3.6 Crunch Time

[glenn walker]

Based on the paltry trickle of appraisers passing PAREA or signing up to get licensed, not too many young go-getters are planning to make res license only, and especially the lending side of work their career. For those who try - I bet half or more of them will transition out of appraising or away from lender work within a few years from a start date.

Except for the few who manage to get enough private work or the limited pool of lender work that does not use an AMC, there is nothing for the go-getter to get from the low-paid AMC work and diminishing volume.

I hope things change for the next gen of course. But the way things are now - I would have to hate a person intensely to recommend the field for a res license only.

Most of the younger ones aren't independent fee appraisers but working as employees for larger firms or AMCs. They've never even wanted to own a fee shop and most want steady income and less overall responsibility. The future is not about getting more independents into the field but less of them.

 

[J Grant]

Most of the younger ones aren't independent fee appraisers but working as employees for larger firms or AMCs. They've never even wanted to own a fee shop and most want steady income and less overall responsibility. The future is not about getting more independents into the field but less of them.

IDK why any young person with talent and ability would want the high-stress, low-paid job at an AMC. The AMCs can lay people off in slow times. I guess they will attract enough for their needs, but it will be a high-turnover, burnout group.

Most enter a profession to expect decent to good or better earnings and a chance for growth. And /or an intrinsic reward from the work itself. Toiling away at a pressure cooker AMC job offers neither. Not sure what you meant when you referenced a "larger firm.".

Most independent appraisers never owned a fee shop either. They were able to have a choice to operate as a fee appraiser., I see a need remaining for some fee appraisers as some lenders (hopefully) might continue to use their own panel and there is some private work to be had, or coverage where an AMC does not have enough staff.

The future might be different for a number of young people across the board, but this field is starting off in a bad place. An appraisal assessor job might be an option for some folks.

 

[Tom4value]

I am using NIghthawk from Bradford. They have been live for a couple of weeks and am using it. Did 3 dummy appraisals. Said “ok” to two clients but gotta be honest, hope I don’t get one for a while. Learning curve is a mountain but hoping this dog can learn new tricks. They are coming out with a field program so I can download the work into the form and save a lot of time.

Regarding “clones” not being available, I don’t do them anyway on most appraisals. I have a template I use but that will be useless, I know. What I will do is build a Word file for all my boilerplate comments, open it in another monitor and “copy and paste”.

 

[Tom4value]

IDK why any young person with talent and ability would want the high-stress, low-paid job at an AMC. The AMCs can lay people off in slow times. I guess they will attract enough for their needs, but it will be a high-turnover, burnout group.

Most enter a profession to expect decent to good or better earnings and a chance for growth. And /or an intrinsic reward from the work itself. Toiling away at a pressure cooker AMC job offers neither. Not sure what you meant when you referenced a "larger firm.".

Most independent appraisers never owned a fee shop either. They were able to have a choice to operate as a fee appraiser., I see a need remaining for some fee appraisers as some lenders (hopefully) might continue to use their own panel and there is some private work to be had, or coverage where an AMC does not have enough staff.

The future might be different for a number of young people across the board, but this field is starting off in a bad place. An appraisal assessor job might be an option for some folks.

I am a “recovering” AMC appraiser who used them when I broke off on my own. Eventually, I used my contacts in the lending industry to build a client base of direct lending and portal work to tell the AMCs to go pound sand.

 

[glenn walker]

IDK why any young person with talent and ability would want the high-stress, low-paid job at an AMC. The AMCs can lay people off in slow times. I guess they will attract enough for their needs, but it will be a high-turnover, burnout group.

Most enter a profession to expect decent to good or better earnings and a chance for growth. And /or an intrinsic reward from the work itself. Toiling away at a pressure cooker AMC job offers neither. Not sure what you meant when you referenced a "larger firm.".

Most independent appraisers never owned a fee shop either. They were able to have a choice to operate as a fee appraiser., I see a need remaining for some fee appraisers as some lenders (hopefully) might continue to use their own panel and there is some private work to be had, or coverage where an AMC does not have enough staff.

The future might be different for a number of young people across the board, but this field is starting off in a bad place. An appraisal assessor job might be an option for some folks.

That's your perspective but not neccesarily younger peoples. The largest AMCs have thousands of folk's that love working for them and thats all they know but we know some older appraisers who closed their fee shops and got jobs with the large AMCs so not everyone is so negative about the profession.

 

[chad hampton]

The staff model has never worked long term and won’t now. Realtors can’t stand having some 25 year old with no experience show up to appraise their listings. No one stays satisfied with making 50-60k a year much after the age of 25. And it wears on humans when they know that they are doing all the work and only making 40% of the fee.

You know how many people start on staff, then quit and make a few phone calls and get on all the same lists? I’ve known a few. 60% raise overnight isn’t bad.

Even the people on here that managed mills and AMCs don’t even try to defend it. They know it’s an endless game of finding new appraisers to burn out.

If a young person wants to be an employee, there’s about 500 better professions to be in.

 

[chad hampton]

That's your perspective but not neccesarily younger peoples. The largest AMCs have thousands of folk's that love working for them and thats all they know but we know some older appraisers who closed their fee shops and got jobs with the large AMCs so not everyone is so negative about the profession.

This might be the funniest thing I’ve ever ready on an appraiser site or Facebook group ever.

I guarantee you there aren’t 100 people total that enjoy working at class, clear capital, acccurate, Stewart, and whatever else there is out there. If there are any, they certainly aren’t appraisers

Besides, AMCs only exist to deliver the appraisal to one of their panel appraisers who are independent of the AMC. As stated in the law.

 

[glenn walker]

This might be the funniest thing I’ve ever ready on an appraiser site or Facebook group ever.

I guarantee you there aren’t 100 people total that enjoy working at class, clear capital, acccurate, Stewart, and whatever else there is out there. If there are any, they certainly aren’t appraisers

Besides, AMCs only exist to deliver the appraisal to one of their panel appraisers who are independent of the AMC. As stated in the law.

Ever talked to Walmart employees ? I have and believe it or not there are many who love it and stay for years so yes many hate it too but lots of folks aren't looking to make big money and the AMCs find them and they don't want high achiver just a person who has a licence and who wants a steady check.

 

[Airstream]

Most of the staff appraisers are located in large metro areas. Rural areas aren’t going to get AVMs or waivers. Not enough data to run AVMs and the risk is too high for waivers.

It’s going to be interesting because the two resident appraisers that are qualified to do complex properties in the area that I was in for nearly 12 years (since moved and drive back to do work from time to time) are not going to do 3.6. One has enough private work, and the other has enough private work, sells real estate, and decided to get his CDL license. So there will be no one in a very complex county with over 300 miles of waterfront (county has more waterfront than any county in the U.S.) to do lender work. And the median price for a lake home is now 1 million. Those aren’t getting waivers. And I can tell you there are all kinds of complex micro-markets in that county.

And all I can say is that no staff appraisers would ever be competent in that county. Too incredibly difficult to learn. One bank doesn’t even like hiring appraisers that don’t live in the county. They have too many problems with that.

 

[Airstream]

Ever talked to Walmart employees ? I have and believe it or not there are many who love it and stay for years so yes many hate it too but lots of folks aren't looking to make big money and the AMCs find them and they don't want high achiver just a person who has a licence and who wants a steady check.

Well that really doesn’t say much. Many of those employees are purely part time. Many are retired and working because they don’t make enough on SS and whatever they have saved. And many wouldn’t be competent to do anything else. And yes, there are the management type. But they probably make pretty good money and have benefits.

The problem with independent fee appraisers is we get no paid vacation, no benefits, and we sometimes have strange hours.

I didn’t mind because I had freedom and didn’t have to put up with idiots in the office.

I remember when it was slow I applied to be a review appraiser at a large bank AMC. When I saw where they worked with no windows, in little cubicles. No way.