New Trainee - How many residental appraisals can you do in a week?

[casurf2020]

Yikes!

That would most likely mean that boilerplate comments are used almost exclusively, the comparable sales are not verified nor are they viewed from the street and MLS photos are used in the report.

If this is how you are being trained I suggest finding another supervisor.

I always take photos of the comps from the street, never use MLS photos, I call the agent on every sale to verify the condition of the interior and if it has a patio/covered, etc, etc. I do this while we area driving to the comps and to the subject. We are not allowed to use boilerplate comments, I start with a brand new, mostly blank appraisal template every time I begin a new assignment. We do a lot of writing and explaining in the addendum regarding the market, the area, etc. I am working about 18 hours a day, most days. This is where I get upset because my mentor says it should only be taking me 4 hours per appraisal, instead of 8 or 9 hours.

 

[Rufus]

This is where I get upset because my mentor says it should only be taking me 4 hours per appraisal, instead of 8 or 9 hours.

Glad to hear you are doing it right and your mentor is teaching you good habits. Is your mentor saying 4 hours from start to finish? Meaning from the time the order is received until it is sent. It takes me roughly four hours just to do background research, the inspection and comps before I'm even ready to begin the report. Then three to five hours to finish.

Those are just rough numbers tho, some take considerably longer.

 

[casurf2020]

Glad to hear you are doing it right and your mentor is teaching you good habits. Is your mentor saying 4 hours from start to finish? .

Yes, 4 total...she said that if I put that it was taking me 8-10 hours on my log, then the board would think that something was fishy. I would think that they may think that I am not doing a thorough job, if I put anything less than 7 hours. I want to just put what it takes me to do them, sometimes maybe 5 hours, if they are cookie cutters, that includes driving time. However, it seems like there are a ton of hard ones lately and the research to find comps and explain everything takes a long time for me. (avg 8 hours)

It makes me feel a ton better that I am not taking too long to do the appraisals.

Thankfully, I have over 2,000 hours now....all I need is 2 more classes and I am ready to test.

Thank you to everyone for your replies and comments.:new_smile-l:

 

[Jon Liberatore]

Without losing quality, no more than 3 a day

 

[KD247]

Without losing quality, no more than 3 a day

Even in the most efficient of circumstances - appraising a model match to a recent appraisal, minimal driving distances, obvious comparable sales, no complex factors - the fastest I've ever done a complete appraisal start to finish is in about four hours. (That's in the last fifteen years or so. At one point I was doing 30-40 drive-by's per day, just like everyone else I worked with.)

My efficiency is equal to or better than anyone I know, but I don't take shortcuts on the analysis or reporting, even though I know I could crank out an "acceptable" appraisal in an hour or two.

 

[TexasKid]

Howdy folks. I've been thinking about becoming an appraiser for a couple of years but haven't done it yet. I saw this post and just had to contribute! Coincidentally, I went out this morning with a 20+ year experienced appraiser I have known for years. I was in his back pocket for the first two, and he had five scheduled for the day. They were stretched over 4 couties. We were at the first house for 1 hour, spent another 30 minutes in the neighborhood, then 30 minute drive to house #2. Another 1.5 hours there and in the neighborhood checking comps. All he did was measure, take notes, pictures, etc. He'll sit down and put it in the computer later in the week. He appraises 30 to 35 properties per week, specializes in high value homes, and is well established. If I become an appraiser, I hope to be as good as this guy SOME DAY. I would just like to go out and do one every Saturday! Happy Trails!

 

[KD247]

Howdy. How's that 35 appraisals per week working out for those Texas lenders? I guess at $16,000 per week, that 20+ years appraiser plans on milking things dry and then getting out before it really hits the fan.

 

[TexasKid]

I don't know about all that, but he seems to be pretty good at what he does. I'm not gonna say he walks on water, but he's well respected in his professional community and highly regarded by the banks and others that send him appraisals to do. I'm hoping there's a few left for me to do when he milks it dry.

Come to think of it, even though the housing market is supposed to be slow right now, I believe there are more homes for sale than ever in the DFW area that I live in. There are probably plenty of appraisals to go around.

 

[Lee Lansford]

Just wondering:

Why is it that I worry about appraisers whose primary concern is centered on how many appraisals they can crank-out each week?

Imagine we are visiting a website for the medical profession and there is a string of discussion the focus of which is how to maximize the number of patients the doctor can see in one week. Would you wonder about what exactly is the doctor's primary concern?

Such focus, IMHO, betrays:

a) a lack of concern for quality;

b) an emphasize on production versus care.

During the past 10-15 years (well, probably since the advent of licensing and the nationalization--that is, what once was more of a local matter when it comes to residential lending--of appraising for residential lending) I have seen many enter this profession with the primary concern of "pumping-out" appraisals. And, yes, if you suspect that I think this turn has been bad for the profession, you are correct.

 

[LA Woman]

My mentor says that all properties should take no longer than 4 hours.

With a blanket statement like that, I would find a new mentor.