Appraiser Fee - What Should Be the Real Fee?

[Terrel L. Shields]

An appropriate fee should relate to the time spent. Time would not only involve the hours of research, writing and inspecting subject and comps, but some allowance for the general market analysis, demographics and similar issues which we (should be) devoting time to. To me, a "day rate" is about $75 an hour. It is what my neighbor charges for custom farm work, it is what my CPA charged hourly, etc. That's $600 for 8 hours. I prolly average 6 hours or more per assignment, so my minimum should be $400 and a full day's work $600...A poultry farm is 3-5 days so I get $1800 to maybe $4,000- about the most I charge although I know some chicken farm appraisers whose minimum fees are about $5000.

 

[Mike Kennedy]

SF Res fee of $250. in 1993 is now worth (adjusted for inflation only) =

https://www.in2013dollars.com/us/inflation/1983?amount=250

appraisersforum.com

 

[Alamo Cowboy]

In the mid 80s & early 90s I charged what the market would bear for SFR assignments. That was $275 +/-. When I retired in 2018 it was $450 +/-. Assignments were direct - from lender/attorney/homeowner to me. AMCs did not come into the picture till 2006+/-. For commercial I charged what my wife charged being a public accountant. So when I started it was $100/hr and $175/hr when I retired. This was for a typical form summary narrative report. When I bid governmental jobs I doubled my typical fee and charged separately (same amount) for additional meeting/samples updating progress on the report. Worked fine for my entire career.

 

[James Mpls]

Standard 1004/1073 residential assignment in Twin Cities (Minneapolis/Saint Paul) metro area is running around $350-$475 currently, unfortunately. To see the “standard” appraisal fee only rise about $50 in over 15 years is beyond ridiculous considering inflation. The AMC system that has steadily gained in influence and market share over the past 20-25 years is most definitely part of the problem. That said, the DVA appraisal fee here is currently $450, which feels about right. Here is to hoping their standard fee gets raised in the next year or so to keep up with inflation, living expenses, and some other lenders/clients who regularly pay more in the $475-$525 range.

 

[B1trying]

I am in NW Fl and VA is $500 most banks 425 to 450. I charge as much as 1,500 on custom beach homes, just depends on how difficult and time. Couple of days and general have to inspect between 10-3 on Sat when they change renters. Home Inspectors make $400 to $500 for typical tract house. They get about .25 cents a sqft on million dollar homes along the beaches.

 

[sputnam]

The least I will take is the most you are willing to pay.

 

[TMG]

Quote depends on complexity.

 

[Salty]

Below are my most recent fees from AMC's (guys - stick to your fees!! )

Those are my typical fees I quote depending on hassle, drivetime, etc... The reports listed below were not that challenging. Probably the only reason they actually agrees to me fees after quoting literally hundreds of reports is that they were busy. When it slows down I do not reduce my fees. My fees are my fees regardless of volume because the liability is the same. So that is why overall I do not make that much money appraising. Because I stick to my fees. Anything less its not worth the aggravation for me.

Computershare: $550 - (first order ever from this place)
First American: $450 (generally pretty good on fees)
EStreet: $450 (first order ever from this place)
EStreet: $400 (second order ever from this place)
USRES: $525 (have quoted hundreds before I got a bite)
Springhouse $600 (never in a million years did I think they would bite on this)

 

[chad hampton]

The appraisal market is also manipulated today compared to 10-15 years ago.

 

[glenn walker]

Much of this has to do with the location or State the appraiser is located in. A $400.00 fee in lower cost States and communities, goes much further than a $400.00 fee in say Los Angeles, if rents, housing costs, gasoline and about everything else is double or more. BUT the truth is from what I see there is very little difference in fees Nationwide and that may be due to major population centers having an-abundance of appraisers all fighting for an-assignment.