Million $$$ Appraisal for $250.....

[Wendy]

I'm right behind you Pam!

 

[Deleted member 77547]

IMO, those that will work cheap degrade the appraisal industry - and their work product is most often additional evidence of that degradation.

"if you undervalue what you do, the world undervalues who you are. And when you undervalue who you are, the world undervalues what you do. -- Suzy Orman.

 

[Scott Kibler]

Perhaps Gordon does not understand the market he is trying to tap.

The MB market wants cheap and fast and he is so astonished that they get cheap and fast that he starts a new thread about it. Like this is news or something. Then you subtly threaten the guy who provided the desired product, sweet.

If you don't have a product that fits the demand of a market then perhaps you should target alternative markets for your product.

 

[Terrel L. Shields]

some of us place a high priority in feeding our families

if that is the case the 'cut rate' appraisal is driving your ducks to a pretty dry pond..If you cannot command a professional fee for a professional service, then why cut everyone elses' throat? After all, your days are numbered or you just like to work for free.

My OER has been roughly the same for years. After tax deducts I get to keep just under 40%. car, fuel, books, CE, licenses, MLS fees, What does it cost you to be an appraiser? If the left over isn't $25,000/yr, then you can cut out the middle man and go to work at the local sneeze and freeze without the liability alluded to above...and no pressure.

 

[Scott Kibler]

I disagree Terrel, if I can make a profit offering a product cheaper but just as good as yours why would I not do it? Out of some altuistic impulse not to put my competition out of business? Please!!!

This issue is the "just as good" part as the users of these things generally can't tell the difference or just don't care.

 

[Tudor]

I have a family and need to put bread on the table. $250 for a million dollar plus property is nuts. I won't work for MB's that would only pay that much, I am pretty sure they are making a nice chunk of change on the loan and if they can't respect me enough to pay a fair fee then I can't respect them enough to work for them.

IMO, we have been underpaid for a long time. The amount of work necessary to complete a proper report and the amount of liability (5 years) we assume, our fees are not high enough.

I believe that many appraiser are taking/quoting low fees because these fees are higher then what they were getting while working for an appraisal firm or AMC. I would guess that many were trainees and these low fees are a huge raise for them.

I believe that many trainees were not given the proper training and were paid such a low fee, that they could not wait to get their license and then undercut their trainers fees as payback. Maybe this is a stretch, but it makes sense to me.

 

[DTB]

I disagree Terrel, if I can make a profit offering a product cheaper but just as good as yours why would I not do it? Out of some altuistic impulse not to put my competition out of business? Please!!!

This issue is the "just as good" part as the users of these things generally can't tell the difference or just don't care.

I just have to say that's one smart cookie. Scott seems to always get the appraisal issues and the marketing ones as well.

Well done.:new_smile-l:

 

[Elliott]

From the WSJ, a list that appraiser's didn't make! Economists
are starting to see the benefits of "protectionism."

Lenders want cheap, fast, and supported appraisals.

.

 

[Smokey Bear]

You know what Gordon, it's supply and demand. Even here in sunny california we are dealing with an oversupply of appraisers in comparison to the available work and the fees come down in response.

Shame on you, you should know this concept well. And, yes, some of us place a high priority in feeding our families.

--Kim

The concept of supply and demand doesn't exactly work well when there are unethical people involved in the formula. There is a lot of fraud going on in this business and good appraisers aren't competing with other good appraisers, they're competing with Skippy and worse. The bad appraisers are putting the good ones out of business.

Eventually those working for lower and lower fees will put themselves out of business as well - there's always a skippy mill around that will undercut you and eventually you'll be working 14-16 hours a day for minimum wage. Better off flipping burgers.

 

[Smokey Bear]

Kim - I'm not sure who you're marketing too, but I get full fee and also live in the Bay Area. That means a minimum of $400 for a simple SFR, and more if it's huge, complex, waterfront, hillside with a view etc. I prefer doing half the work for twice the pay and I'm doing fine here.