How Many Appraisals Does The Average Appraiser Complete Per Week? Poll)

[Doug in NC]

I'm 99% sure Digger is on the VA panel. Each appraiser I know on the panel report similar info - 3 comps, always full fee (VA fee) so I do believe that part of his claims.

The rest? I don't have a clue. He has posted pics before of some of the neighborhoods he covers. They seem pretty cookie cutter type, so maybe it's easy and quick to drive the 3 comps, etc. Also, maybe this is why it's his "first vaca in 3 yrs" (another thread)

I imagine Digger works in a suburban area that is like one gigantic subdivision of 1,000 - 1,500 sf ranches. Once he's used 6-10 of the comp sales, he can use them over and over again on maybe hundreds of reports without having to start researching sales again for 3-6 months. On the other hand, he does talk about driving all the comps in ten minutes, so maybe my scenario doesn't apply.

 

[Don Clark]

"I almost never use only 3 comps. that is too small a segment of the merket. i use 4, and sometimes 5 comps...."

Don,

Let's be logical, honest and employ common sense....
4 (and/or 5 comps) is still "too small a segment of the market"....
Yes????

It depends. Depends first on what you consider a "Cpmp". As the saying goes, "every comp is a sale, but, not every sale is a comp". The number is less important than whether or not you have chosen the most similar, most proximate, and most recents sales as comps. And it further depends on what the market activity is in the subject neighborhood and market. If it is a well defined neighborhood with similar properties to the subject, with similar square footage, style, age, amenities, and financing, and are recent sales, then the numbers may change to accomodate that. If there were only 10 sales and only 4 met this criteria, then 4 would be a good indication of the market. if it is a rural area, few similar sales, and many miles in between the closed sales, then it may require a different amount to get a true sense of the market.

 

[ucbruin]

It depends. Depends first on what you consider a "Cpmp". As the saying goes, "every comp is a sale, but, not every sale is a comp". The number is less important than whether or not you have chosen the most similar, most proximate, and most recents sales as comps. And it further depends on what the market activity is in the subject neighborhood and market. If it is a well defined neighborhood with similar properties to the subject, with similar square footage, style, age, amenities, and financing, and are recent sales, then the numbers may change to accomodate that. If there were only 10 sales and only 4 met this criteria, then 4 would be a good indication of the market. if it is a rural area, few similar sales, and many miles in between the closed sales, then it may require a different amount to get a true sense of the market.

Are you not now contradicting your post #44?????

 

[J Grant]

I imagine Digger works in a suburban area that is like one gigantic subdivision of 1,000 - 1,500 sf ranches. Once he's used 6-10 of the comp sales, he can use them over and over again on maybe hundreds of reports without having to start researching sales again for 3-6 months. On the other hand, he does talk about driving all the comps in ten minutes, so maybe my scenario doesn't apply.

If he is re using the same "comps", aka sales over and over without new research it is bogus...sales and listings change research each assignment anew, even if end up suing some of the same sales. And every assignment he gets are in these subdivisions, and he is able to magically line up 4 appointments one after another a day, week in and week out...I find it hard to take at face value...or he is the one in a million golden child..

Does every appraiser in his area knock out 4 inspections a day and 15 a week? I doubt it.

Large subdivisions exist in my area, when I appraise in them, I don't stick in same recycled comps ,, each house depending on upgrades, lot, location within community etc turns out to be different after all, and the market keeps changing as new sales and listings occur. as well as conditions change

 

[residentialguy]

I'm glad to see you didn't include sex in your list of can'ts.....

Dogs
Cats
Pigs

I have seen a few exceptions in Lamas, though

 

[Freash1]

I average 10 a week all year long. Typically have two inspection days that I pack them all up. Spend 3 days typing them all up. 40 hour weeks. Full fees and I get consistent work from year to year. I only work with a handful of clients (direct lenders and good paying AMCs). They use me for my dependability and quality of work. I get the job done time after time. I used to do more but it affected by personal life and even my health. I've seen appraisers die from this business, and I won't let it happen to me.

I typically reject about 5 to 10 appraisals a week. If they are my 3rd tier client it gets rejected of if I take a few days off to go fishing or go on a trip with my family. Nothing is worth it if you loose your health or family.

Trick is to cut down on your geographical coverage area, and load up the inspections in a single day. Sell the time slots to the borrowers and agents. This will cut down the driving time spent each week. Research correctly through MLS and other sources before going to the subject. Datamaster helps with inputting data. Clone recent reports done in the market. While doing type ups, think of the subject and imagine it in your mind. Write the report in an efficient manner. Laser range finders is a great tool. Been using it for 10 years now. Also, when you set up the inspection, do it in an efficient manner. Make the route work for you. Avoid traffic in all cases. Organize your game plan out one week ahead. When inspecting, do it systematically. Same method over and over again. This will reduce missed photos and errors. Also, imagine playing a video game when doing the sketch (for large homes or oddly shaped homes. Makes placing the bedrooms and bathrooms in the correct place). I even once did one that was shaped like a hand. Also avoid grossly complex deals unless they are a tier 1 client and are paying full fees (1k or over). Fee appraisers most valuable asset is it's time. Make wise choices on how you use it. It's all about the dollar per hour you average out at the end of the week. If your spending too much time doing conditions or driving around, your doing something wrong. And most importantly, set daily goals.

 

[Freash1]

If he is re using the same "comps", aka sales over and over without new research it is bogus...sales and listings change research each assignment anew, even if end up suing some of the same sales. And every assignment he gets are in these subdivisions, and he is able to magically line up 4 appointments one after another a day, week in and week out...I find it hard to take at face value...or he is the one in a million golden child..

Does every appraiser in his area knock out 4 inspections a day and 15 a week? I doubt it.

Large subdivisions exist in my area, when I appraise in them, I don't stick in same recycled comps ,, each house depending on upgrades, lot, location within community etc turns out to be different after all, and the market keeps changing as new sales and listings occur. as well as conditions change

I do appraisals in the Los Angeles suburbs. It's possible to do 15 or even 20 a week, but not week after week (one man shop). I've done 20 in a week before, and I can you tell you I wanted to kill myself. 16 hours days for 7 days in a row. Any one man shop doing 15 a week is cutting corners or is having someone else do the work for them in one sort of a way or another. I find that doing 10 a week is perfect for me.

 

[Eli]

I average 10 a week all year long. Typically have two inspection days that I pack them all up. Spend 3 days typing them all up. 40 hour weeks. Full fees and I get consistent work from year to year. I only work with a handful of clients (direct lenders and good paying AMCs). They use me for my dependability and quality of work. I get the job done time after time. I used to do more but it affected by personal life and even my health. I've seen appraisers die from this business, and I won't let it happen to me.

I typically reject about 5 to 10 appraisals a week. If they are my 3rd tier client it gets rejected of if I take a few days off to go fishing or go on a trip with my family. Nothing is worth it if you loose your health or family.

Trick is to cut down on your geographical coverage area, and load up the inspections in a single day. Sell the time slots to the borrowers and agents. This will cut down the driving time spent each week. Research correctly through MLS and other sources before going to the subject. Datamaster helps with inputting data. Clone recent reports done in the market. While doing type ups, think of the subject and imagine it in your mind. Write the report in an efficient manner. Laser range finders is a great tool. Been using it for 10 years now. Also, when you set up the inspection, do it in an efficient manner. Make the route work for you. Avoid traffic in all cases. Organize your game plan out one week ahead. When inspecting, do it systematically. Same method over and over again. This will reduce missed photos and errors. Also, imagine playing a video game when doing the sketch (for large homes or oddly shaped homes. Makes placing the bedrooms and bathrooms in the correct place). I even once did one that was shaped like a hand. Also avoid grossly complex deals unless they are a tier 1 client and are paying full fees (1k or over). Fee appraisers most valuable asset is it's time. Make wise choices on how you use it. It's all about the dollar per hour you average out at the end of the week. If your spending too much time doing conditions or driving around, your doing something wrong. And most importantly, set daily goals.

Don't move to TN. TN would hurt your feelings.

 

[Freash1]

Don't move to TN. TN would hurt your feelings.

No way, If I plan to go to another state it would be Hawai'i. Work a little bit in semi retirement, and do those $500 condo appraisals in Honolulu. Like 5 a week. Same comp photos all in the same building and your done.

 

[Eli]

Homogeneity vs heterogeneity.