How Do You Handle Assigned Appraisal Requests

[Tim The Enchanter]

from clients you've never done work for?

With great suspicion. Especially if I never heard of them.
The more time goes by the less patience I have for idiots and stupid BS.
Or maybe I just don't remember how much patience I had or did not have when I was younger.

Patience!! Yeah yeah! How long will that take?

 

[bnmappraisal]

Thanks for the info Denis! I learn something new everyday

 

[hastalavista]

Thanks for the info Denis! I learn something new everyday

I'm getting to the stage where I forget something new everyday!

 

[Meandering]

from clients you've never done work for?

Spam. click

 

[Peter LeQuire]

Prospective new client? Why not drag out the hackneyed phrase "due diligence" and do do your due diligence.

I'd review this forum to try to determine whether any AF participant has had a problem with timely payment (and other issues). I'd check to see if the entity was properly licensed/registered to do business in this state. I'd enlist Mr. Google to find out how the company presents itself to the public and to potential clients.

I'd also ask for the names of a couple of appraisers with whom the company has an established relationship and actually call them to ask about their experience with it.

If any prospective client is not willing to provide information about the way it conducts its business, I'd kindly thank them and move on. If I needed the work and couldn't get information to evaluate it as a client, I'd invoke the Lawyers' 3 Doing Business Rules - get the money up front, never trust the SOBs, and get the money up front.

The risks of taking on a new client are or ought to be, evident. However, the Principle of the Moving Cheese makes it imperative that appraisers constantly evaluate their client base and mix, and look for ways to improve it. If you have only one client, you don't have a client, you have a slavemaster.

 

[Lynne]

Sorry, but I think I'm missing what "factoring" means

Sorry, my bad for not responding I didn't have thread watch on. Denis explained it perfectly. The factoring company I use charges 5% plus $1.00 for the direct deposit. I too look through the Clients - G, B, U section to see if others have any issues with said "client".

 

[Vermonter]

from clients you've never done work for?

Delete and "mark as junk"

 

[hastalavista]

Sorry, my bad for not responding I didn't have thread watch on. Denis explained it perfectly. The factoring company I use charges 5% plus $1.00 for the direct deposit. I too look through the Clients - G, B, U section to see if others have any issues with said "client".

I've never used a factoring service, but those terms seem pretty reasonable to me.
Are there any provisions that make you responsible if they are not able to collect?

 

[Lynne]

Delete and "mark as junk"

I too delete and "mark as junk" when I receive blast bid, fee, turn time emails. I've no clue to your market area vs. appraiser ratio. I can tell you here in Central FL there are still appraisers doing work for $210.00 Hence my client pool has been growing smaller over the years. My part time job is to seek out more eggs for the income basket.

 

[Lynne]

I've never used a factoring service, but those terms seem pretty reasonable to me.
Are there any provisions that make you responsible if they are not able to collect?

No, if the factoring company accepts your client they hold the terms. IMO a win win for unknowns. My issue Denis is whom to factor. I took a new client last year and see they pay within 2 weeks.