MLS Comp Photos WTF!

[TC]

Not me, I always remove my shoes when putting the MLS photos into the report.

 

[DMZwerg]

How many of you wear sandals while putting the MLS photos into the reports?

Sandals?
For MLS photos???
Barefoot is the only way to go, dude!
:laugh:

(no, seriously, if I am adding an MLS photo after returning from an inspection and photos of all the comps without human activity, etc, then the boots got shucked at the door and I am barefoot :icon_mrgreen: )

 

[New Orleans Guy]

So it is pretty simple, work for what they are willing to pay, or stand your ground on your fee and sit by the fax machine all day. I need the money so I do what I have to. I work till late at night and on the weekends too but like I said, I feel fortunate to at least have the work in these times


I agree that times are tough. But if you take a typical BS fee of $175 or whatever it is they pay you and I have seen fees as low as $150....divide that by say 4 hours of work its an hourly wage of 43.75. Take off your MLS costs, E/O, flood maps, gas, wear and tear on your vehicle, phone calls etc...its probably more in line with $25-30/hr. On the surface is not a bad wage if you were working a 40 hour work week.. But what about the liability? when you get sued by some dumb as$ lender or borrower and have to defend yourself even if you have done nothing wrong?

With all due respect, my point is you might be best served at a regular 9-5 job with benefits and no liability. As long as your willing to work for their measly fees they will continue to pay them. Eventually the times will turn when enough of the folks willing to work for 1/2 of normal fees are pushed out of the market. They will realize they can't make a living and cover their expenses and the AMCs will have no choice but to pay real fees for real work. Illinois license renewals dropped by almost 40% this past renewal ending 9/31. Once the oversupply of minimum wage appraisers diminished the AMCs will have to rewrite their business model. In the meantime I am going to keep sticking to my guns and only accept full fees for full appraisals.

I think you have a good strategy for your area. Renewals are down in my area a bit too but my latest USPAP class was filled to capacity so there are enough of us around still. My lowest fee from an AMC is $250, 85% from them are $275 and they are real easy to deal with and I can decline the ones that Google street view or MLS shows are likely to be a pain. (French Quarter condos, giant houses, triplex where there are no comps, etc.) so it is not so bad for me right now. I agree that $175 is not worth it but I know of a one local guy who does those all day long, and he can have them. I hold fees as high as I can but I would starve to death waiting for the fees to rise up to 2004 levels. I think those days are gone forever. It is probably my fault, whenever I get into an industry the money dries up. I was an electronic engineering tech, then they started making things that you throw away and even field "techs" became parts changers. I worked on prototype machines at the federal reserve bank in N.O. and could still not make over $40k a year. I will stay in this field though, I love real estate investing and appraisal.

 

[Hamlet]

Not me, I always remove my shoes when putting the MLS photos into the report.

Yeah, but what about your socks?

 

[KYLECODY]

Inspection: 1-2 hours (less than one if a simple, but I never see a simple; sometimes over 2 for the complex McMansions; average 1-2 for full interior inspection & outside measurement of 2 story "comtemporary")

Drive comps: 1-2+ hours (as they are NEVER all within 0.5 miles, and rarely all within 2 miles in the country; for complex McMansion on acreage driving the comps may take 8-12 hours)

You state you dont see simple homes but I would love to have someone tell me how they can spend nearly an hour inside a typical 1500 SF tract home like many claim?

1-2+ hours to drive comps huh? Either youre in a super rural area or you need to invest in a GPS. Maybe are you exaggerating a bit on this??

Slower or more time doesnt always mean better and more thorough. It just means slower.

 

[Hamlet]

You state you dont see simple homes but I would love to have someone tell me how they can spend nearly an hour inside a typical 1500 SF tract home like many claim?

1-2+ hours to drive comps huh? Either youre in a super rural area or you need to invest in a GPS. Maybe are you exaggerating a bit on this??

Slower or more time doesnt always mean better and more thorough. It just means slower.

And faster doesn't mean more efficient. It just means faster.

 

[Webbed Feet]

You state you dont see simple homes but I would love to have someone tell me how they can spend nearly an hour inside a typical 1500 SF tract home like many claim?

1-2+ hours to drive comps huh? Either youre in a super rural area or you need to invest in a GPS. Maybe are you exaggerating a bit on this??

Slower or more time doesnt always mean better and more thorough. It just means slower.

Yes, some of us go beyond the absolute bare azz minimums.

 

[Vegan702]

Doesn't matter if you consider it the bare azz minimums, but spending an hour inside a 1500sf tract home is just ridiculous! My god, I could measure the outside, the inside, measure for carpet and tile, calculate paint, etc and still barely spend an hour at a tract home of that size. If your spending more than 15-30 min at a home of that size in a tract subdivision on a 6000sf lot, you have issues that go beyond appraising, not including FHA.

 

[Otis Key]

Not me, I always remove my shoes when putting the MLS photos into the report.

If you wear sandals or "flip flops" then you don't need to worry about it - grow up - learn the ways around the rules -

 

[Non Sequitur]

If your spending more than 15-30 min at a home of that size in a tract subdivision on a 6000sf lot, you have issues that go beyond appraising, not including FHA.

Bull. While you're there try to learn something. Ask the HO a few questions, take some real notes, look around. It's a dang shame some appraisers think trying to learn a thing or two about a property is "issues that go beyond appraising." I try to learn everything about a property, whether it's a tract home or a 150yr old Creole Cottage.