Corelogic Just Acquired Alamode

[Overimprovement]

Same here. Used Alamode since 1990. I will wait & see if there are too many changes, higher prices, I may retire at the end of the year.

Don't retire! Just quote really high fees and turn times to every job that comes your way. That way our C&R fees won't look so bad.

 

[Vermonter]

And it's not just appraiser's it the entire real estate profession.

Exactly. Everyone needs to adapt.

I've done more FSBO purchase assignments in the past 6 months than I've done in the previous 10 years. Zillow, facebook, or one of the million other platforms out there. I have friends/acquaintances in sales that are all in panic mode. The past 3 reports I've completed had no MLS comps used that weren't a year old.

Tinfoil hat time......My theory is Corelogic is about data and that data is shifting from the conventional MLS to other sources. They've been able to control public records some places, but they haven't been successful in others.....here included. I'm assuming with the acquisition of M&S, some of the portals and now alamode, they believe appraisal reports could be one of those sources? Or do they think they can sell us some kind of data integration?

I dunno....typically ignore the doom and gloom after 20 years of hearing it, but this one caught my attention.

 

[MTOJOBS]

For those who do mostly lender work: is there even enough volume each year in a given tight market radius to provide a living to someone completing these new lower priced reports? I mean one would have to obviously complete more reports to maintain their current level of income. But there are only so many sales and refis to go around.

i turned down 10 to 15 a week, not bidding, actually assigned. Low fee like $265.00 for 1004. I refuse to do it.

 

[hastalavista]

i turned down 10 to 15 a week, not bidding, actually assigned. Low fee like $265.00 for 1004. I refuse to do it.

And this is the solution to the problem. As long as an appraiser creates a business model (adapts) that is sustainable and captures higher paying assignments, rejection of low fee work will make the difference in overall fees.
Not everyone will be able to reject low-paying jobs 100% of the time; but it doesn't take everyone to impact fees (witness the COW states). Just enough will make a difference.

 

[MTOJOBS]

Exactly. Everyone needs to adapt.

I've done more FSBO purchase assignments in the past 6 months than I've done in the previous 10 years. Zillow, facebook, or one of the million other platforms out there. I have friends/acquaintances in sales that are all in panic mode. The past 3 reports I've completed had no MLS comps used that weren't a year old.

Tinfoil hat time......My theory is Corelogic is about data and that data is shifting from the conventional MLS to other sources. They've been able to control public records some places, but they haven't been successful in others.....here included. I'm assuming with the acquisition of M&S, some of the portals and now alamode, they believe appraisal reports could be one of those sources? Or do they think they can sell us some kind of data integration?

I dunno....typically ignore the doom and gloom after 20 years of hearing it, but this one caught my attention.

I've been appraising going on 19 years. I never heard any Doom or Gloom until about a year before Dumb and Dumber I mean Dodd Frank, then after that I saw some doom and gloom and how it works and it has gotten worse every year. I'm not sure where you were hearing doom and gloom 20 years ago? Life as an appraiser was great 20 years ago. I scratch my head every time someone says don't worry or I don't think anything is going to happen. It has been for 10 years now and it real bad if you look at my business and income in 2005 and today. Appraisal $350.00 + 2 a day and 1 on Saturday. That's like $3,850 a week, sure I didn't do that every week but close to it. Now 1 a day at $350.00 same amount of time and I stopped working half days on Saturday. so $1,750 a week minus $15.00 per report to give it to them now it's down to $1,675 and the cost of living has about doubled so my dollars today a worth about half of what they were in 2005 so I'm really making $838 a week and paying taxes on income that is really twice that so I don't know what you're doing my friend. And you can't use other appraisers unless you go out and inspect every property and the comps and check their work and run the business or just lie and say you inspected it. That's what many are doing. So tell me how this isn't doom and gloom? I'm all about PMA but having PMA and living on the Streets is foolish and delusional, don't think?

 

[George Hatch]

alamode built their business by being appraiser-friendly. They ended up diversifying some into other sectors of the RE business, so that may have made them attractive to Corelogic. To what extent Corelogic will continue that program is open to speculation, but just the fact that they're on the eliminate-the-appraiser train puts them at a bit of a disadvantage. Of course, when they own AMCs and are in a position to demand the use of their software that gives them more leverage over appraisers than they would normally have.

All relationships are conditional, especially when it comes to business. If appraisers object to the Corelogic monopoly they easiest way to shove their latest acquisition where the sun don't shine is to simply disengage from alamode and patronize the competitors. To the extent they're able.

 

[Doug Wegener]

It's a good time for an anti-trust investigation.How is this monster in any consumer's interest?

This is just the last piece. Not a surprise from the selling end, so enough about alathat. Not concerned about who is in the counting house.

There is no sunlight in the shadow CoreLogic casts.

Agree.

 

[Vermonter]

I've been appraising going on 19 years. I never heard any Doom or Gloom until about a year before Dumb and Dumber I mean Dodd Frank, then after that I saw some doom and gloom and how it works and it has gotten worse every year. I'm not sure where you were hearing doom and gloom 20 years ago?

You must not have been listening. Even the change to digital photos brought out "the end is near" crowd.

So tell me how this isn't doom and gloom?

When did I say it wasn't?

 

[Doug Wegener]

To: Our customers

From: Jay Shafer, CEO of a la mode

Subject: News about a la mode and CoreLogic

Earlier today we announced CoreLogic has acquired a 100% ownership interest in a la mode. You can read the press release here and get more detail in our Q&A document here.

Our commitment to appraisers coupled with our software solutions are the driving forces behind this transaction. As part of CoreLogic, a la mode will continue to be focused on helping you work faster, more accurately, and with the highest level of credibility and support. Our entire history of products, from Grand TOTAL for MS-DOS to Titan embodies that unwavering commitment.

I'm sure you may be wondering what all is going to change. Rest assured, there are no immediate planned changes to your products or services because of this acquisition. You can expect to receive the same levels of customer support and service that you are accustomed to. Over time, our goal is to enhance our products and services leveraging the best of what CoreLogic has to offer.

As always, thank you for being our customer. Whether you signed up with us yesterday or back in 1985, we appreciate how you've helped us grow and how your continued support will help us shape the industry in the best interest of appraisers.

If you have any questions or concerns, simply reply to this email. We'll have an open dialog with you, just as we always have.

Jay Shafer
CEO
a la mode

Corelogic Stock.

 

[J Grant]

I don't know why but it feels like incest...