If you’re a certified real property appraiser and you’re considering mentoring a trainee appraiser, you might wonder: Is this a good idea for my business?
What benefits lie in mentorship for you, the supervisory appraiser? A lot, surprisingly!
So let’s dig into five of the biggest benefits for you and your appraisal business. Plus, if you’re a trainee appraiser (or soon to be one), get tips on how to position yourself competitively when searching for a supervisory appraiser.
#1: A Trainee's Skillset Benefits Your Business
When you hire an appraiser trainee, you’re hiring their skillset, in addition to hiring an apprentice and helping them earn experience hours. The skills your trainee brings are ones that could catapult your business to the next level.
For example, a trainee might be an expert social media marketer who can help promote your business and win more clients via new social channels. As another example, your trainee could be extremely tech-savvy and introduce you to efficiency-boosting apps that save you time and money in overhead costs.
When you’re interviewing trainee appraisers, think about the skills you and your business need. Hire someone who brings those skills, let them shine, and let them help you position your business for growth.
#2: You Can Take on More Assignments
More help in your real estate appraisal business means more free time for you to take on more appraisal assignments (and make more income). Of course, when you’re mentoring a trainee, there will be an initial phase that involves teaching them the ropes of the job.
Eventually, however, trainee appraisers can grow to help you with basic appraisal assignment tasks – like property data collection and research, taking photos, measuring properties, creating floor plans, and pre-completing appraisal reports. This frees you up to focus on the deeper analysis of property valuation, polishing reports for lenders and clients, and lead generation.
You might also use the additional free time to carve out an appraisal niche to win more assignments and build your bottom line.
#3: You'll Strengthen Your Business
Working with a mentee and helping them develop their appraiser competency can give you a bird's eye view of your strengths, weaknesses, and opportunities.
For instance, you might see areas and processes you can streamline to save time and money. You might also get confirmation that a new app or technology you’re using was a good investment. And thanks to a trainee’s fresh ideas and perspective, you might notice and resolve vulnerabilities in your business, so you can stay competitive in your services.
#4: You’ll Expand Your Network
Hiring a trainee appraiser may also mean serving their network of contacts. You'll teach your mentee, and together, your new team could serve a client base that’s now double the size of your network alone. A trainee appraiser can also help you market your appraisal business on a wider scale. This is something many independent appraisers might not have the bandwidth for while working solo.
#5: You’ll Find New Satisfaction in Your Job
Being a mentor instills a deeper level of satisfaction in your work. In fact, here’s a list of 12 reasons to be a mentor.
As a supervisory appraiser, you’ll help a trainee earn their independent appraiser license, develop their appraisal practice, and become fully prepared to meet the needs of the industry. You’ll also gain a sense of fulfillment by teaching your craft and helping the appraisal field grow with talent. You’ll develop your leadership skills, grow your confidence, and learn through self-reflection.
Think about the mentorship you had (or may have needed) when you were first starting out as an appraiser. Embody that mentor for your trainee. Your new relationship may even lead to a years-long partnership running a successful appraisal firm together.
Resources For Hiring a Trainee Appraiser
Dive into these resources when you’re considering hiring a trainee appraiser. They’ll help you learn how to find a trainee, hire them, what to pay them, how to manage them, and more.
- What To Do When Hiring a Trainee
- What To Pay Appraiser Trainees
- Tips For Training New Appraisers
- To Be or Not to Be an Appraiser Mentor (See page 12)
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