Utah Appraisers Speak Out

[Zapper7246]

Everyone please post your comments and ideas for how we can band together and make a stand. Appraisal management companies will be greatly reducing our fees and setting the OUR prices for us starting May 1st, after the HVCC goes into effect.

 

[Jonah]

One of our good friend here has a substantial data base of appraisers in Utah. He has already valuenteered to spear head this, maybe you got the email?? We are shooting for a get together later this month I think. I am open to any and all ideas. I think coming up with a general minimum fee for AMC work would be a great start.

 

[Zapper7246]

We are currently planning a meeting to bring all local appraisers together and to discuss how we should address this issue. Our target dates are April 22 or 29.

We are trying to find a meeting place somewhere in Salt Lake. Initially the Sugarhouse Park was suggested, however due to our current unpredictable weather some place indoor would be a better idea. If anyone knows of a place that could service this purpose please let us know. WE NEED ALL OF THE HELP WE CAN GET.

We are also working on writing a letter to send out to at least 600 appraisers in the area to promote the meeting. If anyone can offer an help or ideas, physically and/or financially it would be greatly appreciated.

Also, if we can get help from any attorneys in the area it would really help strengthen our cause.

 

[Chris Harrison]

I think coming up with a general minimum fee for AMC work would be a great start.

That is considered price fixing!

Allen L. is a good guy to send e-mails and his effort to organize a united stand is an idea with some merit only if he can convince the majority to agree. I'll wait to hear the review of the legislative session tomorrow during the Utah Appraiser Association seminar, then send my comments. Since I don't do much lender/mortgage work, it's a secondary issue.

When someone calls me with an assignment, I quote a fee and they accept or reject my services. Isn't that the way it is anymore?

 

[Doug Smith SRA]

Vigilantes

Take a leaf from the book on the Old West. String 'em up at sundown.

Start with your State Appraisal Board. Report companies soliciting $125.00 full appraisals and $100.00 field reviews and get the Board to write a letter demanding copies of work products in the State of Utah. If more State Appraisal Boards were on the job, appraisers would not be tempted to take this kind of work and the take the short cuts to make these pay. Fees are related to scope of work. The lower the fee, the greater the temptation to reduce the scope of work. One letter from a State Appraisal Board would do more good than can be done by any group of appraisers. Sure, it is a fishing expedition but this is the Old West.

Encourage appraisers to accept review work. Good appraisers don't accept review work due to low fees. Consider it a public service and shine a light under the rock.

Start a Yahoo users group for your market. This is the quickest way to communicate. Let other appraisers know what fees are offered and what companies are out there offering fees. Share your experience. Post important links and make this a go-to site for appraisers, then spread the word on other matters.

Some appraisers have good local contacts in the press. Let the press know what is going on in your market.

Invoke Nancy. Everyone has to work within their own business model but beyond just saying NO!, appraisers need to help other appraisers. Ban together first to help other appraisers make a living by good referrals and cooperation. The financially healthier a fellow appraiser is puts them in a better position to "Just Say No!"

Doug

 

[Jonah]

I am a member of the Salt Lake Board of Realtors. I am booking the main auditorium for April 21st from 10:00-12:00 for this meeting. It can hold 250 people. If this is ok, let me know. It is located at 203 W. Towne Ridge Parkway. It is the East frontage Rd to I-15.

 

[Zapper7246]

That is considered price fixing!

Allen L. is a good guy to send e-mails and his effort to organize a united stand is an idea with some merit only if he can convince the majority to agree. I'll wait to hear the review of the legislative session tomorrow during the Utah Appraiser Association seminar, then send my comments. Since I don't do much lender/mortgage work, it's a secondary issue.

When someone calls me with an assignment, I quote a fee and they accept or reject my services. Isn't that the way it is anymore?

That is supposed to be how it works, however once the AMC's and lenders have full control, we will no longer be able to set our fees. The AMC's will be in large price wars driving the cost of an appraisal way down. Many of us have worked hard for our client base and it will be evaporated with the swipe of a pen come May 1st. For the most part, everyone will be forced to use AMC's. If an AMC says they will pay you $200.00 for an appraisal and you decline, the work will simply go to someone else. Many of us will be forced to accept the assignment even if we don't agree on the fee for the fear of not receiveing any work, and because we have familes to take care of. Bottom line is, AMC's will determine our fee's, not us. I wonder if we will still qualify as self-employed individuals?

 

[Zapper7246]

I am a member of the Salt Lake Board of Realtors. I am booking the main auditorium for April 21st from 10:00-12:00 for this meeting. It can hold 250 people. If this is ok, let me know. It is located at 203 W. Towne Ridge Parkway. It is the East frontage Rd to I-15.

Awesome Jonah, thanks for your help. I'll relay the message around and get back to you.

 

[Jonah]

Take a leaf from the book on the Old West. String 'em up at sundown.

Start with your State Appraisal Board. Report companies soliciting $125.00 full appraisals and $100.00 field reviews and get the Board to write a letter demanding copies of work products in the State of Utah. If more State Appraisal Boards were on the job, appraisers would not be tempted to take this kind of work and the take the short cuts to make these pay. Fees are related to scope of work. The lower the fee, the greater the temptation to reduce the scope of work. One letter from a State Appraisal Board would do more good than can be done by any group of appraisers. Sure, it is a fishing expedition but this is the Old West.

Encourage appraisers to accept review work. Good appraisers don't accept review work due to low fees. Consider it a public service and shine a light under the rock.

Start a Yahoo users group for your market. This is the quickest way to communicate. Let other appraisers know what fees are offered and what companies are out there offering fees. Share your experience. Post important links and make this a go-to site for appraisers, then spread the word on other matters.

Some appraisers have good local contacts in the press. Let the press know what is going on in your market.

Invoke Nancy. Everyone has to work within their own business model but beyond just saying NO!, appraisers need to help other appraisers. Ban together first to help other appraisers make a living by good referrals and cooperation. The financially healthier a fellow appraiser is puts them in a better position to "Just Say No!"

Doug

Very sound advice, thank you kind sir.

 

[Chris Harrison]

Thanks Doug,

Since we are a non disclosure state, just saying no is a good strategy.

Our appraisal board can be proactive but it's a slow process.

By the way good appraisers to do accept reviews and good clients pay me dearly for my work.:icon_mrgreen:

By the way, why do I need to wait until sundown? I've always been an advocate for doing things in broad daylight.

Chris