I'm starting a new gig

[Digger88]

I have informed some local realtor friends if their broker would be interested in having me do a presentation/Q&A about how they can help low appraisals in this market because it's still crazy here. One is to do better data entry whomever is inputting their listings bc many here do a poor job bc everything sells so fast. ie, removing pics is a surging problem, not taking view pics or amenities etc. Also, stacking all finished rooms on one line is an issue and lastly calling everything a colonial.

I'm thinking then I'd point out how many appraisers here don't adjust for some things bc either they're lazy or low skilled AMC types. Through SmartXchange I can see many here not mention an amenity if it's not clearly listed on the MLS. Whether they are lazy and don't look at realtor pics or don't care who knows but I frequently see comps with no deck/porch/patio listed bc you only see them inside the listing's pics. Another biggie is almost no one uses wooded/private/water view here unless it's a majestic water front view. Every new construction home I've ever done has lot premiums why don't a lot of appraisers here mention that?

Lastly, I will point out how steering your clients to you favorite big-box lender who use AMC's may be hurting you. We still have many lenders here who use a panel of appraisers who are great to work with. But realtors get comfortable with who they use they don't realize their AMC focuses on cheapest/fastest 100% of the time with 0 interest in hiring the most competent.

A quick lesson on how to submit an effective ROV and pass out a bunch of cards would wrap this up. What do you think is there anything you'd do differently?

 

[Hondo]

I have informed some local realtor friends if their broker would be interested in having me do a presentation/Q&A about how they can help low appraisals in this market because it's still crazy here. One is to do better data entry whomever is inputting their listings bc many here do a poor job bc everything sells so fast. ie, removing pics is a surging problem, not taking view pics or amenities etc. Also, stacking all finished rooms on one line is an issue and lastly calling everything a colonial.

I'm thinking then I'd point out how many appraisers here don't adjust for some things bc either they're lazy or low skilled AMC types. Through SmartXchange I can see many here not mention an amenity if it's not clearly listed on the MLS. Whether they are lazy and don't look at realtor pics or don't care who knows but I frequently see comps with no deck/porch/patio listed bc you only see them inside the listing's pics. Another biggie is almost no one uses wooded/private/water view here unless it's a majestic water front view. Every new construction home I've ever done has lot premiums why don't a lot of appraisers here mention that?

Lastly, I will point out how steering your clients to you favorite big-box lender who use AMC's may be hurting you. We still have many lenders here who use a panel of appraisers who are great to work with. But realtors get comfortable with who they use they don't realize their AMC focuses on cheapest/fastest 100% of the time with 0 interest in hiring the most competent.

A quick lesson on how to submit an effective ROV and pass out a bunch of cards would wrap this up. What do you think is there anything you'd do differently?

For anyone early in their appraisal career, this is a strong strategy to build on. When I was producing 400 appraisals a year, roughly 10% of my volume came from real estate agent referrals alone. Mortgage brokers were another reliable pipeline — I’d present at their staff meetings, and the loan officers consistently sent me work and referred private parties. Presenting at lenders who order directly can open doors too. At this point in my life, I’m more than satisfied doing two to three appraisals a week. Good luck with your project.

 

[DTB]

I think it would be more lucrative to go into the lending field armed with your experience and knowledge.

 

[alebrewer]

Everybody has their own pain threshold, but pre-listing appraisals are a PITA. You can never make reality meet expectations.

 

[Digger88]

For anyone early in their appraisal career, this is a strong strategy to build on. When I was producing 400 appraisals a year, roughly 10% of my volume came from real estate agent referrals alone. Mortgage brokers were another reliable pipeline — I’d present at their staff meetings, and the loan officers consistently sent me work and referred private parties. Presenting at lenders who order directly can open doors too. At this point in my life, I’m more than satisfied doing two to three appraisals a week. Good luck with your project.

I second this, this was the dumbest thing I didn't do instead focusing on production which has done very well for many years but it bores me to death. I've worked with thousands of realtors over the years but I only ever used my real first name and have remained just an appraiser no one knows. Marketing was an overlooked part of my game I completely ignored

 

[alebrewer]

I know there are bigger companies out there that specialize in tax appraisal disputes, but I get a ton of calls every February-April for that kind of work. You'd have to be careful, I'd assume, not to be perceived as providing advocacy, and it's cyclical, but that might be a good gig for folks...

 

[Mark K]

I know there are bigger companies out there that specialize in tax appraisal disputes, but I get a ton of calls every February-April for that kind of work. You'd have to be careful, I'd assume, not to be perceived as providing advocacy, and it's cyclical, but that might be a good gig for folks...

I've done a lot of those over the years. The appeal resulted in an assessed value very close to my appraisal in nearly all instances. I liked them.

Biggest change was due to an increased assessment from $5M to $7.5M in one year for an apartment complex. My appraisal was $5.2M and they lowered it to $5.5M, owner was satisfied.

 

[alebrewer]

I've done a lot of those over the years. The appeal resulted in an assessed value very close to my appraisal in nearly all instances. I liked them.

Biggest change was due to an increased assessment from $5M to $7.5M in one year for an apartment complex. My appraisal was $5.2M and they lowered it to $5.5M, owner was satisfied.

I did a couple back in the day. Would never show up at the hearing, as I didn't want it to appear as advocacy. The few I did, as I recall, tended to help folks out. Assessors are pretty aggressive in TX.

 

[JTip]

Get in touch with your local Realtor association (the one you belong to) and see about presenting at an association meeting or brokers breakfast. Being a past president, we LOVED people offering to do presentations. We would normally have 50-60 ppl attend (breakfast or lunch), probably a small turnout compared to your area, but a full house ready to participate. And get ready for lots of questions afterwards, pack your pocket full of business cards too.

 

[HVNY]

If it weren't for the agent referrals I'd be out of business.