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Good and the Bad Business!

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acero97989

Thread Starter
Sophomore Member
Joined
Dec 6, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Hello I am a current trainee and on the verge of getting my Certified Residential Appraiser License. I am planning on starting my own company. I am interested in finding new clients or AMC's. I would like to ask the experienced appraisers out there, what are the good AMC's and the bad ones? Any advice on a good method of getting business when times are tough right now??? Thanks in advance for your reply!!
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I am not currently aware of any 'good' AMCs, but will not state there are none. The vast majority of the big national AMCs are very bad.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Since times are tough, I'd suggest staying where you are.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Ditto

I have not seen any evidence that there is one AMC that consistently does appraisers any good.

Most are a hassle to work for, a hassle to get paid, and are just the straw boss for some lender who wants to have a 3rd party pressure you instead of them.

In short, AMC's are the proginy of the Devil.
 

Kathleen Bryce

Sophomore Member
Joined
Apr 6, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I am planning on starting my own company. I am interested in finding new clients or AMC's. I would like to ask the experienced appraisers out there, what are the good AMC's and the bad ones? Any advice on a good method of getting business when times are tough right now??? Thanks in advance for your reply!!

Since you asked. Go nowhere Continue to support your mentor and yourself. Just because you passed an exam you are REALLY not ready for the real world.

1) First you need to set down and put together the numbers. How much does it cost for. Appraisal software, MLS, data services, E&O insurance. Add them together and devide by 12. That is how much you need to bring home to cover overhead.

2) Now put together the miniumum amount of income it will take to pay all of your bills, put food in the mouth of your critters.

Now determine your average trip per appraisal for your travel expense.

Add these together these are your FIXED costs.

Add 25% for the IRS. 15% tax bracket, 15% Self employment tax. From income less direct expense.

Take number of appraisals you feel you can do per month. Be realistic. If your answering the phone, calline to collect. Replying to U/W's stupid request it's not as many as you are doing today. I promise. Divide this number by your fixed cost. This will give you your base cost per appraisal.

Now take your base appraisal cost. ?$175?.. Subtract the previous amount. And now subtract the cost of Tax on this income $175 -$43.75 That leave you $134 for your trouble minuse the calculation in step one.

NOW HOW MANY CAN YOU DO AND MAKE A PROFIT, KEEP EVERY ONE HAPPY INCLUDING YOUR SO AND GET SLEEP.

You should REALLY look at this before saying I'm Cert now! I'm free!!!!

I've been certified for 4 years and still do work for my mentor! I do OTHER work too, but they still make money off of me, and I them. I'm still learning and would not be anywhere without those people... Think about it....

Newly Certified you still don't know what you don't know...

Kat
Fort Myers, FL
http://www.leecountyappraisers.com





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Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Also remember, no time off for new company owners!! Once you go on vacation,your AMC will dump you. You are a slave for life for those AMC's
 

Ty Sutton

Sophomore Member
Joined
May 5, 2006
Professional Status
Certified General Appraiser
State
North Carolina
i spent 12 years with my mentor....

left with a good client base and 2 partners.....
 
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