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Reaonable Fees and Turn Times

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dive12

Thread Starter
Freshman Member
Joined
Nov 19, 2008
Professional Status
Certified Residential Appraiser
State
Connecticut
To all appraisers, we should all start standing up for our profession and increase fees and turn times.

We all know in CT. what it takes and the costs involved to get a Certified Residential Appraisal License and then the dollars involved to maintain an appraisal office.

CERTIFIED RESIDENTIAL (Minimum Qualifications)
- Associcate degree or higher. In lieu of the required degree, twenty one semester credit hours covering the following subject matter courses: english composition, principles of economics (micro or macro), finance, algebra, geometry or higher mathematics, statistics, computer science, and business or real estate law

- 200 Hours or real estate appraisal courses,
-2500 hours / 24 months of working experience
- And the (Appraisers Qualification Board) testing.

So now after at least 4+ years (including associates degree and/or in lieu of courses and then the specified appraisal courses and work experience, combined with the untold costs to get our coveted license and costs involved to maintain our offices I am not going to do an appraisal for the cost of having my bedroom painted.

We should all DEMAND a MINIMUM fee of at least $400 per appraisal and a ten business day turn time as being reasonable and customary within the market place. After all we all cannot work 80 hrs a week and every week end of our life. After all who is paying for our health insurance and retirement plans - this isnt exactly the teachers, firemans, or police officers union here.

So on that note
GOV. M. JODI RELL SIGNED PUBLIC ACT 10-77 INTO LAW MAY 18TH.

Under the new law, which TAKES EFFECT OCT. 1ST. AMC's operating in Connecticut will be required to register with, and be overseen by, the Connecticut Real Estate Appraisal Commission and the Commissioner of Consumer Protection.

Therefore based on this over-site if you feel your fees are below normal and customary and you are given undue pressure for totally unrealistic turn times or threatened with removal from a panel based on excessively short turn times to provide a credible and accurate appraisal report.

COMPLAIN TO THE REAL ESTATE APPRAISAL COMMISSION AND COMMISSIONER OF CONSUMER PROTECTION. Thier phone numbers are easy enough to get thru tele info.

Personally I have seen from AMC's a 3-5 day turn time including holidays and weekends. Lets face facts, we cannot be all un-employed just sitting on our butts waiting for the one job at a rediculous fee only to satisfy an AMC's turn time. Completely rediculous - unless of course we are all trust fund kids with no real needed job.

There is a cost for accuracy and competency, as appraisers we can call it the 'COMPETANCY VS. COMPENSATION ACT'. You cant perform competent and accurate work if you are not adequately compensated and given adequate time to prepare a report. Our fees must be capable of covering our basic living costs and office costs without running in the red - we are in business to make a profit. We do no justice to ourselves and our profession if our business is to provide such low cost appraisal services that we eventually have to go out of business and find another career. Real estate appraisal is a career and should be adequately compensated for. The costs involved in running and appraisal office are not cheap and for the most part of us, no one is paying for those costs but ourselves. The costs involve all aspects of our work and include our health care coverage and retirement costs also. As an independent appraiser, no one is paying for our health care or retirement but ourselves.
 
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