Marketing To Homeowners/lawyers

[bnmappraisal]

I have been getting a lot of calls from private owners wanting an appraisal for MV/Pricing because they are planning to sell. Hmmmm...Any Broker will do a BPO for free. So why pay me?

(my bold) because they want to know what it is actually "worth" and not hear some pipe dream that is "could" sell for

I currently have 3 files on my desk as I type this - 2 are private/non lending and 1 is for lending

1 is for an individual who has their property currently listed (with an agent) but it hasn't sold yet and they would like to know a "more realistic price" since it hasn't sold yet

1 is for lending - conventional loan (direct lender)

1 is for a potential CASH buyer of a property who wants to make sure they don't "overpay" for the subject

As far as the OP question "marketing to homeowners..." Both private ones came from 2 different agents who referred their client to me.
Many agents (at least the good ones, IMO) respect our opinion(s) and therefore will gladly refer us to their clients (buyers/sellers)
And those same agents (the "good ones" IMO) respect us/our opinion enough, to even refer us whether the value is "good or bad"

Generally speaking, it just takes being professional, actually talking with people (i.e. agents, buyers, sellers, etc) and providing good service to your client
Sadly, it seems, that's easier said than done

 

[bnmappraisal]

AMC's are actually not bad for the less experienced, all those checks and revisions are not there in the private world. Just saying!

(my bold) very true and that could be a good or bad thing - stips/questions on private reports are usually far less frequent than in the lending world, but they do occur.
BUT ... be sure many homeowners/private client will be nit picking your report just as much as an AMC (I had one homeowner call me up because I didn't check the box - GPAR - for the "Fan/Hood")
I made the "revision" and sent it back to them

I recently got a call from a homeowner whose property I had appraised through an AMC, for a refinance. The homeowner is a broker and was impressed at the level of detail and the overall report. He has hired me to do pre-listing appraisals for his real estate listings.

That's a beautiful thing! And a great source for private/non lending source(s) of income, especially if he's a broker and can refer you to the other agents in his office

It is possible to get work even from doing AMC work! It is about exposure, you never know who is going to read one of your reports.

(my bold) ... just thought THIS bolded part was well worth repeating Much of my private/non-lending work has come from agents/homeowners whom I've met over the years while doing AMC assignments

 

[Andrei Fin]

Divorce work can be done with no hassle. I tell them if it is likely headed to court then find another appraiser, in 90% of cases they wanted to proceed. I put in the signed engagement letter that I would not appear in court (of course they subpeona you as a lay witnes, as as in yes I performed this appraisal on such and such a date, but not as an expert witness offering your professional opinion). I also tell them that it is common for each party to order their own appraisal (from a local licensed professional) and agree to split the difference. I never had an issue except once when the other party used a BPO, and I told them to get a real appraisal then call me back.

But even better than divorce work is estate work, so make sure you learn IRS requirements and then market to CPAs.

 

[jay trotta]

I'm a relatively young man (early 30's) and thought about making my way (door to door?) to newly listed and recently expired OCCUPIED homes on the market. A simple knock on the door with a business card and an explanation of the services I offer. Has anyone had success with this? I'm a new hound seeking blood. Also considered hitting a real estate/probate law firm once a week with a dozen doughnuts and a stack of business cards (def on a Friday). If that fails, I'll take my one and a half year old cute as a button daughter with me and drum up some business! (Not serious or maybe I am!) Just trying to stick my foot in the door while trying to avoid the AMC model. Thanks for any and all advice!

Everyone has provided good input, perhaps my 2 cents may fit in or not (I did not read every comment) after you build up, stay diversified as possible and you will be successful. You alone determine the scale of success, some may want 10 a week, where others can live with 4. 100% your choice
Good Luck