Valuation Connect Demands Licenses, Denies Fair Pay

[chad hampton]

The problem is that's a not a power "we" have. That's a power only 1 of us has. If it was a level playing field and there was such a thing as a collective "we", then that's possible.

Until then, you have to get into the trenches and fight. The dirtier the better.

 

[KHS445]

One of my lenders recently questioned a fee quote on a fairly routine commercial appraisal. The quote was very fair (less than 1% of the transaction amount) and worked out to somewhere between $75 and $100 per hour gross. Since this was a sale I told the lender I would refund my entire fee, if he would pay me an amount equal to the real estate commission (6.5%) and indemnify me from all liability for the transaction. He said that would be ridiculous and I reminded him that I had significantly more time involved, greater liability, was an essential part in his Bank approving the deal, significantly more appraisal vs. real estate education, 1,000's of hours more time valuing real estate than anyone else involved in the transaction, etc. After some thought he had to agree that my fee was reasonable, all things considered.

 

[sputnam]

The problem is that's a not a power "we" have. That's a power only 1 of us has. If it was a level playing field and there was such a thing as a collective "we", then that's possible.

Until then, you have to get into the trenches and fight. The dirtier the better.

You have it. I have it. That's enough for me to say 'we'. The fact is every appraiser has the power to decline any assignment. Sure, there will be consequences... maybe undesirable ones... maybe good ones.... but we all have the power to say 'No'.

 

[RedWriter]

You have it. I have it. That's enough for me to say 'we'. The fact is every appraiser has the power to decline any assignment. Sure, there will be consequences... maybe undesirable ones... maybe good ones.... but we all have the power to say 'No'.

We can only leverage that power if we formed a trade union.

 

[Joe Flacco]

One of my lenders recently questioned a fee quote on a fairly routine commercial appraisal. The quote was very fair (less than 1% of the transaction amount) and worked out to somewhere between $75 and $100 per hour gross. Since this was a sale I told the lender I would refund my entire fee, if he would pay me an amount equal to the real estate commission (6.5%) and indemnify me from all liability for the transaction. He said that would be ridiculous and I reminded him that I had significantly more time involved, greater liability, was an essential part in his Bank approving the deal, significantly more appraisal vs. real estate education, 1,000's of hours more time valuing real estate than anyone else involved in the transaction, etc. After some thought he had to agree that my fee was reasonable, all things considered.

Getting 1% would be crazy. I am probably getting around .05%.

 

[djd09]

You have it. I have it. That's enough for me to say 'we'. The fact is every appraiser has the power to decline any assignment. Sure, there will be consequences... maybe undesirable ones... maybe good ones.... but we all have the power to say 'No'.

skippy never says no...shoot they tell you to measure to the inch and you roll over like a lap dog

 

[Joe Flacco]

Getting between .05% to .1%. I would be pretty happy if I could get .1% all the time.

 

[Terrel L. Shields]

We can only leverage that power if we formed a trade union.

Don't fool yourself. We have a union - called the American Guild of Appraisers (AGA). We have societies (AI, ASA, ASFMRA, etc.). The American Bankers Assoc. has 2 million members. There are 1.4 members of the NAR and a few more than that total real estate agents and brokers (there are still a few real estate people not members of the NAR or any MLS) How many appraisers are there?

 

[Tom D]

i made ever effort to get the highest fee during the busy times. i finally got my favorite lender up higher, wasn't easy, right before the rates went up. i was happy, but now it's all gone with biden inflation. only AMC supporting appraisers are crying about AMC pay. but you support that plantation system every time you do one for them. i have no interest, although find it interesting reading, about how bad AMC is. here, have a tissue.

 

[sputnam]

skippy never says no...shoot they tell you to measure to the inch and you roll over like a lap dog

So many appraisers think they are going to starve to death if they don't accept the fee that the AMC offers. I can assure you, that isn't true.