license for the same thing. My question is really specific to the state of Texas, but might apply elsewhere. Can someone get an appraiser’s license and get access to the same comps as RE agents (via the MLS or not)? I ask because I recently had started refinancing on one of my properties and the appraiser showed me comps he used. The information looked exactly like what my RE agent showed me from the MLS (i.e., same property format).
In Texas, appraisers have access to the MLS the same as RE agents.
I know here in Colorado I use www.valuecheckonline.com if I really want to do basic comps on the other hand I really do not look at this as being my job That is why I have a appraiser. On the other hand Once you start learning your areas you can get a really good idea yourself as far as what a house is worth just by the area and square feet.
R.E.O. Consultants theory is now and always will be
Do what you do best and outsource the rest!!!
reoconsultants gives good advice on this issue.
Getting an Appraiser’s License takes 90-160 clock hours (check your states website). And one must accumulate a certain amount of hours on-the-job before you can sit for the exam (again check your states website). You can basically consider it a 2 year internship. Once Certified–an appraiser can count on going to school the rest of their life–recertification is required every two years (28 hours in my state).
There are very big changes coming to the Appraisal industry: most states will limit the amount of trainees a certified appraiser can have in their stable (under their supervision). That limit will vary from state to state–I’ve heard anywhere from 2-4.
Additionally, a two year degree will probably be required in the foreseeable future for Residential Certification, and a four year degree for General Certification.
However, consider this; MOST Appraiser’s have not had a cost of living increase in nearly a decade & a half, and some have actually seen decreases in revenue of 25–50–even in excess of 60% per report!!! All thanks to the advent & Lender use of Appraisal Management Companies (AMC’s) which take large chuncks of what has traditionally been an appraisers fee–for the privilege of calling them clients. To make matters worse–these AMC’s require their approved appraisers to use specific software which is capable of mining data from the reports to be used in Automated Value Modules (AVM’s). Therefore appraisers working for AMC’s are not only working for less than they did last century…they’re contributing data to AVM’S, and effectively putting themselves out of work.
Rather than join an industry in disarray…I’d recommend taking reoconsultants advice & just hiring an appraiser to work for you. Consider hiring one with a significant amount of REO experience under their belt.
-Infowell
I agree with you . Or you can get a real estate license in a lot less time. Study for the exam… take it and sign under a broker will take you less than 3 months. the other option is to use a real estate agent buddy.
The appraiser training and requirements in CA are ridiculous when I started training for my real estate license, I had two friends who were studying for the appraisal license at the same time. Well, I am out and about selling houses and they are still trying to find someone to sponsor them for their FREE training for 160+ hours.
I have my RE License (it’s inactive right now) and there are some brokers who will offer affiliations with them for no other reason than to access the MLS – usually there’s a fee involved though, in addition to the normal MLS membership fees.
In an ad I saw recently, there was a broker touting 100% commission rates, also stating “investors welcome” for an annual fee of $1000. Usually, those types of brokers will simply take 50% of your commissions from sales until the fee is paid off, then the rest is yours.
If you can sell a house or two, plus get yourself in prime position for some good deals for investment property as soon as they hit the market, it could be worth the price of the fee. It all sounds easier than the appraiser’s license route.
Getting a RE agent license just to have access to the MLS is NOT a very good, or worthwhile, reason to a license.
If all you want is access to the MLS, you have two simple options:
One - call up your local MLS office and find out how to get access. It’s not privileged to just agents. Most will allow you at least limited access for a fee.
Two - develop a good relationship with an agent. Again, some money may be needed, but some agents, and agencies, will allow some people “special” access to the MLS.
Of course, my question to anyone considering this is WHY? What’s the charm of having MLS access? I mean, if you do find a property, you still have to have, or be, an agent to present the offer. So why don’t you just have an agent pull the criteria for you?
I guess I just don’t get it.
Great post, Info.
Raj
“Of course, my question to anyone considering this is WHY? What’s the charm of having MLS access? I mean, if you do find a property, you still have to have, or be, an agent to present the offer.”
rooby rwhat?
You don’t have to be an agent to present an offer. You can write offers all day long & fax em over to the listing agent (ill advised unless one really knows what they’re doing, but permissable).
The charm of having MLS access: We have a software program that sweeps MLS several times a day & send emails directly to us or our clients based on entered criterion.
This is how we found our last investment…automatic email.
Moreover, the daily listings coming to market, sales data for comparables, STI’s, Pending’s, Expired’s, Cancelled’s and Contingencies…not to mention rental information are INVALUABLE.
Further, MLS data (unlike Realtor.com or other similar sources) is up-to-date…saving you a great deal of time. I can’t tell you how many of our do-it-yourself clients waste their time and ours by trolling those other data sources with outdated information.
-Infowell
Info,
rooby rwhat? What?
You don’t have to be an agent to present an offer
Yes, as a mere person, and not an agent, you can fax over offers to the listing agent. However, the listing agent IS an agent (I’m assuming), and therefore, the only way to actually get your offer presented to the seller is thru an agent. I do believe that the listing agent still has to present the offer to the seller, correct?
I also agree that you should have your own agent working for you, even if you really know what you’re doing.
The charm of having MLS access: We have a software program that sweeps MLS several times a day & send emails directly to us or our clients based on entered criterion.
“We” meaning agents, right? And if, as an agent, you can send emails directly to your client (the mere person), what is the benefit of the mere person/client to having MLS access themselves, which is the question of the original post.
This is how we found our last investment…automatic email.
Mine, too. Except that my agent sent it to me, so I didn’t have to have personal access to the MLS.
Moreover, the daily listings coming to market, sales data for comparables, STI’s, Pending’s, Expired’s, Cancelled’s and Contingencies…not to mention rental information are INVALUABLE.
Agreed. And again, all supplied to me by my hard-working REALTOR thru the MLS, which I didn’t have to have personal access to acquire.
Further, MLS data (unlike Realtor.com or other similar sources) is up-to-date…saving you a great deal of time. I can’t tell you how many of our do-it-yourself clients waste their time and ours by trolling those other data sources with outdated information.
Agreed again. Which is why I recommend having a buyer’s agent. They can supply you with true up-to-date info, and all without me personally getting a RE license or appraiser’s license or spending any money to personally gain access to the MLS.
Raj
THANK YOU FOR THE KIND WORDS INFOWELL YOU GIVE GREAT ADVICE YOURSELF THANK YOU FOR YOUR HELP ON THIS SITE!!! It is people like you that make this site what it is!!! Have a great day!!!
“It is people like you that make this site what it is!!! Have a great day!!!”
Thank you very much, and I can assure you…I take as much (maybe more) than I give. I CANNOT BELIEVE all the free and useful information here.
“I do believe that the listing agent still has to present the offer to the seller, correct?”
Not necessary true. In the case of a Buyer’s Agent…if the Listing Agent doesn’t get back to you in a timely fashion…you can present the offer yourself (check your state laws).
In the case of a novice (unlicensed person), however, you could always attempt to present the offer yourself. Of course there’s always the possiblity the seller will direct you to their listing agent.
“They can supply you with true up-to-date info, and all without me personally getting a RE license or appraiser’s license or spending any money to personally gain access to the MLS.”
Point well taken. Driver’s have pit-crews to attend to the details. Unless you’re nutz for data like me.
-Infowell
So to tell the truth I have two MLS sign ins one from my appraiser and one from one of my realtor’s that tired of me asking them for comps all the time! So I can get on the MLS I just don’t IT IS NOT MY JOB…