E & O Insurance

[Pamela Crowley (Florida)]

What kind of 'license' do you have?

 

[Mike Garrett RAA]

Kyoung.....

I don't want to rain on your parade but are you sure you are ready for this business?

1. Most honest appraisers do from 15 to 25 appraisals A MONTH! Good appraisers start out earning $25,000 to $50,000 a year....sometimes less.

2. Use of the word fictitious implies something wrong or illegal. What you need is to do is get some counseling from an attorney and a CPA when starting a company.

3. Having a license means little in this profession. It is like a learner's permit when starting to drive. It takes years to develop clientèle if you wish to be an honest and ethical appraiser.

 

[Non Sequitur]

Kyoung, if your brother is certified and has E&O, have him add you on to his policy as an apprentice/trainee.

 

[PAm Sluder]

You know, this discussion has been interesting, Because currently I am an office assistant for an appraiser who also happens to be a friend. She has agreed to Train me in the business. and I am excited about possible being my own boss within the next 3years! espesially (i cannot spell!) because I have two small children who need me at home for the most part right now.
However at the moment I am searching for a new E&O insurance carrier because our rates have gone up with our current holder. Can anyone recommend a cost friendly full coverage ($1mil/incident) E&O provider?

 

[Mike Garrett RAA]

Welcome to our forum. Use the search function of the forum for "Errors and Omissions" and you will find this topic being discussed many times. You can also down load a spell checker Iespell which will solve your spelling problems. I wish you well.

 

[Anthony Blackburn]

It's extremely difficult being a part time appraiser. It's like being a part time mother. I would advise against it. That being said, I don't know of anyone that provides partial policies. To take off on what The Mighty Mike Garrett said......It's like an insurance company giving a discount because you only drive just a little. Last auto insurance application I filled out, they didn't ask how many miles I drive. Besides, insurance companies are her to make a profit and maximize that profit.

 

[Mike Garrett RAA]

Hey Tony, good to see you posting again. How is business? Slower than I would like out here but still enough to keep the lights on.

 

[Baldwin]

Just my .02 When things were very busy this past year, I was putting out @ 40 appraisals a month but working 16 hour days/nights. I can't imagine 25 a week! I guess with the right help, market, location etc...it could be done but I don't think I can do that... <_< Now it's crawling with @5 a week......wew

 

[Will43]

Originally posted by Kyoung Lee@Dec 1 2003, 04:43 PM
I want to try to do about 2-3 a week but don't want to pay the same as a person who might be doing 25 a week.

At a seminar I attended, several appraisers mentioned that they average 5 per day. Some have claimed to do as many as 8-10 per day. I met a lady who owned an appraisal business with her husband. She told me he averaged a minimum of 3-5 per day, However; she typed all the reports and did all office work. I am lucky to get 1 or 2 a day. It seems like most loan officers are shopping around for the number hitters. In some rural areas, getting one done can be difficult.

 

[PAm Sluder]

Thanks Mike, I will check it out.