AMC and Maryland

[Wayne Henry]

I was wondering if anyone knew if Maryland passed any legislation regarding AMC disclosure fees which it appears Virginia has passed? I am having a hard time staying a float in this business with the lower fees and more guidelines that are coming down. They are now asking for basement sketching, amenity sketching, all original photos, rooms of all rooms in subject property, photos of every angle of the subject and that's just the inspection part. I have pages of guidelines when selecting sales and commentary for almost everything on the appraisal report. I really wish more Maryland appraisers would interact on the forums so that we can get some control of the low fees in our market. Together we are strong and divided we shall fall.

 

[sandpiperapp]

It starts one appraiser at a time. Do not accept low fees. Charge what your time is worth, not what the AMC wants to pay you.

 

[Riick]

You're located in one of the richest States in the USA,
with buckets of money overflowing from Washington DC.

Look around for better customers than AMCs.
Do it the old fashioned way --- Get together a "package":

• Generic cover letter ready to be addressed
• Well-written 1-page Resume
• 1 URAR report
• 1 Small Income Report
• 1 Condominium Report
• 1 Review Report (if you like)

-- REMOVE any identifying items about the Subject, and prior Client.
Replace with "Deliberately Redacted" or some such.

Now make 20 copies on your printer, or at local Staples/Officemax/etc.
Proceed to spend 1 or 2 mornings per week on the phone
until you get all 20 copies sent to Banks & Credit Unions.

A 5% hit rate is decent, so 20 packages will probably yield
at least 1 new customer worth XX (or zzz?) thousand dollars.

Repeat as needed.
Take four aspirins and 2 trainees as business grows.
/

 

[TJSum]

You're located in one of the richest States in the USA,
with buckets of money overflowing from Washington DC.

Look around for better customers than AMCs.
Do it the old fashioned way --- Get together a "package":

• Generic cover letter ready to be addressed
• Well-written 1-page Resume
• 1 URAR report
• 1 Small Income Report
• 1 Condominium Report
• 1 Review Report (if you like)

-- REMOVE any identifying items about the Subject, and prior Client.
Replace with "Deliberately Redacted" or some such.

Now make 20 copies on your printer, or at local Staples/Officemax/etc.
Proceed to spend 1 or 2 mornings per week on the phone
until you get all 20 copies sent to Banks & Credit Unions.

A 5% hit rate is decent, so 20 packages will probably yield
at least 1 new customer worth XX (or zzz?) thousand dollars.

Repeat as needed.
Take four aspirins and 2 trainees as business grows.
/

Yep, we are in the middle of a refi boom, if you can't find full fee clients now you never will. I've been appraising in Maryland for 22 years and never accepted a fee I wasn't comfortable with. The better clients are out there, instead of spinning your wheels fighting with the AMC's go get the better clients now that they are busy.

 

[Roy Courtney]

You're located in one of the richest States in the USA,
with buckets of money overflowing from Washington DC.

Look around for better customers than AMCs.
Do it the old fashioned way --- Get together a "package":

• Generic cover letter ready to be addressed
• Well-written 1-page Resume
• 1 URAR report
• 1 Small Income Report
• 1 Condominium Report
• 1 Review Report (if you like)

-- REMOVE any identifying items about the Subject, and prior Client.
Replace with "Deliberately Redacted" or some such.

Now make 20 copies on your printer, or at local Staples/Officemax/etc.
Proceed to spend 1 or 2 mornings per week on the phone
until you get all 20 copies sent to Banks & Credit Unions.

A 5% hit rate is decent, so 20 packages will probably yield
at least 1 new customer worth XX (or zzz?) thousand dollars.

Repeat as needed.
Take four aspirins and 2 trainees as business grows.
/

I agree with just about EVERYTHING you said except for the part of 2 trainees. When you train these two folks they will be your future competition for the next 20-30 years. They know how your office is operated and they know your good clients on a personal basis. Maybe it is selfish but I would rather turn down work (pick and choose) than to train my competition! Our office turned down four assignments today and accepted two. If I had a trainee I could have accepted more but it would really cost me in the long run. Just business........

 

[stangtime]

Yep, we are in the middle of a refi boom, if you can't find full fee clients now you never will. I've been appraising in Maryland for 22 years and never accepted a fee I wasn't comfortable with. The better clients are out there, instead of spinning your wheels fighting with the AMC's go get the better clients now that they are busy.

Agreed.

Dan

 

[Wayne Henry]

Collateral damage

I agree with just about EVERYTHING you said except for the part of 2 trainees. When you train these two folks they will be your future competition for the next 20-30 years. They know how your office is operated and they know your good clients on a personal basis. Maybe it is selfish but I would rather turn down work (pick and choose) than to train my competition! Our office turned down four assignments today and accepted two. If I had a trainee I could have accepted more but it would really cost me in the long run. Just business........

Trainees are our future. Having trained over 10 trainees throughout my 15+ years appraising I can tell you it is very rewarding. I do not look at them as my direct competition because there's enough to go around for everyone. The thing you have to think about is as the profession grows it is better for us. If our profession contracts and they can not get there reports to make there loans then they may lobby congress to find away to bypass us then what? Trainees are our future, a growing future, without them there's a big question mark. Congress would easily do away with a few rather than do away with many and tick the unemployment rate higher. The way things are now if they did away with the need to have an appraisal for a mortgage finance transaction do you think the rate would move any? I do not want to be collateral damage.

 

[Wayne Henry]

You're located in one of the richest States in the USA,
with buckets of money overflowing from Washington DC.
Repeat as needed.
Take four aspirins and 2 trainees as business grows.
/

I am curious what clients are you talking about. Dodd Frank prohibits banks from ordering appraisals directly so they have to go through the AMC or was it HVCC that caused that to happen...well one of those, so what is left besides AMC and other non financial avenues?

 

[Roy Courtney]

Trainees are our future. Having trained over 10 trainees throughout my 15+ years appraising I can tell you it is very rewarding. I do not look at them as my direct competition because there's enough to go around for everyone. The thing you have to think about is as the profession grows it is better for us. If our profession contracts and they can not get there reports to make there loans then they may lobby congress to find away to bypass us then what? Trainees are our future, a growing future, without them there's a big question mark. Congress would easily do away with a few rather than do away with many and tick the unemployment rate higher. The way things are now if they did away with the need to have an appraisal for a mortgage finance transaction do you think the rate would move any? I do not want to be collateral damage.

Wayne, I am not trying to be offensive with my comments. You are chasing AMCs trying to earn a fair fee and having only limited success. I do not work for any AMCs, get full fee and turn down assignments almost daily. If you wish to train some more to compete with you that is your business.

 

[Wayne Henry]

Wayne, I am not trying to be offensive with my comments. You are chasing AMCs trying to earn a fair fee and having only limited success. I do not work for any AMCs, get full fee and turn down assignments almost daily. If you wish to train some more to compete with you that is your business.

Where is all of the non AMC work I don't see it.