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"Stupid is as Stupid Does"

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
"Stupid is as Stupid Does"

I just had a meeting with my bookkeeper/Accountant (CPA) yesterday morning.

His advice was to get out of Residential Appraising. He starts and pays his grunts $45 an hour with benefits, his in house tax attorney is at $250 and hour and he sets his wage at $300 an hour. All have great benefits and work a forty hour week. This time of year some of the employee's work at overtime which is 1/2 and double time on Saturday, Triple time on Sunday afternoons and Holidays.

He could not believe what appraisers work for and what AMC's are paying for that work.

I know some will respond you got to feed the family, that's B.S. Your not feeding the family if you are going broke. Or as I say working for "Dung Beetle" Wages.

It appears that low fee appraisers and AMC's are killing a lot of the residential appraisal business. A lot of the professionals are looking on a lot of appraisers as fools for allowing it to happen.

He said he understood why I was moving away from residential appraisal work and why the number of my clients are dropping. We are charting a new course for 2009.

Myself I don't like being consider belonging to a group of "Professionals" that don't appear to be professional in thier approach to a living wage and cost of doing business. Take a look at the Commercial Aprraisal Business how they pay, charge for thier time and business expenses. Why are must the residential side of the business be different?????

What say you, are appraisers stupid and fools to let this happen????? How can change come about???
 
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Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
Ray, I don't believe you paid a CPA to tell you that.

Seems like common sense to me. Fees are the same or less than 20 years ago and declining. Its a dying profession best left to the semi-retired who need something to keep them busy before moving to assisted living or young hustlers whose other career alternatives are delivering pizza or moving furniture. Even non-lender compensation is weak relative to what is required and the liability incurred.

AMC fees will chase the intelligent from the profession all while complaining about the incompetence they are fueling until there is a shortage. At that point they will cite the shortage of appraisers as a basis for allowing non-appraiser valuations and the appraisal profession will leave lending altogether.

The best case scenario is that a desire by regulatory authorities for solid collateral valuations will inspire regulations and laws that empower and protect appraisers while holding them to account.

For everything there is a season and the appraisal season has come and gone.
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray, I don't believe you paid a CPA to tell you that.

Seems like common sense to me. Fees are the same or less than 20 years ago and declining. Its a dying profession best left to the semi-retired who need something to keep them busy before moving to assisted living or young hustlers whose other career alternatives are delivering pizza or moving furniture. Even non-lender compensation is weak relative to what is required and the liability incurred.

AMC fees will chase the intelligent from the profession all while complaining about the incompetence they are fueling until there is a shortage. At that point they will cite the shortage of appraisers as a basis for allowing non-appraiser valuations and the appraisal profession will leave lending altogether.

The best case scenario is that a desire by regulatory authorities for solid collateral valuations will inspire regulations and laws that empower and protect appraisers while holding them to account.

For everything there is a season and the appraisal season has come and gone.


Nope, we were having coffee on his time. My time starts Friday for the past year and where I am heading for this year.

By the way I keep a stop watch with me when it on my time.:clapping:
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The best case scenario is that a desire by regulatory authorities for solid collateral valuations will inspire regulations and laws that empower and protect appraisers while holding them to account.

In the meanwhile, appraisers waiting for that to happen should probably plan on having a sizable pile of money to fall back on or a spouse that can support them.

HEY RAY!
HOW COME YOU AREN'T IN DENVER RIGHT NOW?
You're missing the National Western Stock Show!
http://www.nationalwestern.com/nwss/schedule/schedule.php
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
In the meanwhile, appraisers waiting for that to happen should probably plan on having a sizable pile of money to fall back on or a spouse that can support them.

HEY RAY!
HOW COME YOU AREN'T IN DENVER RIGHT NOW?
You're missing the National Western Stock Show!
http://www.nationalwestern.com/nwss/schedule/schedule.php

It is sort of like this; was to leave yesterday for the road trip, but mother nature sort of put a stop to that. So we are going to fly out on Wed if the weather will allow a small plane (414 twin-C) to make the trip. A friend of mine owns the bird that we will take. Plan on being thier for two days and one night this year. Just to get a feel for the current W & E market and visit the National Western, see the my son and his family. the way the weather was last night and forecast for this evening, may well end up not going at all this year. Fed the stock this morning and it was sure cold.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Ray,

The weather for tomorrow is going to be colder than today (43 degrees vs. 52), but I don't see any snow in the forecast. Good luck on that flight, and I hope you have fun at the show if you make it.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
IMHO, Ray's right.
I intend to keep doing Fannie's REOs.
But will pass on anything from the 800lb Gorillas.
Which leaves me with a lot of free time.
Anyone with an idea for a good business
.
 

Esox

Member
Joined
Apr 13, 2008
Professional Status
Certified Residential Appraiser
State
Wisconsin
Anyone with an idea for a good business
.


Mini-burgers. They're all the rage. Sell 'em by the bag. When I'm out fielding I'm constantly looking for the right location.

I'm serious. It's always in the back of my mind. Running a restaurant can be a blast. If the HVCC kills me off, I hope to have enough socked away to open a little place without borrowing any money.

Debt free burger sales. I think the wife and I could make a go of it if we don't have to borrow money to start. Early debt is what kills most restaurants.

Kevin
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray,

The weather for tomorrow is going to be colder than today (43 degrees vs. 52), but I don't see any snow in the forecast. Good luck on that flight, and I hope you have fun at the show if you make it.


You know Denver is either very nice this week in January (I have seen it in the high 60's.) or it is a real bear of a blizzard and realy Cold.

Looks like this artic cold and snow is going to miss Denver and you guys. Here it is noon and not even above 0 yet. Just got my place plowed open, the township hasn't gotten our road open yet. three to four foot drifts on the county roads. Just talk with a brother auctioneer/appraiser he's out and about and says the state hiways are still snow covered and slick. You know Tucson doesn't sound half bad now. We will see what tonight and tomorrow will bring.
 
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