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Cushman OR CBRE

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How exactly does IRR work? Do they take a % of all fees? take a percent of only the things they bring to you?

I've always wondered how it operated.
 
Where's it going to go?

Compared to most other investment classes, real estate is still as solid as can be.
That's what they were saying about Bear Stearns Hedge funds last year... :) Investing in oil and gas wells would be about as safe, especially if you were not dilusional enough to think any such investment is either "safe" or well managed.
 
Having previously worked on the lending side for 17 years, I was more impressed by Integra (IRR) than CBRE or Cushman. It didn't start as a national company, but as a consortium of some of the most reputable appraisal firms in individual markets -- Winius in Phoenix, Mark Lamb in Dallas, and so on. I was constantly disappointed by most national firms, and at the prodding of the OTS, limited my institution's approved appraisers list to individual appraisers. If the approved appraiser worked for a national firm, it was sometimes a struggle to have the report done by the same appraiser who was actually engaged.
 
Having previously worked on the lending side for 17 years, I was more impressed by Integra (IRR) than CBRE or Cushman. It didn't start as a national company, but as a consortium of some of the most reputable appraisal firms in individual markets -- Winius in Phoenix, Mark Lamb in Dallas, and so on.
The main rap against IRR has always been the incredible inconsistency of product provided, much the same as with C&W and CBRE. The difference with the "C"s is that, if you have a problem, you could always call up the food chain and get your issues resolved. Blow in a phone call to Doug Haney or John Busi and your problems are over. To the best of my knowledge, that pretty much a hit or miss proposition with IRR.
I was constantly disappointed by most national firms, and at the prodding of the OTS, limited my institution's approved appraisers list to individual appraisers. If the approved appraiser worked for a national firm, it was sometimes a struggle to have the report done by the same appraiser who was actually engaged.
Within any larger appraisal firm, you will have the good, the bad and the ugly. The more appraisers working within a firm, the larger absolute number of great appraisers will be in that firm - and the larger absolute number of idiots. The thing that separates the "good" firms from the "bad" firms is how they respond to the inevitable problems that will occur during the process.
 
...and at the prodding of the OTS, limited my institution's approved appraisers list to individual appraisers. If the approved appraiser worked for a national firm, it was sometimes a struggle to have the report done by the same appraiser who was actually engaged.
We also approve individuals, not firms, and it is a constant struggle to make sure that the approved individual sign all reports done for us. It's a standard part of our engagement letter.
 
We also approve individuals, not firms, and it is a constant struggle to make sure that the approved individual sign all reports done for us. It's a standard part of our engagement letter.
The simplest way of ensuring that the approved appraiser signs/inspects or whatever the requirement is, is to reject reports where the requirement is not met. If you aren't willing to do that, don't complain. If you aren't willing to take your requirements seriously, why should the appraisers?

BTW, I have yet to see any bank reject a report because of the lack of an approved appraiser's signature or inspection.
 
Good dialogue....as an appraiser for a large firm...its always intresting to me to see how people view my company (IRR) and other large ones....as well as the smaller shops. I am not here to say that IRR is the be all end all....it works for some...not for others. I think that can be said about almost all the shops...large or small. As an appraiser...you just have to find who you work best with and specialties or non-specialties are symbiotic.

With regard to fixing a problem with IRR ....i assume you must have had a problem with a particular office, but I know that our office phone number and names are all over the report...so getting something fixed shouldnt be anymore problematic than other firms.

Btw Vernon....Mark Lamb is one of the MAI's I work with alot...he's a great mentor.

With regard to the question as to IRR % take....i am merely an indian and not a chief...so i have little information on that side.

Again, thank you all for the insight I greatly appreciate it!
 
The simplest way of ensuring that the approved appraiser signs/inspects or whatever the requirement is, is to reject reports where the requirement is not met. If you aren't willing to do that, don't complain. If you aren't willing to take your requirements seriously, why should the appraisers?

BTW, I have yet to see any bank reject a report because of the lack of an approved appraiser's signature or inspection.
You have now. It may be a constant struggle, but we send every one back for the proper signature. I have yet to see that person refuse to sign, lol.
 
You have now. It may be a constant struggle, but we send every one back for the proper signature. I have yet to see that person refuse to sign, lol.
No, I mean REJECT the report, not send it back for modification. If the approved appraiser didn't sign it the first time, it's a very good bet he didn't have anything to do with the preparation or review of the report. If he didn't do more than provide a cursory signature after the report is sent back, what's the purpose of the requirement?
 
No, I mean REJECT the report, not send it back for modification. If the approved appraiser didn't sign it the first time, it's a very good bet he didn't have anything to do with the preparation or review of the report. If he didn't do more than provide a cursory signature after the report is sent back, what's the purpose of the requirement?
The purpose of the requirement is to have a specific party on the hook. If the approved appraiser has that much confidence in his/her subordinates, that's fine. Personally, I wouldn't sign anything that I had not reviewed in detail myself. Nonetheless, it's not like the report doesn't get reviewed in detail to determine if it is compliant and supported.
 
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