How Many Appraisals Do You Complete Each Week?

[Terry Caldwell]

So has anyone completed a study to compare the relationship between quality comps and distance from the office? The further I drive the more likely the comp will turn out to be useless. Inspections completed closer to the due date are more likely to contain one more useless comps. I generally take 10-12 comp photos unless I have pre typed the report and researched the comps in detail.

 

[Slappy]

I keep it at 5 t0 7 a week. When I started in 1992, the standard local fee for a 1004 was $350 and I did maybe 10 a week ( I was 20 years younger too!). Now, "standard" fees for basic properties are $450-500. I have pulled appraisals I did 20+ years ago. No MC, no MLS list attachments, no tax record attachments, no photos of CO detectors, smoke detectors etc, etc.... I had limited "bolierplate" in my addendum back then with more detailed discussion of the neighborthood, subject detail and comp search rationale. Looks like today I am getting paid marginally more per appraisal but have to add a lot of "fluff" in the report which actually cuts back on the time I allot for ANALYSIS.

 

[Terraform]

id die if i had to go back and take comp pics. why dont you just take them when you do the inspection? i take 3 comps with me on the initial inspection and they go in the report. done.

I too take on average 3-5 sale comps. and 2 listings, but if I run into an inspection that reveals improvements and conditions that were not originally conveyed, I simply make a call back to the office and have a search performed for the new comp. criteria, it's done within a few minutes and I am off to view the properties that fit the new criteria.

 

[VALU8]

So has anyone completed a study to compare the relationship between quality comps and distance from the office? The further I drive the more likely the comp will turn out to be useless. Inspections completed closer to the due date are more likely to contain one more useless comps. I generally take 10-12 comp photos unless I have pre typed the report and researched the comps in detail.

I like when the subject is 35 miles out...and for whatever reason (change of comp) You find yourself needing to drive that 35 miles out again just for one picture. Especially when you submit the report all polished up and and nice, then the AMC or the lender request that you put a different comp in.

 

[VALU8]

I am very inefficient as an appraiser. I rarely get comp photos on the first trip.

I am astounded by the volume some appraisers claim they complete each month. They must be perfect human machines of efficiency and very lucky on assignments sent to them.. On balance most appraisers are probably considerably less than the outlandish claims and most certainly a good bit more than me. Good for you!

For my mentor and I, I don't think the issue is the time taken to set up an appointment, go do the inspection, take comp pictures, and write the report... Most of the time that will take a day or two, depending on if it's cookie cutter or if it's more complex. The issue is when you do all that and submit the work, then later in the week while you're doing another one- It comes back from the dead, and they want revisions that might take some time.

IMHO the AMC likes to justify it's existence so there are *always* at least little changes. (IE comment on the style of the fireplace).

 

[Carnivore]

For my mentor and I, I don't think the issue is the time taken to set up an appointment, go do the inspection, take comp pictures, and write the report... Most of the time that will take a day or two, depending on if it's cookie cutter or if it's more complex. The issue is when you do all that and submit the work, then later in the week while you're doing another one- It comes back from the dead, and they want revisions that might take some time.

IMHO the AMC likes to justify it's existence so there are *always* at least little changes. (IE comment on the style of the fireplace).

Yes, I forgot to describe in enough detail the 'Other' on land use. Didn't matter that I had also included an aerial of the market which clearly showed all the different uses. Gee, I thought a picture was worth a thousand words!

I don't want to describe an AMC that way. It to strongly suggest that they are justifying their role/existence.

 

[Overimprovement]

I used to try to pre-select comps, but got burned so often I stopped. To me, until I actually inspect the subject, I really have no idea which will be the best 3-5 comps. I My goal is to pick the best comps, not the most convenient ones for myself, and not just ones off of the list I pre-selected before leaving the office.

To that end, I have started to allot time after each inspection to pull comps while in the field using my laptop and hotspot. I'm already in the field, and that way I get to choose the most similar comps. This saves comp searching time on the front end AND driving time on the back end. Very useful for those more rural areas as well, that are 45 minutes + from the office. Every minute counts for us self-employed folks, who essentially bill by the hour.

 

[Addie]

I used to try to pre-select comps, but got burned so often I stopped. To me, until I actually inspect the subject, I really have no idea which will be the best 3-5 comps. I My goal is to pick the best comps, not the most convenient ones for myself, and not just ones off of the list I pre-selected before leaving the office.

To that end, I have started to allot time after each inspection to pull comps while in the field using my laptop and hotspot. I'm already in the field, and that way I get to choose the most similar comps. This saves comp searching time on the front end AND driving time on the back end. Very useful for those more rural areas as well, that are 45 minutes + from the office. Every minute counts for us self-employed folks, who essentially bill by the hour.

So I’ve been around the industry for a long while. But never actually done the processes myself.

This is what I’m learning. Selecting comps prior is a fools errand. Not sure what I’d be better at, trading penny stocks or selecting the best 3-6 (whatever # it takes) every single time.

My question to you and appraisers like you that do it the way you have chose. How do you verify 2 sources for everything, GLA, how sold, etc, etc? Doesn’t that take a long time for realtors to get back to you? Example, out here, in older areas, MLS GLA is just made up and assessor is different. So you have to reconcile. Are you doing this in the field? That would take me 4 hours in my car.

 

[Digger88]

So I’ve been around the industry for a long while. But never actually done the processes myself.

This is what I’m learning. Selecting comps prior is a fools errand. Not sure what I’d be better at, trading penny stocks or selecting the best 3-6 (whatever # it takes) every single time.

My question to you and appraisers like you that do it the way you have chose. How do you verify 2 sources for everything, GLA, how sold, etc, etc? Doesn’t that take a long time for realtors to get back to you? Example, out here, in older areas, MLS GLA is just made up and assessor is different. So you have to reconcile. Are you doing this in the field? That would take me 4 hours in my car.

now what ive learned is preselecting comps is only as good as your MLS and my MLS is is outstanding. ive only preselected comps for 26 years. for 3 comp reports i leave the house with 3 comps. only the most ultra rare occasions do i need another comp to bracket something i missed then i jump on my phone and get another comp. i could not work in some of your markets.

 

[Overimprovement]

now what ive learned is preselecting comps is only as good as your MLS and my MLS is is outstanding. ive only preselected comps for 26 years. for 3 comp reports i leave the house with 3 comps. only the most ultra rare occasions do i need another comp to bracket something i missed then i jump on my phone and get another comp. i could not work in some of your markets.

Because of the lack of quality of my local assessor pages, I typically don't use them in my sales searches, only MLS. About the only thing they get right is the sales date and price, so I feel I can count on that. No need for me to confirm sales in the field, office is just fine. On the rare occasion there is some discrepancy, I call the agent. I am really only confirming sales date and price. I stopped calling agents after about the tenth one in a row (or the office manager) said to me: "I don't remember, what does the MLS say?" Most are too 'busy' to pull a physical file up and look at the HUD.