The Entrepreneur's Journey (03:03)
Ed Kovitz discusses his development of Kovitz and Associates in 1979. Kovitz explains what real estate appraisals are and how one develops the skills to perform them.
Appraisals Past and Present (02:44)
Ed Kovitz explains what it was like starting his appraisal business and the growth of appraisal performance. Wages for appraisals vary depending on the type of loan and the organization requiring the appraisal.
A Ballpark Figure (03:40)
Ed Kovitz discusses the fee structure depending on the type of property and appraisal disputes. A half an hour on-site inspection of a tract home with 2-3 hours of paperwork costs roughly $350. Appraisers use standard forms.
A People Person Business (05:45)
Ed Kovitz discusses when he went full-time into the appraisal industry. He shares his learning experiences over the years and the growth of his company. He discusses what is involved with state appraisal licensing.
Who is an Appraiser? (01:53)
Ed Kovitz reflects on the typical personality traits of a real estate appraiser. He explains the time requirement of apprenticeship before becoming an appraiser.
Lessons Learned from the Journey (02:18)
Dr. Tom Duening summarizes his discussion with Ed Kovitz on the journey of becoming an appraiser.
The Entrepreneur's Advice (03:54)
Ed Kovitz explains the licensing process for land appraisers, and acquiring an apprenticeship. Kovitz suggests becoming an apprentice before taking the appraisal test.
Getting Started (02:53)
Ed Kovitz suggest cold calling appraisal companies to acquire an apprenticeship. Apprenticeships are government required for a specific amount of time. Dr. Tom Duening reflects on the financial aspect of apprenticing.
Regional Appraisers (03:26)
Ed Kovitz explains how to find a real estate appraiser, how to identify if a location is supportive of an additional appraiser (hot markets), and how to gain clients.
Establishing Business Relationships (03:17)
Ed Kovitz explains how to gain business from lawyers and receive referrals from local banks. Dr. Tom Duening lists potential clients for land appraisers. Kovitz explains the role of real estate agents as clients.
Appraisal Paperwork (02:00)
Ed Kovitz discusses verbal agreements and invoices between land appraisers and their clients.
Appraisals for Lawyers (02:07)
Dr. Tom Duening questions the kind of work an appraiser does for law firms. Ed Kovitz explains his experiences with testifying in court concerning appraisals.
Specializing in the Industry (02:17)
Ed Kovitz discusses commercial appraisals and whether or not to specialize in certain property types. Kovitz explains the appraisal business as a combination of a desk and outdoor job.
Setting-Up an Office (03:59)
Ed Kovitz discusses types of software and programs for land appraisers. He identifies the necessary equipment for an office.
On-Site Equipment: Part 1 (01:38)
Ed Kovitz explains the necessary instruments to take to the appraisal site. He likes to start property appraisals inside the home.
Potential Situations for Appraisers (02:21)
Ed Kovitz explains the process of appraising a home. He also discusses possible risks and foreclosure situations.
On-Site Equipment: Part 2 (02:02)
Ed Kovitz discusses the use of an iPad and a ladder when doing home appraisals. Kovitz explains that appraisers are only allowed to share values with the party that hired the appraiser.
Computing Appraisals (03:08)
Dr. Tom Duening recaps the necessary equipment for appraisers. Ed Kovitz explains what to measure, how to evaluate the condition of a home, and using comparable sales.
Getting Paid (01:54)
Ed Kovitz explains different processes of getting paid for performing land appraisals.
Advertising and Fees (03:20)
Ed Kovitz discusses advertising for business owners and using a web site. His fees are variable; they depend on the complexity of the property. Kovitz explains the variation in the amount of appraisals he performs.
Financial Possibilities (02:53)
Ed Kovitz discusses the possibility of land appraisers to make $100,000 a year within three years' time. He discusses the amount of time appraisers invest and the demand for the appraisal business.
Summary of the Entrepreneur's Advice (04:37)
Dr. Tom Duening summarizes his discussion with Ed Kovitz on strategies for getting started in the land appraisal business and maintaining clientele.
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