Slowdown?

[CGinMN]

There are pockets across the US where there will continue to be appraiser shortages, despite the lack of refi work. Fees will remain strong and appraisers will be in high demand. If you're savvy enough to do the research, flexible enough to re-locate, and willing to do the hard work of gaining competency, there are still some great opportunities.

If you are location flexible you can find an appraiser who has a strong book of non-AMC business and is nearing retirement, it is possible to work out some mutually reciprocal deal. Many appraisers want to keep working part-time, but they don't want to run a business, they want to cut expenses, and they end up slowly taking on less and less volume. Even in retirement, they want to do 2-3 a week. Or maybe they want to move away for the winter, but their business doesn't have that flexibility without a partner.

Another avenue is to really "up" your game, get educated, and become the go-to expert in a niche. Increase your skillset, write quality reports, and find the users willing to pay for it. To me, this is the best business strategy if you want to be in the valuation business long term.

 

[George Hatch]

George Good Advice from the Sage of San Diego

Don't ever call me that. I'm just another lone gunman living in my mom's basement and pounding out manifestos in the dark.

 

[George Hatch]

There are pockets across the US where there will continue to be appraiser shortages, despite the lack of refi work. Fees will remain strong and appraisers will be in high demand. If you're savvy enough to do the research, flexible enough to re-locate, and willing to do the hard work of gaining competency, there are still some great opportunities.

If you are location flexible you can find an appraiser who has a strong book of non-AMC business and is nearing retirement, it is possible to work out some mutually reciprocal deal. Many appraisers want to keep working part-time, but they don't want to run a business, they want to cut expenses, and they end up slowly taking on less and less volume. Even in retirement, they want to do 2-3 a week. Or maybe they want to move away for the winter, but their business doesn't have that flexibility without a partner.

Another avenue is to really "up" your game, get educated, and become the go-to expert in a niche. Increase your skillset, write quality reports, and find the users willing to pay for it. To me, this is the best business strategy if you want to be in the valuation business long term.

You will always do better for yourself in the long run if you offer good VALUE for your fees.

 

[CaliforniaSD]

Everyone here is awesome, thank you for all the advice. This is my first slow down, so I will lower my fees until things change and I will also begin exploring other avenues besides AMC work. I really appreciate everyone taking the time to read and respond to my post. I am in my 30's and am highly motivated, I will make this work. Thanks again!

 

[Tim Hicks (Texas)]

So what does San Diego translate to?

 

[CGinMN]

Before you willy-nilly lower your fees, call each of your clients and have a frank conversation with them. Are my fees in line with my competition? Would a reduction in my fees result in more work? It is possible that a fee reduction won't change your volume and you will be doing yourself a disservice. If your clients were all refi-heavy, their volumes may have bottomed out. Understanding your client's business is an important aspect of protecting your business.

 

[CaliforniaSD]

So what does San Diego translate to?

 

[CaliforniaSD]

Whale's ******

 

[Tim Hicks (Texas)]

It is a Anchorman, Ron Jeremy joke. He translated San Diego incorrectly,

 

[CaliforniaSD]

Before you willy-nilly lower your fees, call each of your clients and have a frank conversation with them. Are my fees in line with my competition? Would a reduction in my fees result in more work? It is possible that a fee reduction won't change your volume and you will be doing yourself a disservice. If your clients were all refi-heavy, their volumes may have bottomed out. Understanding your client's business is an important aspect of protecting your business.

That is a very good point, I will talk to my top clients and see if a price reduction would even change anything.