1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

How long does it take you to complete an appraisal?

Discussion in 'General Appraisal Discussion' started by CertifiedRes, Oct 19, 2010.

Thread Status:
Not open for further replies.
  1. CertifiedRes

    CertifiedRes Sophomore Member

    0
    Mar 10, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Two basic questions:

    Question #1
    How many hours do you spend completing the following types of reports?

    Standard tract or subdivision SFR.

    Custom Built SFR.

    SFR on acreage.

    Condo unit in a large complex.

    Condo unit is a small infill complex (less than 10 units).

    Two unit SRIP.

    Three unit SRIP.

    Four unit SRIP.

    Question #2
    What do you think a reasonable fee is, on a per hour basis, for professional residential appraiser?
     
  2. Denis DeSaix

    Denis DeSaix Elite Member

    235
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    After the inspection process? 5-8 hours on average for simple to somewhat complex, 8-14 hours on complex.

    That depends on what task is being completed. Some will answer their time is worth a flat $X regardless of what they are doing.
    I don't think my drive-time is worth as much as my analysis time. I do consider, however, when there is a lot of field work to do that I may be foregoing an easier assignment. Therefore, I may charge 2x to 4x my regular fee if I think the job with all it entails (driving and analysis) is going to eliminate my potential for doing other work.

    As a rule, my per hour fee I charge accounts and lawyers or private-party consultation is higher than the job-per-hour fee I get for an appraisal assignment. Obviously, in my assignment work, I have much more flexibility as to how I schedule my time; this is worth something to me. And, for mortgage appraisal work, I'm also in competition with my peers; so my fees are constrained within the structure of that market competition.

    I have a published consultation fee; it is $175/hour.
     
  3. Mile High Trout

    Mile High Trout Elite Member

    25
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Everything is complex and the type of form may not have as much bearing towards time spent as it did in the past. Any instance of complex analysis must be explained away in addendum. The complexity of the marketplace causes appraisers time spent to increase on just about everything in certain consideration categories.
     
    Last edited: Oct 20, 2010
  4. Pilgrum

    Pilgrum Senior Member

    36
    Mar 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Your time is not the only part of the equation. There are expenses, equipment and depreciation, professional dues and memberships, taxes, Auto and licensing.
     
  5. RSW

    RSW Elite Member

    61
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I just finished one yesterday that only took 6 hours to complete. I did one last week that took more than 10 hours. I have had some that only took about 4 hours but that was a cookie cutter job and I had lots of data to work with.
     
  6. eld2310

    eld2310 Member

    2
    Jan 3, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    After the inpection, it takes me anywhere from 4 hours for a simple tract home to 8 hours for a fairly complex property. I've spent as much as 20 hours typing an extremely complex appraisal before.

    Your question #2 is one that should not be asked. Any professional job that requires years of training, ongoing education and expertise cannot be broken down into a "per hour" basis without making the professional seem grossly overpaid. For instance I went to the emergency room last year and was there for about 1/2 an hour. The bill was $3,000. Should I look at that as them making $6k an hour? $100 a minute? Or should I look at it as my receiving the benefit of the doctor's education, training and experience, the equipment that was used, etc.? Fee appraisers don't work for a salary and it shouldn't be broken down that way.
     
  7. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    My minimum fee, in my head, on a per hour basis is 50 dollars. That would include drive time, inspection, research, comparables etc. So at max, I do an appraisal in 8 hours. However, depending on location, it could take anywhere from 4-6 hours.
     
  8. Verne Hebert

    Verne Hebert Senior Member

    0
    Feb 25, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Montana
    12 hours minimum; 3/2 GA2 in a subdivision............to 35 hours. Normally 15 to 18 hours.
     
  9. DMZwerg

    DMZwerg Senior Member

    0
    Mar 25, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    8 to 44+ hours depending on complexity.

    Typical for me is either 10-15 for more standard SFR or 20+ for complex properties.
     
Thread Status:
Not open for further replies.

Share This Page