Where are the review appraisers?

[LACKLAND27]

Many of us do try to educate the client, many do not want to hear. As for the service that they want, it basically boils down to hitting the number. I have been able to convince some, but they are rare and few.
We are not a product or service like a Kiosk at the mall. We are a policing system that has been over run by the crooks, AMC's, lenders, and title companies. I hear similar statement and reasoning and I reply with, "That is the reason why we are in the financial crisis that we are in." Go ahead, serve your stupid "service product". What a mental marketing joke.

What are you babbling about, Workbox. If a client asks for particular criteria that’s the service you either provide or pass on the assignment. When you exceed whatever guidelines that are atypical to your market, you have to educate the client on those points. We are a service provider like an engineer or a CPA. We provide our opinion for a fee. That’s a service, we are not the FBI or CIA. And who ever mentioned hitting the Number as being a service you dolt. But I will say the client and I always agree on a number it’s called the appraisal FEE!m2:

 

[fifteen]

Exactly, we protect not only the bank/client, we're here to protect the buyers and the sellers from unscrupulous realtors, attornies, relatives etc. As long as so few lenders are out there, appraisers will be stepping over each other to get that higher value needed and get on their list/continue getting orders. IMO, appraisers need to be separate from all entities involved in the loan process. This would end bloated valuations and appraisers general distrust of each other and the cutthroat attitude out there. Let the borrower choose the appraiser and let the appraiser do his job and get paid based on his experience, skill and their true contributions to an "honest" market. 40-60 to 1 leverage? omg, reminds me of the story of the patients that have taken over the asylum. jmho

We are not a product or service like a Kiosk at the mall. We are a policing system that has been over run by the crooks, AMC's, lenders, and title companies.

 

[MrLA]

Many of us do try to educate the client, many do not want to hear. As for the service that they want, it basically boils down to hitting the number. I have been able to convince some, but they are rare and few.

We are not a product or service like a Kiosk at the mall. We are a policing system that has been over run by the crooks, AMC's, lenders, and title companies. I hear similar statement and reasoning and I reply with, "That is the reason why we are in the financial crisis that we are in." Go ahead, serve your stupid "service product". What a mental marketing joke.

I agree with what you said. The days of the AMC are in full effect. Good bye to retail fees, and say hello to wholesale pricing. Last week I put in 86 hours of work, and brought in about 4k of business. It's a mere $46.50 per hour which doesn't include overtime and my expenses. I'm probably netting about $40 an hour. It's hard work. Most of my work comes from AMCs, and quite frankly I am tired. This week, I am going to start rejecting orders durring mid-week, and need to spend time with my family. I need a break....

Sometimes, I feel like a trainee all over again. Long hours and little pay.

 

[timd354]

I agree with what you said. The days of the AMC are in full effect. Good bye to retail fees, and say hello to wholesale pricing. Last week I put in 86 hours of work, and brought in about 4k of business. It's a mere $46.50 per hour which doesn't include overtime and my expenses. I'm probably netting about $40 an hour. It's hard work. Most of my work comes from AMCs, and quite frankly I am tired. This week, I am going to start rejecting orders durring mid-week, and need to spend time with my family. I need a break....

Sometimes, I feel like a trainee all over again. Long hours and little pay.

I don't do AMC work as, thankfully, my best clients have not yet gone over to the dark side yet, and I agree that AMC fees are way too low, but it does not help the public perception of our industry for appraisers to be whining that they are only making $40 per hour or that they had to work 80+ hours to earn $4,000 last week before expenses. $4,000 per week works out to $200,000 per year (before expenses), so I don't think appraisers will get much sympathy from most members of the public or people at the banks and others who use our services. In fact, most members of the public would probably say that appraisers are overpaid based on the numbers that you are whining about.

Also, I am curious as to how many appraisal reports that you cranked out in 86 hours to earn $4,000 in fees, if you are working for AMC's and their crappy low fees.

 

[Randolph Kinney]

Also, I am curious as to how many appraisal reports that you cranked out in 86 hours to earn $4,000 in fees, if you are working for AMC's and their crappy low fees.

And there in lies the secret to low fees; volume. As long as he is happy and the AMC is happy, life continues.

Personally, I don't want AMC business and I don't have any. I don't work 86 hours a week either, maybe 10 to 20 hours but it is at my fee schedule; read that as full fee.

I wish those who do volume work all the best and hang in there.

P.S. If one assumes $200 for the appraisal, $4,000 equates to 20 appraisals a week. At $300 for the appraisal, $4,000 equates to 13.3 appraisals a week. At $400 for the appraisal, $4,000 equates to 10 appraisals a week. Maybe the $4,000 number is just a tad inflated from reality?

P.P.S. At 86 hours a week and 20 appraisals, that calculates to 4.3 hours per appraisal; 10 appraisals calculates to 8.6 hours per appraisal.

 

[Workbox]

And there in lies the secret to low fees; volume. As long as he is happy and the AMC is happy, life continues.

Personally, I don't want AMC business and I don't have any. I don't work 86 hours a week either, maybe 10 to 20 hours but it is at my fee schedule; read that as full fee.

I wish those who do volume work all the best and hang in there.

P.S. If one assumes $200 for the appraisal, $4,000 equates to 20 appraisals a week. At $300 for the appraisal, $4,000 equates to 13.3 appraisals a week. At $400 for the appraisal, $4,000 equates to 10 appraisals a week. Maybe the $4,000 number is just a tad inflated from reality?

P.P.S. At 86 hours a week and 20 appraisals, that calculates to 4.3 hours per appraisal; 10 appraisals calculates to 8.6 hours per appraisal.

But they are afraid that it will go to the other guy, and other guy is worried about him.

 

[Randolph Kinney]

But they are afraid that it will go to the other guy, and other guy is worried about him.

The AMCs should worry. What if their regular appraiser turns down work on a continuing basis?

I had one call me yesterday and wanted to know if I would appraise in Borego Springs. No, no way at any fee. The problem was finding comps. Take a look at:

http://maps.google.com/maps?rlz=1C1GGLS_enUS291US303&sourceid=chrome&q=borrego+springs&um=1&ie=UTF-8&split=0&gl=us&sa=X&oi=geocode_result&resnum=1&ct=title

 

[MrLA]

And there in lies the secret to low fees; volume. As long as he is happy and the AMC is happy, life continues.

Personally, I don't want AMC business and I don't have any. I don't work 86 hours a week either, maybe 10 to 20 hours but it is at my fee schedule; read that as full fee.

I wish those who do volume work all the best and hang in there.

P.S. If one assumes $200 for the appraisal, $4,000 equates to 20 appraisals a week. At $300 for the appraisal, $4,000 equates to 13.3 appraisals a week. At $400 for the appraisal, $4,000 equates to 10 appraisals a week. Maybe the $4,000 number is just a tad inflated from reality?

P.P.S. At 86 hours a week and 20 appraisals, that calculates to 4.3 hours per appraisal; 10 appraisals calculates to 8.6 hours per appraisal.

It depends on the day, but usually it goes like 3 full appraisals a day, a field review/ 2 desk reviews a day, or 2 full appraisals and a desk review a day, or 4 full appraisals a day, mayby 5 desktop valuations and two field reviews in a day, etc...you get the idea. I worked 15 hours a day straight last monday to friday, and then 6-8 hours a day saturday and sunday. Yep believe it. Not all my work is done through AMCs. I do work for a lawyer for loan modification deals, and one of my AMC almost gives me full fees which are JP Morgan Chase deals. No not anyone can sign up to do these deals. You must be put on the list by the bank as a trusted appraiser. Last week was just too crazy, and I don't want to do that again. I'm happy making $400 or $500 a day with doing less orders. That's my quota that I put on myself. Today was pretty easy, I did 1 field review, 1 desk review, and 3 desktop valuations. Grand total for today is $400. Tomorrow I'm doing 3 full appraisals, and my total will be $700. I'm complaining cause I used to be an owner of a fee shop, and now I have to do all the work by myself which includes appraisals, sales, marketing, customer service, accounting, blah blah blah. I'm a one man shop again. Best of all all my work is competely legit and honest work. I don't have to push a single deal, and I have no consequences if I kill a deal by bringing it under purchase price or calling out damages. Most of the appraisers I see nowadays are pushing like a mad man to get deals in.

I don't work for eappraiseit or LSI, those guys can eat my shorts. Those two companies take any Joe appraiser to do work. Most of my work only entitles AR appraisers with over 5 years of experience plus recommendations to do work. I don't want to sound like I'm bragging, but if you do good honest clean work like this and you are willing to work your *** off, this is the kind of business you get. I swear it's a free for all for me. All the deals I want, day in day out. Problem is that I can't hire new people, cause I think most of the appraisers out there don't do good work. It's a trust issue. How many guys do the average, similar, similar thing or create value by just pulling the highest comps?