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  #1  
Old 10-19-2010, 11:17 AM
CertifiedRes CertifiedRes is offline
 
Join Date: Mar 2008
State: California
Professional Status: Certified Residential Appraiser
Posts: 130
Default How long does it take you to complete an appraisal?

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?
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  #2  
Old 10-19-2010, 11:30 AM
Denis DeSaix Denis DeSaix is offline
 
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Location: Northern California
State: California
Professional Status: Certified General Appraiser
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Quote:
Originally Posted by CertifiedRes View Post
Two basic questions:

Question #1
How many hours do you spend completing the following types of reports?
After the inspection process? 5-8 hours on average for simple to somewhat complex, 8-14 hours on complex.

Quote:
Question #2
What do you think a reasonable fee is, on a per hour basis, for professional residential appraiser?
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  
Old 10-19-2010, 11:36 AM
Mile High Trout Mile High Trout is offline
 
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Location: -
State: Colorado
Professional Status: Certified Residential Appraiser
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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.
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Last edited by Mile High Trout : 10-20-2010 at 11:33 AM.
  #4  
Old 10-19-2010, 11:44 AM
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Pilgrum Pilgrum is offline
 
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State: Nevada
Professional Status: Certified Residential Appraiser
Posts: 2,547
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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  
Old 10-19-2010, 12:14 PM
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RSW RSW is offline
 
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State: Tennessee
Professional Status: Certified Residential Appraiser
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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.
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  #6  
Old 10-19-2010, 12:39 PM
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eld2310 eld2310 is offline
 
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State: Washington
Professional Status: Certified Residential Appraiser
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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  
Old 10-19-2010, 11:09 PM
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AnonApprsr AnonApprsr is offline
 
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State: Massachusetts
Professional Status: Certified Residential Appraiser
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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.
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  #8  
Old 10-21-2010, 11:35 AM
Verne Hebert Verne Hebert is offline
 
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Location: Flathead County, Montana
State: Montana
Professional Status: Certified General Appraiser
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12 hours minimum; 3/2 GA2 in a subdivision............to 35 hours. Normally 15 to 18 hours.
  #9  
Old 10-21-2010, 03:19 PM
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DMZwerg DMZwerg is offline
 
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State: Wisconsin
Professional Status: Certified Residential Appraiser
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8 to 44+ hours depending on complexity.

Typical for me is either 10-15 for more standard SFR or 20+ for complex properties.
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