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

[Hiker]

Gordon,
I'm confused....am I understanding you to say he
did a good job, has a fast turn around, but is charging
a low fee?

I never said he did a good job, the LO did. I had no interest in looking at the complete appraisal. I just had interest in who did it in case I know the person. I found out later in the day that this person is part of a whole family of appraisers, licensed and certified all working in one office.

 

[Hiker]

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

+1
Thank You

 

[Hiker]

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.

Sorry Scott, My MB's have no problem getting $500 for any job close to a mill. They never ask and I get calls from them monthly. The only one's that want to pay minimum wages are the AMC's.

This LO yesterday was a deadbeat. From the looks of his office and his appearance, he reminded me of a used car salesman and he most likely wouldn't of lasted as a client of mine anyways..

 

[John Hassler]

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.

I'm with you Cynthia. If it's not full fee then I'll take a pass. There are too many better business uses for my time than doing luxury home appraisals for $250.

Maybe it's just me but I don't get much price resistance from my regular clients. The callers concerned with price are the AMCs but maybe that's because I tack on an extra $25 PIA fee to cover their status calls and slow payment schedule - that's just how they fit into my business model.

 

[jonathan asbury]

Full Fee!!! $375

I do discount $25 for paying at the door, but I also charge $25 extra for jobs that I drive an hour each way for.

Once in a great while I will discount $25 for very low income folks.

No one seems to complain, when the monkeys call for $250 appraisals I say NO THANKS

jonathan

 

[Vegan702]

Ok, I admit it was me that did a $1mil for $250... Let the beatings begin...

 

[JRS at OBX]

Ok, I admit it was me that did a $1mil for $250... Let the beatings begin...

Ok, we are going to need your physical address and a good time to come visit personally!! :new_2gunsfiring_v1:

I'm with Gordon. Anybody that would do a 1m+ property for peanuts needs to find another job. Anything less degrades the profession. You are NOT flipping burgers, don't act like it.

-Jason Self, expensive and well worth it.

 

[Kevin Mc]

I agree with many of the posters.....

24 hour turnaround and $250 per appraisal (I don't care what the value is, I do million dollar homes for $325 all the time because they are located in dense million dollar neighborhoods) is fine if one wants to work that way. I won't. If you are inclined to let the tail wag the dog and let others dictate to you your schedule and your fee I wish you luck, it sounds like a terrible way to work.

 

[liznindy]

Skippy doesn't work for peanuts.....

.....So why should an appraiser who give a good, reliable work product?

Most MB's who contact me really don't care how much the fee is. They are going to pass that along to the borrower anyway.



About 30 to 40% of my workload is appraisal reviews. Some of the appraisal reports sent to me to review have the invoice attached. Skippy is not working for peanuts! The fees I see on these invoices are higher than typical (though not high enough to pay for an attorney when the appraiser is accused of fraud).

That being said, if an appraiser wants to work for $250, so be it. We all must make a decision as to where we want to be on the food chain. I personally think my services are worth more.

 

[Pamela Biggers]

Skippy is not working for peanuts! The fees I see on these invoices are higher than typical (though not high enough to pay for an attorney when the appraiser is accused of fraud).
.

My thoughts also. What is worse.....a "value hitter" getting full fee or more for their work or an honest appraiser lowering their fees in order to get the few assignments not going to the "value hitter"?