Hear me out

[J Grant]

You never know (and neither do I). Maybe Congress will cut AMCs out of the loop due to widespread violations of appraiser independence or appraiser competency requirements. I don't see any indications of that having occurred but it remains among the possibilities. Or, maybe the feds will revise their final interim rule and convert C&R requirements to their original intent. I don't think that likely after this many years but it's still possible.

Since it is unlikely, that is why I advise any young or mid-career-age person to RUN away, as fast as they can, from res license work . A shame I have to give that advice, because the appraisal field needs young, smart people in it -

Maybe if the consumer lawsuits embarrass the AMC-aligned interests enough, if it becomes public, combined with the NAR letter, it might help. They have more than amply demonstrated they would not change it to help the drowning appraisers .

 

[Terrel L. Shields]

Income is pretty much the most important factor in any business.

I worked to eat not eat to work.

My hairdresser (colorist )

I need a hair restorer...to heck with color

 

[Zoe]

We were paid $350 by then, 40 years ago $275 and 6 pages maybe. By 2006 our reports were 25 pages long. The last report I did with less than 15 pages was probably in the 1990s.

Yes, stupidity and laziness are just as important

The additional expenses and requirements as well as the inflation of costs being much greater than 160%% or so, suggests $700 is underwhelming.

Yeah, FHA was like $350 a long time ago when they had a fee panel.

 

[Zoe]

Years ago, FHA pretty much set the fee appraisers were comfortable with. If you were on the FHA fee panel, you were considered great.

If you were not on the panel, you set your fee according to FHA.

VA is $750 in TN. I expect it to go up.

 

[Tom4value]

I know I am late to the party here but here are ole Tom’s comments.

When I started appraising in in 1992, my boss got $235-$250 for a sf and condo. I got 40%. He paid for film developing and the company E&O. When I started my side hustle, I paid for that. I also went to town/city halls for all my data and paid for a fax of the deed. Now everything is online for free. Now we have digital cameras. No film developing, no FedX reports to clients. Now is definitely better.

Now we have the UAD 3.6, the latest scare that will probably be like the other countless “scares” I have encountered in my time, scary because it is new but doable.For the fee I will charge, don’t know yet. I do know that my clients know it will be more. I know that AMCs will be charging lenders a hell of a lot more and since I don’t deal with them, all my clients I work with directly or though a portal, I am in a good position. I am hoping that I won’t have to “catch a dropping knife” and they tell me a reasonable fee before I tell them a fee that prices me out.

 

[GWISC]

I think we have been conditioned to work for hobby level wages. We think $450-$550 (my fuzzy math estimation of where fees are with most of us) is a lot of money. It isn't.

We are so accustomed to asking meekly for fee increases. Rather, I just announce a fee increase. If I lose business, so be it. I increase my fees 5% ever two years no matter how busy or slow it is. I get some push back at the the start of the new pricing, but my clients still send work. They get used to the new level. I know, many of you can't do this. I am likely retiring in a few short years. I am just trying to get fees up for those following in my footsteps. Disclosure: I am a sole proprietor and the only employee, so I am not as sensitive to clients balking at fee increases.

Think about it; Lenders and AMC's are conditioned to saying no to fee increases no matter how long ago you last revised your prices. Your colleagues at rival firms may have all had the same notion at increasing their fees, but were shot down when discussing with their client/lenders. Each rival probably thought they were the only inquiring about an increase.

If we all just sent out a memo to clients informing them of revised pricing and why (increased liability insurance, additional expected time, additional stips, gas prices, cost of living increases, etc...), we could all enjoy a better living than we have now.

I speculate that most of the appraisers on this forum are not the corner cutters that we complain about. I suspect most of us conduct ourselves professionally and do thorough research and produce reports that are way above the reports the corner cutters churn out. You have to point that out to your clients.

Stop working for hobby level fees.

If you think you are powerless, just think about this:
Just one pubic hair from your body can shut down an entire restaurant. No that's power.

 

[Tom D]

All direct lenders, they haven't even mentioned it. I sure am going to be raising. But, won't say it here, until i know that ceiling. But, do not discuss any $ sign on this blog, it's big trouble with the feds seeing those discussions, being collusions on price fixing.

 

[Brian D]

Ok so I just read an article in RE magazine which states 85% of us appraisers have over 21 years experience. So that tells me that most of us have seen huge transformations in this dying industry. Do you remember when we got paid $275 for a 6 page report? How is it that 20 YEARS LATER we are getting 400 to 450 for a 30 page report? Geez Im over it. So hear me out.....Appraisals are going away pretty fast due to all of the technology. HERE IS OUR LAST CHANCE TO MAKE A BIG IMPACT ON WHAT IS LEFT OF OUR CAREERS AND INCOME......I believe that doubling my fee with the new 3.6 would be justified! Now is the time for ALL appraisers to stick together and turn the tables back to where we are getting paid for what all we have to do. Chime in and let me know what you guys are planning on doing as far as fees. I sure would appreciate the input.

I'm not raising my fees, I'm charging for an entirely new product which is substantially different from the old product. If I was an electrician, and the NEC was revised, which resulted in it taking me twice as long to install a new circuit breaker panel, I would have to charge more to install it in accordance with the new regulations. If you want it installed the old way it's the old price but, the old way is no longer acceptable.