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  #1  
Old 04-28-2010, 12:59 PM
Pete Humphrey's Avatar
Pete Humphrey Pete Humphrey is offline
 
Join Date: Jan 2005
State: California
Professional Status: Certified Residential Appraiser
Posts: 461
Default Commercial AMC's

Just saw this ad on Craigslist posted by Property Sciences! The AMC model has done nothing but promote the worst of the worst residential appraisers who will work for nothing. I can't imagine commercial going the way of residential, but then I'm not an AG. If I was an AG, I can't imagine why i would want to work for an AMC. What are your thoughts?


COMMERCIAL APPRAISER:
There are openings for Staff Appraisers, certified general level, in certain California locations. These are full-time employee positions in the commercial valuations dept. Workload will have an emphasis on appraising commercial properties throughout the State of California and beyond. Using our proprietary software, PSreportWriter, as well as Argus, Microsoft Word and Excel, appraised property types will vary from the four basic food groups (office, industrial, retail, and multi-family) to hotels/motels, nursing homes, golf courses, residential subdivisions, mountain resorts, and others. Appraiser applicants must have current OREA licensing requirements completed and be in good standing. Applicants must also be "AG" certified general appraisers in California and/or beyond. These jobs provide competitive fee splits, plus significant bonuses based on performance.

MAI appraisers are encouraged to apply for the senior management position.

SENIOR COMMERCIAL APPRAISAL MANAGER:
Possessing a MAI designation, this person will manage a national appraiser fee panel, review and supervise complex assignments, guide technology initiatives to improve appraisal delivery, and promote new business development. For the management position, the following skills and experiences are required: minimum seven years of progressive valuation work, MBA graduate degree preferred, outstanding leadership skills, demonstrated project and staff management skills, and expertise in economic analysis and complex financial modeling. If excellence is your goal and you are versatile and able to quickly assess a wide range of commercial property types on a nationwide basis, please apply for the management position.
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  #2  
Old 04-28-2010, 02:03 PM
David Wimpelberg's Avatar
David Wimpelberg David Wimpelberg is offline
 
Join Date: Mar 2005
Location: Hamptons, NY
State: New York
Professional Status: Certified General Appraiser
Posts: 15,797
Default

I recently handled a call regarding an AMC looking for an appraiser to do a commercial job. I keep the person on the phone long enough to get some information, then politely declined...simply because they were an AMC. Diversified CGs simply don't, and likely won't, deal with them. Why accept an assignment at the lower end of the fee range with daily updates and dealing with people unfamiliar with property valuation, when you can take a better-paying assignment with a 1-2 month turnaround?

Also, the funding is entirely different. Investors aren't inclined to use AMC is the proper valuation of collateral suffers, since it will be their own money they lose, not the government's.
  #3  
Old 04-28-2010, 02:06 PM
Lloyd Bonafide's Avatar
Lloyd Bonafide Lloyd Bonafide is offline
 
Join Date: Jan 2006
Location: Poway / San Diego
State: California
Professional Status: Certified Residential Appraiser
Posts: 4,785
Default

Quote:
Originally Posted by David Wimpelberg View Post
Why accept an assignment at the lower end of the fee range with daily updates and dealing with people unfamiliar with property valuation, when you can take a better-paying assignment with a 1-2 month turnaround?
Maybe because there are a lot of desperate, crappy appraisers out there, (yes, even CGs), who can't get work any other way? An AMC's dream!! They'll be coming by rowboats to the Hamptons.
  #4  
Old 04-28-2010, 02:13 PM
PL1957 PL1957 is offline
 
Join Date: Jul 2004
State: Illinois
Professional Status: Certified General Appraiser
Posts: 2,572
Default

Quote:
Originally Posted by David Wimpelberg View Post
Also, the funding is entirely different. Investors aren't inclined to use AMC is the proper valuation of collateral suffers, since it will be their own money they lose, not the government's.
PWC, the international accounting firm, does a lot of appraisal management, primarily for pension funds. Both Cushman & Wakefield and CBRE do appraisal management for commercial accounts. Those firms serve some pretty sophisticated investors who are keenly concerned with the quality of valuations.

The difference between commercial appraisal management firms and residential AMCs is that commercial AMCs get fee quotes from appraisers, then add on the cost of their services. Residential AMCs quote a fixed fee and get to keep anything over and above what the appraiser charges. Very different models with very different results.
  #5  
Old 04-28-2010, 05:27 PM
Vernon Martin's Avatar
Vernon Martin Vernon Martin is offline
 
Join Date: Jun 2005
Location: Los Angeles, CA
State: California
Professional Status: Certified General Appraiser
Posts: 1,250
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I'm currently working on an appraisal for Allstate Appraisal, who is acting as a commercial AMC for the FDIC. PGP Valuations is the other commercial AMC for the FDIC.
  #6  
Old 04-28-2010, 05:45 PM
PL1957 PL1957 is offline
 
Join Date: Jul 2004
State: Illinois
Professional Status: Certified General Appraiser
Posts: 2,572
Default

Quote:
Originally Posted by Vernon Martin View Post
I'm currently working on an appraisal for Allstate Appraisal, who is acting as a commercial AMC for the FDIC. PGP Valuations is the other commercial AMC for the FDIC.
I can't believe you would take work from an AMC ...
  #7  
Old 04-28-2010, 05:56 PM
Pittsburgh Pete's Avatar
Pittsburgh Pete Pittsburgh Pete is offline
 
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State: Pennsylvania
Professional Status: Certified General Appraiser
Posts: 11,232
Default

Did an appraisal for Allstate last year as well. We bid and our fee was accepted. Invoice was paid within 30 days--no problem whatsoever.

Different scenario altogether.
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  #8  
Old 05-07-2010, 12:20 PM
Property Bee Property Bee is offline
 
Join Date: Jun 2005
State: South Carolina
Professional Status: Certified General Appraiser
Posts: 26
Cool Commercial AMC's

I complete several commercial appraisals last year with a few different AMC's plus one this year. I could have done more with one but they took several months to pay me. They have paid me my fee and I did not bid low. If I get it I get it. If not no love lost. I choose to leave no stone unturned when it comes to bid. Just like my value the bid "Is What It Is"
  #9  
Old 05-17-2010, 07:45 PM
Kim White Kim White is offline
 
Join Date: Oct 2003
Location: Southern California/Orange County
State: California
Professional Status: Certified General Appraiser
Posts: 17
Default Property Sciences

I was a residential reviewer for these people for about 4 months. They run a production office and it's hard to make a decent living. I'm an AG and was desparate for work as my commercial experience was limited at the time. When I saw this commercial job I pulled some strings and got an interview. The commercial side of this company is apples to oranges with respect to the residential side. They do very large scale commercial and I wasn't even qualified (mergers and acquisitions over $3M). And, I have 12+ years as an appraiser and was a commercial production appraiser for WaMu. They didn't offer me a job so I can't tell ya much. But, don't assume they are the same scurvy jerks as the residential guys. I hate HVCC and what it's done and there isn't a day that I don't wonder if commercial is getting it next. And, I can tell you about half a dozen of my friends who are AG's that wish they had gone down another path as well. Oh well...
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