Brokers Open House

[smackodu]

So for the 3rd Tuesday in a row my schedule found me at a Brokers Open House. Good food and a nice relaxing way to see the inventory, talk with a few realtors and get a few business cards out there. It also sets me apart from other appraisers. I was asked for a card by a realtor looking for an REO appraiser. We will see what happens. I am always asked about price but I plead the 5th. I did 2 appraisals this week for cash buyers who were referred to me by realtors. I have been invited to attended another brokers open next Tuesday. I will be there...I also mentioned to the realtors about RELS cutting their fees to appraisers while still charging the borrower an arm and a leg for the appraisal. I advised them as to what lenders used RELS. I hope these realtors direct their buyers towards other lenders who pay appraisers real wages. Listing agents might also steer buyers agents away from those lenders. This local market is quickly becoming a sellers market.

 

[Mountain Man]

Good for you! Direct marketing to Realtors does work! We do the same thing for commercial, except it's more 1 on 1 over a nice lunch and beer or 2. We've got 3 commercial brokers who constantly send referrals, and we do the same when someone mentions selling. I've never understood the agent bashing in these forums...it's like the old Police/Firefighter fights. Same industry (public safety), couldn't do their job without the other, but just love to antagonize each other.

 

[Fritz in NY]

Isn't it a violation of something to get direct orders from Realtors...for any GSE work?
Market value, divorce, estates, BK,s are fine to do but for any lending situaion???

 

[Mountain Man]

Isn't it a violation of something to get direct orders from Realtors...for any GSE work?
Market value, divorce, estates, BK,s are fine to do but for any lending situaion???

Who said anything about getting GSE orders directly from the real estate agents? This is about networking. It also helps to see the inventory first hand while on the market, sooner or later it'll become a sales comparable. Then you'll be able to support that functional depreciation adjustment having personally inspected. A free lunch, grip-n-grin meeting other pros, and seeing future sales comps... not a bad idea.

 

[Mr Rex]

Locally, the RE companies typically go view all of their new listings @ their first group meeting of the month (or whatever their schedule is). If you can weasel your way into joining the carpool(s), you can glad hand a bunch of RE agents and see the interior of a bunch of listings that are potential future comps. Win win, if you have the time. Spring for Krispy Kreme donuts and good coffee if you really want brownie points.:icon_idea:

 

[smackodu]

Isn't it a violation of something to get direct orders from Realtors...for any GSE work?
Market value, divorce, estates, BK,s are fine to do but for any lending situaion???

I guess you missed the part about CASH buyers. It has nothing to do with anything GSE related.

 

[NorthTexValuation]

Getting a free lunch and maybe some new clients at the same time?

Good job....

 

[J Grant]

Commercial refferals from brokers would be worth more per job, and there are fewer commercial appraisers, it would make sense to develop relationships with them.

As far as residential, I think the business model works for some re going to open houses etc, not for all. There are a few heavy hitter res agents that might refer more steadily, most of the time it is sporadic though, they may refer an appraisal and then you won't hear from them for a year.

I personally don't solicit work from realtors , though in the past I worked with them. My take on it: if you factor in all the time spent going to open houses, shcmoozing, etc, and add the time in to the jobs, the fees are not all that great. A lot of unpaid time to get sporadic work.. I found that often the parties expected a discount and the jobs were time consuming due to extra time talking to the people, answering questions, etc.

But I can see it as a good business model for some and certainly informing realtors of what is going on with appraisal ordering is time well spent.

 

[Smokey Bear]

Ann O'Rourke used to always post on this. I met her on the broker's tour. Didn't know who she was, she was walking out the door when I was introducing myself to the agent. Ann made a U-Turn and introduced herself to me. We ended up being friends and she referred a good amount of business to me. I also got referrals for estate work from the agents. Plus got to see all the cool houses on the island.

 

[hastalavista]

I've gone on "caravan" before. Its a good marketing technique and a good market knowledge-gathering technique.

If I wanted to grow my business and had the time to do the personal marketing that broker tours require, it would be an easy "I'll do it" decision. Good luck to the OP!



On a related subject, the level of professionalism of real estate agents must be a regional/market thing. 99% of the agents (and, I or my office is talking to, on average, 6-agents per report) I speak with are more than willing to be helpful. When I first started appraising in LA 20-years ago, it was a mixed bag (with real estate agents). Up here in Northern California, they have been nothing but outstanding. Maybe 1 out of 100 is a jerk (maybe).

I feel sorry for those where the relationship is adversarial, but that condition is not universal.