ilikethings
Freshman Member
- Joined
- Jun 30, 2020
- Professional Status
- Certified Residential Appraiser
- State
- Colorado
Hi!
So I recently started doing work for one of these hybrid companies, mostly out of curiosity since they’ve achieved some significant VC funding.
What I’m seeing now would have been honestly considered beyond the pale 5 years ago, but no one seems to care about the rules anymore, especially with this organization.
1. I was offered a void non-compete/non-solicit which is a Class II misdemeanor in the State of Colorado as of 8/10/2022. Haven’t decided what to do yet as there is zero settled case-law. It was also insanely restrictive, lasting almost two years after termination of the agreement. This was all thrown out already but I have not signed any new documents they’ve provided.
2. Several of the Appraisers that work for this company are licensed in my State but don’t even live within the State. The company sends out “trainees” off of the street that they typically never even communicate with directly, the turnover I’ve seen even after just a month is staggering, and inspection quality is hilariously bad. Honestly I have no idea how these trainees would even report these hours to the State if they ever even got to the required certification hours, which brings me to my next point.
3. There appears to be zero focus or pathway of developing these “trainees” as legitimate appraisers. They are hired and strictly perform inspections, that’s it. They have zero involvement with the Appraiser, zero legitimate apprenticeship, and zero accountability (Colorado does NOT license trainees).
4. Appraisers are hired at a pittance of a salary, yet expected to sign at least 20 appraisals a month to just maintain that salary. This amounts to about 1/4 or less of the total report fee paid to the appraiser, as distributed by the company who takes the Appraiser’s check. They also require you to provide ALL of your client log-ins and relationships - if you refuse, they just make new profiles for you. I have been vehement in keeping them from doing this to me.
5. It’s all about one particular wholesale client, who doesn’t care about MLS photos or “trainees” inspecting. A late report to this particular wholesale client is the end of the world, a revision sitting more than 12 hours is world-ending as well. “Managers” will descend upon you from out of the woodwork at the slightest hint of this Client’s displeasure. They seem to have calls with the CEO basically every day and the company send this client cookies and flowers every week. The staff here also has Fannie managers on speed-dial for “clarification”.
None of this really sits right with me at all, so I’m looking for any guidance anyone can offer as to either make this process accountable to USPAP, or any other avenue to maintain the integrity of our trade. I mean… the report is automatically misleading if you don’t even live in the State, right? I mean the certification states that you viewed the comparables from the street, and I doubt they’re flying over here to do so for every order…
(I will not be disclosing the name of the company or clients for basic CYA, so please don’t ask. You’re perfectly allowed to guess of course, but I won’t be confirming. )
So I recently started doing work for one of these hybrid companies, mostly out of curiosity since they’ve achieved some significant VC funding.
What I’m seeing now would have been honestly considered beyond the pale 5 years ago, but no one seems to care about the rules anymore, especially with this organization.
1. I was offered a void non-compete/non-solicit which is a Class II misdemeanor in the State of Colorado as of 8/10/2022. Haven’t decided what to do yet as there is zero settled case-law. It was also insanely restrictive, lasting almost two years after termination of the agreement. This was all thrown out already but I have not signed any new documents they’ve provided.
2. Several of the Appraisers that work for this company are licensed in my State but don’t even live within the State. The company sends out “trainees” off of the street that they typically never even communicate with directly, the turnover I’ve seen even after just a month is staggering, and inspection quality is hilariously bad. Honestly I have no idea how these trainees would even report these hours to the State if they ever even got to the required certification hours, which brings me to my next point.
3. There appears to be zero focus or pathway of developing these “trainees” as legitimate appraisers. They are hired and strictly perform inspections, that’s it. They have zero involvement with the Appraiser, zero legitimate apprenticeship, and zero accountability (Colorado does NOT license trainees).
4. Appraisers are hired at a pittance of a salary, yet expected to sign at least 20 appraisals a month to just maintain that salary. This amounts to about 1/4 or less of the total report fee paid to the appraiser, as distributed by the company who takes the Appraiser’s check. They also require you to provide ALL of your client log-ins and relationships - if you refuse, they just make new profiles for you. I have been vehement in keeping them from doing this to me.
5. It’s all about one particular wholesale client, who doesn’t care about MLS photos or “trainees” inspecting. A late report to this particular wholesale client is the end of the world, a revision sitting more than 12 hours is world-ending as well. “Managers” will descend upon you from out of the woodwork at the slightest hint of this Client’s displeasure. They seem to have calls with the CEO basically every day and the company send this client cookies and flowers every week. The staff here also has Fannie managers on speed-dial for “clarification”.
None of this really sits right with me at all, so I’m looking for any guidance anyone can offer as to either make this process accountable to USPAP, or any other avenue to maintain the integrity of our trade. I mean… the report is automatically misleading if you don’t even live in the State, right? I mean the certification states that you viewed the comparables from the street, and I doubt they’re flying over here to do so for every order…
(I will not be disclosing the name of the company or clients for basic CYA, so please don’t ask. You’re perfectly allowed to guess of course, but I won’t be confirming. )
