My Quickest Report

[Mike Garrett RAA]

I prefer to do all my research (MLS & Public Record) and pull comps BEFORE going out for the appraisal inspection. Really hate making two trips but sometimes that just happens. I have an app on my cell phone that I can use to look up other sales if I need them but it's not the easiest to use. Would work much better on a tablet.

I'm still of the opinion completing a residential appraisal IN MY MARKET is an 8 hour job from start to finish. Doing 2 a day would mean working 16 hours a day. Sure, it can be done but I'm way too old to be doing that.

As a side note, I just completed bringing my books up to date. This involved doing a months worth of accounts receivable, updating log pages, calling on delinquent invoices, and filing completed hard copies of reports. That was a 4 hour job and something my assistants used to do. Working alone can really slow one down.

 

[Terrel L. Shields]

Working alone can really slow one down.

The hours we spend NOT appraising needs to be figured into the mix...and I spend about as much time not appraising as appraising.

 

[bnmappraisal]

That was a 4 hour job and something my assistants used to do. Working alone can really slow one down.

And something people don't realize when trying to get into this business!

 

[bnmappraisal]

The total time to do everything for one of the easiest reports I have ever written was 4 hours and 5 minutes.

but as you even mention, "one of the easiest reports" you've ever written

I've had similar experiences, but still probably avg 6-8 hrs for an avg SFR.

 

[normando]

I probably could finish reports less than 6 hours working nonstop but I can't do that everyday. I like to work slow and take it easy. Unfortunately, due dates are expected and I hate the stress to meet the deadlines especially with many distractions with family affairs.
Also, I need a day of break of not typing reports or I'll go crazy.

 

[Digger88]

One of the recent articles written by someone concerned about fees and turn times for appraisers talked about appraisers doing two to three reports per day. I had to chuckle at the ignorance of that person. I have been on this forum for over a decade and there have been many threads about how long it takes to do a typical residential report.

The threads typically conclude that a residential appraisal takes 6-10 hours and most appraisers say they can do 1-1.5 per day.

Monday, late afternoon, I got a call of desperation. A report was assigned to an appraiser two weeks ago and the appraiser will not return phone calls or e-mails and there has been no inspection. The borrower was concerned. This client understands that turn times are up to three weeks here for residential.

They wanted a rush (one week is now a rush) and the fee was very good. I asked about the property and knew the street. It is a rare cookie-cutter neighborhood where I knew comps would be available within the neighborhood.

I called the borrower looking for an inspection time and he said he could do it that night. I had to pick up my daughter from band practice Monday evening which is half way to the subject. I figured what the heck. I spent an hour looking up comps, putting them in the form, made a map and then went to the property which is 14 miles from my home.

I decided I wanted to see how fast I could do a very simple residential report. Details are as follows:

-Looking up comps, putting them in the grid and creating a map;
-Drive the comps and inspect the 1,300 subject property which is 14 miles from my house;
-All comps were within 1/4 mile and comp driving time was less than 10 minutes;
-Drive home (pick up kid on the way home);
-Pull all assessor records and call the Listing Realtors for my four sales and one listing;
-I talked to four of the Realtors, one did not call back;
-Fill out form and write addenda;
-Four comps needed small GLA adjustments, one needed finished basement adjustment, one needed a market conditions adjustment (sale was in December, 2015) and the listing needed a SP/LP adjustment.
-All adjustments explained in report addenda.
-Highest and Best Use analysis is two short paragraphs.
-Reconciliation of value was three short paragraphs.

The total time to do everything for one of the easiest reports I have ever written was 4 hours and 5 minutes.

now just imagine if EVERY SINGLE (nearly) report were this easy and you could even get that time way down over time just like i do. i can type a 3 comp report in about 30 minutes for the most part though sometimes i need to call for confirmation if i dont have secondary confirmation source. although yesterday i had 9 inspections and the worst case was 20 minutes to drive comps which enraged me, lol.

i dont know what you mean by mapping out comps though. why dont you just use a GPS and use the trip planner function (garmin) which auto-populates the comps you need to drive by distance automatically. and to do 1 better is the new garmins will do this; input your comps then input you final destination (which would be the next subject property inspection) so its even more efficient and routes you perfectly efficiently on the fastest possible route.

 

[Digger88]

Agree. Anyone doing more than 2 a day has no life and works 16 hours a day.

DING DING DING, lol

 

[Deleted member 134708]

Produce a tax return and I'll believe your stories. Until then, they are tall tails of the Internet.

 

[Digger88]

Produce a tax return and I'll believe your stories. Until then, they are tall tails of the Internet.

no taxes obviously but will this do, lol.

http://tinypic.com/view.php?pic=21ozm0n&s=9#.V-cLlMm-PGo

 

[J Grant]

Digger your posts remind me of the people that say they make 400k a year selling Amway part time or make $1,000 working from home a day by being a mystery shopper..