Class Valuation

[sts2f1]

This post is too funny. It's like the old frankenstein movie where all the townspeople get together to kill the monster frankenstein.
Rise up appraisers, rise up. Gather your pitchforks and torches, to kill the monster.

I find generally anyone who 55+ working as an appraiser are almost always in the end-of-the-world mindset, my dad included.

 

[Overimprovement]

My dad gave me his only non VA client. Im working on getting on the VA panel right now but until approval you are correct. It is a vicious loop.

The 10% thing is a good idea. Only one I could get to call me back was 70 though haha.

I ran into the same wall when I was trying to get my CG. Only one I talked to remotely interested wanted $40k in today's dollars up front then a cut.

Everyone here talks the talk, like it's a nothing burger to get your CG, but is anyone actually willing to mentor?

I get the what's in it for me angle, but there has to be some solution other than being an employee of Colliers, CBRE, or Cushman for 10 years.

Try going to their office and getting in their face. That's how I got my residential.

 

[ucbruin]

"Everyone here talks the talk, like it's a nothing burger to get your CG, but is anyone actually willing to mentor?"


That's why it more productive to stick to the Watercooler forum....

 

[Shawangunk RE]

I just got an email about class valuation purchasing or acquiring appraisal nation. I’ve been working in Nashville for the past four years and it seems four or five AMCs I’ve worked for have been required by class valuation. My thought is this is kind of turning into a monopoly situation Where you have to run through this one AMC to get work. This worries me in terms of fees being paid or the bidding system that we use where they can potentially keep a majority of the fee because there’s no other competition. Is there anything going on in Washington to deal with something like this or to deal with the fee bidding system? Basically we’re just eating each other to get work. The slower it’s getting the fees ive been offered have dropped down to the 400s for multifamily properties and I’m not sure how much longer this can last and people stay in this profession. Any thoughts on antitrust lawsuit or ways to get this changed?

I got the same email. Classless valuation is one of the worst AMC's. I havent had any problems with Appraisal Nation, so this news was not good to hear.

 

[DWiley]

I find generally anyone who 55+ working as an appraiser are almost always in the end-of-the-world mindset, my dad included.

My advice would be to diversify your client base and type of work, with an emphasis on adding work that is not lending related. I am talking about assignments for estates (including partial interest gifting), divorce, pre-listing, relocation, etc. Such work tends to be less sensitive to interest rates (and more lucrative than chasing the same work most others are chasing).

Developing such work requires a commitment to outreach and marketing, and some just don't want to do that. I have met many who tell me they hate that kind of stuff.
When I had a firm in Middle Tennessee we were constantly speaking at agent meetings, sponsoring agent events, working with the BAR Association etc.

Happy to connect and share ideas on what worked for me in the Nashville market.

 

[J Grant]

I got the same email. Classless valuation is one of the worst AMC's. I havent had any problems with Appraisal Nation, so this news was not good to hear.

Class. Remove the letters "CL" and we have....

 

[Essexfenwick]

I had to walk away from 6 years in college and a geology degree - after 20 years. It hurts but I cannot regret it. So, if you want to stay in the biz, I suggest you get your CG, pick some specialties to sell. Airport hangars, apartments, C stores and truck stops. If a farm background, there is a chronic shortage of farm appraisers specially building intensive farms like hog farms, chicken operations, feed lots, and ag businesses like feed mills, hatcheries, Agri stores, etc. The residential business seems to have limited growth room and is susceptible to being displaced by AI and AVMs.

Or get an SRA and non lending, hard money and local bank biz.

Even at the low point I’ve always made money with practically zero marketing. I do have an assistant that keeps all clients updated and some part timers that I give overflow orders to but it’s just a matter of commitment.

 

[Dale Floyd]

Your dad can use you jointly on his VA assignments now.

Diversify but don’t give up completely on lender work either. This profession is a great career but it isn’t for everybody.

Hopefully, the GSEs will finally be forced back into their mortgage bundling lanes in the coming months, and we can resume the role that brought the independent licensed appraiser here in the first place.