Just Accepted My First Assignment!

[bnmappraisal]

I am newly certified as well and would like to if anyone can recommend AMCs that accept newly licensed appraisers or should I just apply to all that are licensed in my State and hope for the best.

I would just let as many people know as you can that you are a CR and would love to help them with their appraisal needs!

This can be mortgage bankers, agents/realtors, credit unions, banks, and yes, even AMCs. If you throw enough stuff at a wall, it eventually will stick

I wouldn't try to only market to AMCs, but they usually are the "easier" clients to get. If you go that route, I would try to talk with someone at the AMC first to see if they have an "experience" requirement
(Edit to add: The reason I would try to check on the "experience" requirement is so you're not wasting your time applying for their panel, just to find out they don't accept anything less than X yrs)

Best of luck to you

 

[Digger88]

congrats bro! im sure youve done a ton already so dont sweat it, youll be fine. you arent curing cancer you are doing a job which can be very profitable if you treat it as just a job.

 

[Carnivore]

So if your new then some of what you learned is still relatively fresh in your mind.

If your stepping out on your own then now is the time to start building your reference library. I say start because reference books cost money.

Here are some that I recommend in the beginning. NOTE: You don't have to Buy the latest and greatest Edition. but if you have the jack then get the newest

1. "Using Residential Appraisal Report forms" form 1004 & 2055 - Appraisal institute -
There is one on Condo' & Coops also and another one on Small-2-4 unit Income Property Appraisal Report

2. The Dictionary of Real Estate Appraisal. - might as well make yourself look smart by using correct terms and definitions

3. "The Appraisal of Real Estate" - Another AI book that will come into handy as you grow.

These reference and instructional books are a great start

 

[sputnam]

Anyone else experience those dual emotions of "Here we go!" and "Oh God, what have I done?"

Yes, I know I'm competent and I fully believe I can complete the appraisal, but what if I booger it all up?! But you've got to start somewhere and everyone has that first appraisal, right?

You just think you are competent. Save the report in the back of a draw, pull it out and read it in a few years. You'll be appalled. Oh, and congratulations.

 

[RockBass]

Thanks to everyone for the well wishes, congratulations, and lots of great advice. I turned the reports in to the client on the 15th and went over everything with them (it was a private GPAR, one 'as is' and one with a hypothetical condition). They were very satisfied with the presentation of everything and took a few business cards to pass around to people they know.

I kept track of the hours spent, and what they were spent on. Final tally was 35 hours and three existential crises to complete the assignment. What was the biggest time sink? Doing the research and developing my adjustments. Sure, my trainee and day job experience tell me what a garage bay runs in my market, but once I was on my own I realized that I did not have the data to back any sort of claim like that up. My piece of advice to any other newbies like me would be to take a day or two, pull up your MLS and Assessor's Office, and start coming up with your own book of adjustments. That was 20 hours of necessary work that will serve me in each appraisal to come.

 

[Laryssa W]

I would just let as many people know as you can that you are a CR and would love to help them with their appraisal needs!

This can be mortgage bankers, agents/realtors, credit unions, banks, and yes, even AMCs. If you throw enough stuff at a wall, it eventually will stick

I wouldn't try to only market to AMCs, but they usually are the "easier" clients to get. If you go that route, I would try to talk with someone at the AMC first to see if they have an "experience" requirement
(Edit to add: The reason I would try to check on the "experience" requirement is so you're not wasting your time applying for their panel, just to find out they don't accept anything less than X yrs)

Best of luck to you

Thanks so much!

 

[methow]

Here is the Tip of the Day for you

Sign up today https://www.fanniemae.com/singlefam...aign=AppraisalNews&utm_term=_&utm_content=_NT

Ooh. Fannie Mae help for appraisers: I didn't know about this site. Thanks for posting!

 

[RockBass]

I am newly certified as well and would like to if anyone can recommend AMCs that accept newly licensed appraisers or should I just apply to all that are licensed in my State and hope for the best.

Here's the process that I went through getting my first assignment:

I signed up with 8 AMCs. I chose them by reading through the "Good, Bad, and Ugly" forum posts and specifically chose the ones that other people were complaining about due to them offering "lower rates" and "catering to new people". Guess what? I'm a new person who is willing to work for lower rates to establish myself!

In the interim I ordered business cards and gave them out to friends and family. Lo and behold, a friend of a friend of a friend heard about me, and needed an appraisal done for a potential short plat situation. That's the one I started this thread about.

In the interim, I started getting a couple of inquiries from some of the AMCs about who I was, and my experience. I even got a few orders that I had to turn down because they were out of my coverage area. But on 7/2 I got an order for a tricky FHA refinance in a rural area that obviously no one else wanted to do. So I took it, with a two week turnaround time, and asked above what my rate was. They accepted my conditions. They didn't need to know that they were the sole appraisal I had on the books. I acted like I was just as busy as the rest of the people who turned it down, and that I was doing them a favor.

I beat my head against that thing for a week. I quadruple checked everything, second and triple guessed myself, called and emailed with the AMC constantly, but turned it in on a week earlier than my projected due date (again, it was the only one I had). They reviewed it and came back with one stip for a typo on the FHA loan number. Made the correction and got it approved.

Then, I got another order from the company. And then another company got in touch with me through Mercury Network. The first company was so appreciative of me "prioritizing them" (easy to do when they're your only order) that they sent me a slightly less tricky one. I countered with the above my normal rate amount and they accepted. And now we're off to the races.

Here's what I've learned from the process: they don't have to know how desperate you are for work. If it's tricky but falls into your level of competency, take the assignment and crush it. And don't sell yourself short for the fees to complete it. I'm not talking taking an order at $200 because you're hungry, but if they offer $400 and it's an area that another appraiser wouldn't touch for less than $700, counter with $600. Then put out the best d*mn report of your life and when they come back for more, let them know that $750 is in line with the current rates. You're so new that by the time it gets to you, they likely aren't bidding anymore, they're scrambling to find anyone. Use that to your advantage.

Good luck, and hit me up if you have any questions or want to know the specifics about the AMCs I went with.