How is your May?

[JonGalt]

Looking on the bright side, Skippy is bound to be hurting right now. Considering that Skip does work for half the rate of the rest of us, Skippy has to be getting hit twice as hard by rising fuel and other cost of living expenses. I've had an adequate month so far, leaning toward slow unless things turn around in the next week or so. I need to get back to marketing, but it's so hard to do when you're not sure you even want to stay in the business for another year.

I disagree Doug. Skippy is making vacation plans and looking for some new wheels right now. There are a limited number of appraisal orders to be had in the greater Chicago area and I'm quite certain Skippy is taking the majority of them at full fee and maybe even more as skippy provides appraisals with "special" care. Meanwhile the ethical appraisers are trying to pay their bills and looking into other sources of employment.

 

[The Warrior Monk]

Skippy is probably doing just fine. Skippy gives the MB's exactly what they want and probably had a plate full of full fee work as a result.

The one group hurting more right now than residential appraisers relying solely on mortgage work are mortgage brokers.

 

[Doug in NC]

The one group hurting more right now than residential appraisers relying solely on mortgage work are mortgage brokers.

I don't mean to laugh, but ........ well yeah actually I do. I sent out a short email ad to local FHA-approved lenders yesterday. Several emails were returned undeliverable (which I took to mean they had moved on) and one came back asking to be removed from my list (it was only a one time mailing by the way). I guess this one guy was turned off from the statement that I included about not asking for comp checks. :laugh:

 

[The Sheriff]

Averaging about 40-50 assignments per month... lowest paying are around $250 (although about five order a month top out at $210) per month. The highest is usually $1,000 (about two to three a month). Average fees are in the $325 territory. Just hired a third appraiser for my office. I'm worried about work volume... but I work hard and will finally have the opportunity to go after new clients. Sometimes you have to stay the course. FWIW... not really doing reviews (they don't pay enough). Mainly 1004 FHA and some REO work. So far this month, we're on pace to hit 50 orders.

 

[reaper]

I don't mean to laugh, but ........ well yeah actually I do. I sent out a short email ad to local FHA-approved lenders yesterday. Several emails were returned undeliverable (which I took to mean they had moved on) and one came back asking to be removed from my list (it was only a one time mailing by the way). I guess this one guy was turned off from the statement that I included about not asking for comp checks. :laugh:

I just sent out a letter re: the HVCC and had 4 people ask to unsubscribe too. 3 of which were mtg brokers. I suppose I probably wont be working with them for much longer anyways...

 

[ghrousseau]

Averaging about 40-50 assignments per month... lowest paying are around $250 (although about five order a month top out at $210) per month. The highest is usually $1,000 (about two to three a month). Average fees are in the $325 territory. Just hired a third appraiser for my office. I'm worried about work volume... but I work hard and will finally have the opportunity to go after new clients. Sometimes you have to stay the course. FWIW... not really doing reviews (they don't pay enough). Mainly 1004 FHA and some REO work. So far this month, we're on pace to hit 50 orders.

Good for you. The doom and gloom gets old after a while.

 

[Suz-E]

Slow slow SLOW!!

With that said, the assignments that I am completing are FHA, large custom homes, rural manufactured...all with higher fees so I am keeping my head above water. April was crazy and May stinks.

I also went back and looked at my May of 2007, and it was slow too, so I don't know if it's just the month in my area or what!!??

 

[Doug Meyer]

I also think that skippy is hurting. Talked to a AMC appraiser this week and she does twice as many appraisals as I did but made less money..YUCK!! In my market we are holding steady, not great but I do have work !!

 

[Ray Miller]

I am still holding my two to four a week which really is all I want. They are a mix bag. That is a full plate if I cover all my bases for each report. Put it together with my other business, auctions, REO preservation work and I am really busy. I might add I generlly turn down several and pass one or two along to another appraiser.

Nine to fourteen appraisals a month is a lot for a single person shop in the rural area I cover. I just can't see how a single person shop could do more then that with out back up help to cover some of the research and office.

It is becoming quite apparent that even at $375 to $400 a pop for an appraisal it is not meeting the cost of having the appraisal business make a return of investment and a return on investment. That is a gross of $43,200 a year. By the time you take out the true expenses and taxes for the business it drops us down to $12,000 a year net, we put in around 44 hours a week for the four appraisals. Around 144 hours a month for $1,000 = $6.94 an hour. The big M and Buger King in the Dells is paying $12 with with insurance, meals, uniforms. Something wrong here. Those fees have got to come up soon or I am dumping the appraisal end for the most part.

 

[JT1974]

I'm buried with work. I just finished a portfolio of warehouses for a trucking company and I'm currently working on a 410,000 SF warehouse/distribution center. I'm currently booked for the next six weeks and the phone won't quit ringing.

I'm gonna have to start turning work down so that I can find the time to finish my Demo Report for my MAI designation. Well..........back to the grind!