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New business model

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Jordan Scott

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Aug 2, 2005
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Licensed Appraiser
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Maryland
Thanks everyone for your comments.
 
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Walter Kirk

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Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
I have suggested an appraiser owned cooperative AMC before and had my head handed to me. I think that such a system could work but it would require several hundred appraisers throughout the country to participate and to contribute seed money.
 

TJSum

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Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
I have suggested an appraiser owned cooperative AMC before and had my head handed to me. I think that such a system could work but it would require several hundred appraisers throughout the country to participate and to contribute seed money.


Ditto Walter..... Anyway, I would be interested.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
To All,

I think it would have to run as a non-profit, and if the CEO expected $300,000 a year and bonuses of millions.. forget it.

Webbed.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I think the liability others would place on you, those that you didnt know either professionally or personally, would be tremendous. The firm would be responsible for all the work of others in the cooperative ... a recipe for disaster I think.
Best of luck to you though.
 

Jordan Scott

Thread Starter
Junior Member
Joined
Aug 2, 2005
Professional Status
Licensed Appraiser
State
Maryland
Co-operative Model

I think we can definitely get something like this going. Especially for everyone who hates AMC's. It will be our way of competing against the AMC's by creating our own in a sense, AMC. It would still give banks and lenders a one stop shop to order appraisals but ran by appraisers. Also, there would be no outrageous fees. I am really thinking about starting this. Anyone have any ideas on how exactly it should operate to be successful? I think the trickiest part is getting appraisers on board.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Jordan, if it is set up right, getting appraisers on board is the least of the problems. I agree with Webbed, if it were set up just to make a few management people rich, forget it. Offer each appraiser a decent fee split, and enough time to do their job properly and they will sign up. I would gladly give $50 per appraisal toward a co-op if they provided the proper firewall between lender and appraiser where the pressure was not there, and I also knew I would not have to always keep the bill collector hat within arms reach.

The problem is getting the clients to use an appraiser owned AMC. Slim chance, but now is our best shot, because the microscope is on. The marketing would have to be focused on "quality", that would be our only reason for the clients to even give us a thought...
 

Amy Perkins

Senior Member
Joined
Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
Why not just create an appraiser's guild, like the writer's guild or a union.
 

lenfishman

Sophomore Member
Joined
Oct 4, 2007
Professional Status
Licensed Appraiser
State
California
Hey Jordan,

If you recall our converstation - that's my attempt with www.ReverseMortgageAppraisers.com - although - I am focusing on the reverse mortgage industry since it is still small enough and QUALITY appraisers are vital. The big picture is to allow all members a vote in the direction, marketing and maintenance/upgrading of the site.

For example: having a booth at the National Reverse Mortgage Lenders Association annual convention cost $4250. Direct marketing to 5,414 lenders has cost over $7,000 so far (and I am adding another 1,500 +/- lenders to the database by February). The weekly raffling of GPS units and iPod Nano's is about $200 a week. Then there is the cost to develop, maintain and host the site!

Its a catch-22... to build a co-op you need enough members to cover the nation - yet, lenders won't use a site until you have nationwide coverage... and appraisers don't want to join until the lenders start using the system...

Our site is starting to build the synergy with lenders. I am very blessed that so many appraiser share the same vision that I do... It really humbles me to the bone!

Give me a call tomorrow if you want any more specifics! (I am in assessment appeal hearings in the morning - so, give me call in the afternoon - PST)

Thanks,
Len Fishman
Cellular 916-635-9663
 

Jordan Scott

Thread Starter
Junior Member
Joined
Aug 2, 2005
Professional Status
Licensed Appraiser
State
Maryland
I agree TJSUM, the fees would have to be minimal. Len I also agree with what your saying but I think for this to work we would almost need the appraisers who sign up to guide the clients to use the system. I don't know how easy it will be to market to these big clients who already are locked up with these massive AMC's.
 
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