With the downturn in the mortgage lending world, many appraisers are scrambling for more non-lender business. One aspect that is appealing to some is that of Expert Witness Testimonies. Many trials or depositions need a real estate appraiser to perform expert witness services. This can be a fun and lucrative form of work for those who are interested. However, there are a few things that you will need to do before you can qualify.
Obviously, you will need experience (and a lot of it) in the types of appraisals required for this particular form of non-lender work. Keep detailed records of all your experience to build a marketable resume. An attorney (potential client) will want to know what your specific experience is. Being a member of professional organizations, earning designations, and having published articles in professional journals will also be helpful. Most lawyers will want to see your curriculum vitae (CV) sheet. Don’t know what that is? Google it and get one prepared. You will need an amazing resume filled with as much education, experience, and specialties as you can get. Make it shine, but be honest.
Finally, you will want to decide how much to charge and how to work billing. It is standard to require a retainer fee (say $1,000) up front and then to bill on an hourly basis usually figured in 1/10th of an hour increments. Often there is a different hourly rate for research time and testimony time. As an appraiser associate of mine recently put it so well, “when the tie goes on,” the rate goes up. Do not be afraid to ask for what you are worth. Do not undersell your services and be the professional you know you are.
Now, go create some value!
For more information on this subject, please listen to The Appraiser Coach Podcast Episode:
You Don't Have to Make Everything All Better as an Appraiser
