Getting work from AMCs

[Fernando]

Years ago when AMCs weren't that prominent, I had different strategy in getting work. It was more about getting orders as fast as possible. Fees were more responsible and worked for me.
Now AMCs have influence in appraisers' fees. My strategy now is finding good paying clients.
Hope you find your niche.

 

[David S]

So, then what is a normal expectation? I'd be happy with 5 a week. I was told by my supervisor that is normal.

5 a week? Wow! Superstar. For me every full appraisal takes about 12~15 hours to complete. For my age, I can't sustain 12 working hours everyday now. Don't forget, you will get revision from time to time. And they must demand back within a few hours. 2~3 a week is best for me.

 

[David S]

In my best days, I couldn't do 20 appraisals a week continuously.
That's like 3 a day.
Best I could do is 2 a day and it "ruined" my health.

If you are talking before 2009, 3 a day is possible. There is not too much comment(s) we shall fill out. Just grab the comps, take photo, measure the GLA, fill out the grid and submit. At that time, most time consuming is the inspection.You can do the inspections in the morning, at noon and afternoon, then submit 3 reports at night. Now it flips over.

 

[David S]

I know some people are cutting corners. Hiring people to take comp photos and using outsourced companies to do their research. I've ran into other appraisers doing 10-15 a week. Seems shady.

Then, he is kind like running a company. Thing is totally different. How much money he needs to pay those people?

 

[David S]

Yeah this guy said he didn't lower his fees. I call BS. He did say he was signed up to 100 AMCs. Who knows.

Well I signed 100+ AMC too. But I didn't get any good order from 90+. Some of them were closed the business during the past 2 years, many of them send me $400- fee for full appraisal. I turn down all because it is lower than I work for my own housework "fee"

 

[Zoe]

It is not just a downturn in the market

I don't know if you keep up with the changes at Fannie and Freddie, but over the last few years, they have been using WAIVERs in place of appraisals, and it has grown to replace a percentage of appraisal work. Idk how much but my estimate is depending on lender clients and the market area between 20% - 40% of appraisals replaced by it. Taht is permanent unless regulators or others make a change and decide not to accept them. some lenders might use a lot of them, and some very few. A borrower of course, can opt to get an appraisal instead of a waiver if they choose but many go with the waiver -

perhaps look into a county assessor job?

If you stick with appraisals, try to learn to do the difficult /complex and high value orders -

Yeah the OP does need to look at many possible clients and/or employers besides an AMC. Call on them every week.

There is no federal requirement that a lender use an AMC. Many don't use AMCs.

If they have a source on most mortgages recorded by lender in their area. Call on those lenders every day that you are not working. Go to their offices and lawyers and accountants. Just drop in and leave a business card and whatever else you want to leave and say I would like to do appraisal work for you. This is my credentials and resume.

They may say you need to talk to this person. Let me find them for you. Okay, thank you.

 

[JTip]

New appraisers (including myself back in the day) felt the ONLY gig for a CR is lending work. Building a business doing ONLY fee/lending/AMC work and making a living wage these days is a pipe dream unless you do a huge volume at bottom barrel prices or specialize in monsters 100 miles away for four digit paydays.

Luckily there are other options. Federal and state jobs with real paychecks are real benefits, all because you have a certification. Combine that with one a week fee job part time work, that's another $20k annually not even breaking a sweat. Get out your HP-12C and figure out what 2 or 3 a week can get you working a couple of evenings. Or, do one of those 'monsters' a week......

Take the appraiser 'red pill' and open your eyes.

 

[Zoe]

New appraisers (including myself back in the day) felt the ONLY gig for a CR is lending work. Building a business doing ONLY fee/lending/AMC work and making a living wage these days is a pipe dream unless you do a huge volume at bottom barrel prices or specialize in monsters 100 miles away for four digit paydays.

Luckily there are other options. Federal and state jobs with real paychecks are real benefits, all because you have a certification. Combine that with one a week fee job part time work, that's another $20k annually not even breaking a sweat. Get out your HP-12C and figure out what 2 or 3 a week can get you working a couple of evenings. Or, do one of those 'monsters' a week......

Take the appraiser 'red pill' and open your eyes.

Some would pay you and your expenses to get the CR. Absolutely.

 

[Zoe]

Give BREA a little time. Hope the reviews turn out good for you. You didn't get this far quick. Hold your horses. Patience is a virtue.

 

[J Grant]

New appraisers (including myself back in the day) felt the ONLY gig for a CR is lending work. Building a business doing ONLY fee/lending/AMC work and making a living wage these days is a pipe dream unless you do a huge volume at bottom barrel prices or specialize in monsters 100 miles away for four digit paydays.

Luckily there are other options. Federal and state jobs with real paychecks are real benefits, all because you have a certification. Combine that with one a week fee job part time work, that's another $20k annually not even breaking a sweat. Get out your HP-12C and figure out what 2 or 3 a week can get you working a couple of evenings. Or, do one of those 'monsters' a week......

Take the appraiser 'red pill' and open your eyes.

What federal and state jobs for CR appraisers are you referring to?

Other than county assessor jobs, I can not think of any, or any that just a regular CR license could get.
I agree that for many, it is better off viewed as part-time income these days.
If one has to reduce their fees to get AMC work to the bare margins of profitability, it is not a sustainable way to make a living.