Ken,
Then my advice to you is don't participate. Appraisers have a choice to make. They can sit still, do nothing, and accept the results. OR, they can take a proactive stance on driving income for themselves that is being taken away by agents and brokers. There is a $2 billion dollar market of valuations out there that appraisers aren't getting. You can't get it without a different form, a different tool that is faster and less expensive for the lenders but puts money in the pockets of appraisers. The lowest AMC order that has come in so far generates $140 per hour for those most proficient with CVR and that's after Bradford's fee. The Bradford fee by the way pays for the data used and the software maintenance, which eliminates an annual renewal fee. You don't make money you don't pay money.
Business for CVRs comes in from both AMCs and independent lenders. Banks such as U.S. Bank and Bank of America will not go directly to appraisers based on the volumes of orders they must have managed. However, we have seen lenders go directly to appraisers through the AppraisalWorld national directory, bypassing AMCs and doing business direct. One such example generated 7 orders in one day for $225 per order. After the Bradford data fee that's $400 per hour. We have other appraisers going direct to lenders and lawyers driving $300+ per report. The income is there for those that put in the effort. For those that don't want to put in the effort but simply wait for orders, they can expect to receive less on average...but they can receive orders that are not 1004 type orders and business that typically wouldn't come to an appraiser.
I speak with hundreds of appraisers every week and they tell me they are tired of the "decline of appraising", the pressures placed upon them by the government, lenders, and AMC's. Our training is booked through April with appraisers that want to change their situation, and appraisers that see this business as we do...a great opportunity to put value back in appraising and bring $2 billion in valuations back to those that should be doing them.
I conducted a NAIFA presentation recently where I detailed the opportunity. If we had 5,000 CVR specialists doing CVRs 8 hours per day, 5 days per week, 260 days per year, we would only capture HALF of the market opportunity for BPO's alone.
There are a lot of valuations out there and your choice as an appraiser is to do nothing and let those go to agents and brokers, or make the decision to change your situation and invest in a tool that will grow your business. We aren't forcing anyone into this business, just providing an avenue, a tool to allow you to participate.
I challenge you to find out the facts by calling/emailing me.
Mark Patenaude
Director of Sales
Bradford Technologies, Inc.
(800)622-8727 ext. 214
markp@bradfordsoftware.com
