How to get on an approved list?

[Keri]

Hello to all,

I just signed on today and this is my first post. I've been lurking for the past week, soaking up as much of the information as I can. Can not tell you how happy I was to discover this message board! As a recently licensed appraiser, I have learned more on this board than most of my classes and want to say thank you to everyone who has written such thoughtful replies to the questions others have posted. Okay, here is my question: since I am new, I have few clients - two banks and a realtor. Pitiful. I have recently joined the local chamber of commerce and have been trying to 'get my name out there'. I've had the luck of a wonderful mentor who has tossed many bones my way. But the problem is, I can't rely on his kindness forever. I'm wondering how does one get on a banks approved list? Is there anyone (title) specifically to ask for at each institution? I'm thoroughly confused about this. Have been told by brokers that as soon as I get on XYZ's approved list, they will send me work. Now I'm stuck and hoping others have some ideas or suggestions on how to procede.

Thanks in advance,
Keri in Norman, OK

 

[George Hatch]

Next to finding a mentor to supervise you while you're working on your hours, getting on approval lists is the most difficult aspect of running your own appraisal practice. The easiest way I know of is to get you prospective clients to run 'interferance'. The lenders seek loan packages from the brokers and want to attract their business. If the broker wants to use you, they can ask the lender to put you on their list. When you submit your package to a specific officer at the lender (because of your broker's referral), they can fast-track your application. This works particularly well when the broker in question does some volume.

The down side to this is that you are associating yourself with the broker's reputation and track record. Choose your interferance wisely because you are known by the company you keep. Check your prospective clients' out carefully in advance before asking them to sponsor you.

Another way to get on lists is to join up with a couple of appraisal management companies. You'll still be working for a fee split and you'll be on a short leash, but it is a sure-fire way to get both appraisal assignments and the extra experience that you'll need to get more clients later.

Lastly, stay in touch and if possible, continue to accept overload and fee splits from your mentor. Networking is a powerfull tool and having other veterans in your corner is invaluable.

Good Luck

 

[Ron in AR]

Keri,

There are so many ways to get business. This site has a listing available (or at least a link to the other site Wayne has for appraisers) that has produced many new clients for me. Seems they come here to find appraisers by location.

Another great way is a Yellow Pages ad. I usually try to ask new clients where they got my name and a number of them tell me they access the Yellow Pages on line.

I remember when I started out several years ago I actually went to the Courthouse and researched deeds of trust and mortgages to see who was actually doing the lending in my area. Find them and contact them. Most folks are always willing to add another name to the list and if you provide good service, they'll use you again.

Check with local industries and see which relocation companies they use. The Chamber may know this already. Contact those companies, they have lists also.

Just a few ideas. Good luck.

Ron in AR

 

[Joe Birrell (NY)]

George Hatch offered good advise (as much as I hate associating myself with these characters, becareful your reputation is at stake). The only thing I can add is to join local board of Realtors as affilate appraiser and go to all their cocktail parties (Realtors love these things and have dozens of them per year, at least in the larger cities), you can also go to their conventions, etc. Local board also has commitees such as "Appraisers Committee", etc. This will allow you to also meet lenders who are always invited by the Realtors to their various functions. Don't forget private sources for work, such as attorneys, accountants, etc. Getting you name out there is the focus. Good luck.

 

[Theresa in Oregon]

Keri:

Thank your lucky stars that you are starting out during an upswing in the cycle! I don't know about Norman, but in Portland we're swamped with work. If it is the same there, I should think most mortgage lenders you call will be happy to give you a shot if you just offer them a quick turnaround time.

Theresa

 

[Mountain Man]

Just a few ideas:

Find out who the top dogs are in the lending institutions, send letters to them briefly describing your services, experience, and turn around time. Ask for a meeting and go see them.

Go to the Realtors offices and meet the agents. Ask the brokers if you could be a guest speaker in one of their sales meetings. Take doughnuts and coffee (everyone loves to eat). This goes for the banks too.

Get involved in the Home Builders Association and meet the builders. Solicit them like you do the real estate agents and banks (with food).

Stop in on occasion to just say Hi.

Join a golf club, I have made a LOT of deals on the greens over the years.

This will take some time, it takes about 2+ years to get a business going really good. Learn to eat pimento cheese sandwiches, they are cheap and you will need your cash for the business and power bill. :wink:

Been there, still doing that. :lol:
Mell.

 

[Keri]

Mell,

You are hilarious! I laughed out loud at the 'pimento cheese' suggestion.


To all who replied:
Thank you for the wonderful responses and advice (even the turn around time was amazing). Maybe I can start growing back my poor, pitiful nails now that I know what to do.

This message board is great!!!

Keri

 

[MarkRichmond]

Hi Keri,

I am at the same point in my career and have had some luck obtaining clients through the internet. Can you send completed reports over the internet? If you can, I will give you some tips on what has worked for me so far.

Good Luck!

Mark

 

[Will Granger]

Keri,
Welcome to a group of isolated people who desperately need understanding. You are doing the right thing. Romancing the underwriters helps a lot. They are the ones who order the appraisals a lot of the time. Many bankers and mortgage people go to Chamber functions so you are doing right: relationship marketing. If your Chamber has monthly luncheons for members, be a greeter. Don't ask to do it, just start doing it. I did that for one year and was on the BOD the next. Name recognition. You sound like a bright young thing. Stay that way.
Your biggest mountain ahead is having to learn to say "No" to a good client and possible losing that business. Pimento in pitas is pretty paltry on the palate, but you can always get some crackers and King Oscar sardines. Take along breath mints and floss. See you later valuator!

 

[Kevin Darland]

Keri

I am a couple of months ahead of you in the "trying to get on approved list", so I can feel your pain... :lol:

As someone mentioned earlier, go to Wayne's other site (appraiserusa.com) and get on the list----in the last 3 months, I have probably gotten about 10 +/- orders just from being on that list---they have all been out of area lenders that I would have never thought of hitting up for work. Another thing I would suggust is making sure that you can send your reports over the internet---I have gotten some work thrown my way during the last quarter when the other appraisers were slammed hard and their turn around time was not 2-3 days, and I got it to them in 2 days, and I saved on paper cost by sending it PDF!! (Adobe Acrobat was my best investment!!!!!--I love it!!!). Above all else, when they ask you about your turn around time--be honest and make sure you complete it in that time frame because word will spread that you are slow --remember, you only get 1 chance to make a first impression...
I hope that helps and keep plugging away...