The constant search for work continues. It was another day of knocking on doors (or better yet, peering into the windows of once were a mortgage companies). Do I submit to the larger Appraisal Management Companies and take an enormous fee cut to do work for people that seem completely unorganized, and just push for time and not quality; do I go to work for an established appraisal firm that takes a 30-50% cut of the fee; or do I go and try ad blitz campaign involving every method (within affordable reason, mind you it has been slow and the diet of black beans and rice can get a little tiring)?
Let's discuss the first option of the Appraisal Management Company. Don't get me wrong, I'm a fan of capitalism and all of the little nuances attached to it, however I don't believe that AMC's provide a better or equal product for less. In fact, they provide my product for what I'm geussing is much more than what I charge, but they provide the connection of the two parties (what a pile of...). I don't know what happened to just doing a google search, or picking up the phone to find a qualified appraiser. Myself and some of my peers, (as can be found on AppraisersForum.com ) for the majority seem to be in the opinion that AMC's are the ruin of legitimate appraisal services. I have found that AMCs will call with 3-5 different people throughout a day to get the "status of an appraisal (the same appraisal order". Most times I don't mind, and with clients outside the AMC realm, I will keep them informed, however why does an AMC need to know so many times (as once counted, 10 times in a 3 hour period, when the appraisal inspection was done the day before). If they didn't need an update every 20 minutes, maybe the work would get done more quickly? Just an observation. It is of my opinion that they, the AMCs, may have made promises to lenders to get there business (from turn-times to cost) with no concern for the quality of work they are providing. In a crazy market like the one we are in, with limited data to work with, it takes a considerable bit more of time to research market areas and needle through the work, confirming sales conditions (foreclosures, foreclosures, foreclosures) and doing the job appropriately. Now the kicker, New York is revamping there system of how the appraiser is chosen by a lender, and it is this appraiser's perception that the AMCs are going to be a necessity according to law. At least it appears that the AMCs will not be subsidiaries of the banks that the loan is being generated through (cough, cough, Wachovia-Greenlink, Countrywide--LandSafe, etc., etc., etc.) It may turn out to be join or perish, but I think I will go down fighting, as my experiences with AMCs have left me a little bitter. I'm sure I will discuss AMCs in more frustrating detail in another post, but for now I will move on.
The next option, going back to working for an established appraisal firm. Yes, I have given this considerable thought, but what says that the appraisal firm would be getting me more work than what I am getting now (which admittedly isn't much, but it is some, and I do get to keep the entire fee). I would have to work twice as many assignments to get the same pay. I could do that with the aforementioned AMCs, however going with an established firm, I could be asked to sign a non-compete clause, and be shorting myself of potential clients for my own business (I'm not sure of the enforcement of a non-compete clause in Florida as it is considered a Right to Work state).
So, nearing financial devestation, I am starting the blitzkrieg of advertising (well, maybe not blitzkrieg per se, but a campaign nonetheless). I have updated (pretty much started) a web-site to present my appraisal business, continued the door to door search, and begun a blog. I'm hoping that the business will be able to continue, as my fiance and I hope to have a meal that doesn't consist of black beans or rice. Any questions or concerns, please feel free to check out the website, ajappraisers.com, as updates are constant, as it is in it's infancy, with the promise of new and exciting contact to come. Good wishes to all.
;)
Links;)
Tags (Tag Cloud);)
Archives
Stephen, your frustration was well received...as I have heard the burden of many real estate professionals (appraisers, agents, brokers, realtors, loan officers) are bearing in the market. If you are open to diversifying your current business and earning an additional six figures to your bank account this year, check out the following link: www.nruteam212.com (password: success). Good luck!