Category: Business Development

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OCC bulletin regarding AMCs, lenders, and Appraisal Advisor

On October 30, the OCC issued a bulletin to all national banks and savings associations entitled “Third-Party Relationships: Risk Management Guidance.” The bulletin, in a nutshell, outlines how lenders should manage and ensure compliance of their third party vendors. AMCs, third parties in the OCC bulletin, must be managed by specific guidelines in order for lenders to maintain compliance. Appraisal Advisor offers compliance with that regulation by providing lenders, AMCs, and appraisers with its ratings and reviews system. Appraisers’ constant scoring of AMCs on Appraisal Advisor is now, more than ever, THE key deciding factor in which AMCs lenders use....

Hiring of Trainees to Remain Slow - Disservice to the profession 6

“Hiring of Trainees to Remain Slow” Shocking News?

“Hiring of Trainees to Remain Slow” This is ‘Shocking News?’ According to a recent survey conducted by the Appraisal Institute, “trainee hiring will remain relatively weak for the next one- to two-years.” Um, I hate to disagree with the results of what I am sure is a credible survey, but this is just a gross underestimation. One-to two-years? How about FOREVER unless something drastically changes in our industry? Most know me as a fairly optimistic voice in the appraisal world. I am not usually one of those on the sidelines calling “foul” at every supposed indiscretion and ‘unfair’ practice that...

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Appraiser Confidentiality: USPAP Absurdity

Appraiser Confidentiality: Loose Lips, Big Claims, USPAP Absurdity, and Subpoenas Allegedly “Loose Lips” Cause a Big Claim. A recent and relatively big appraiser liability claim involved a commercial appraiser’s alleged breach of confidentiality.  The damages paid to the plaintiff were significant.  According to the plaintiff’s complaint (my recounting of the facts here is simplified), a lender had engaged the appraiser to perform an appraisal for a construction loan to the developer of a shopping center.  Some of the information received by the appraiser included lease commitments from prospective tenants. The anchor tenant was a well-known retailer.  The appraiser completed the assignment, but...

Independent contractors pros cons 2

Independent Contractors vs. Employees Pros and Cons

Business owners must determine whether to hire appraisers as employees of the company or as independent contractors. Because many appraisers are self-employed or run small businesses with few staff, recruiting and staffing employees can present a unique set of challenges. Business owners must determine whether to hire appraisers as employees of the company or as independent contractors. According to a recent article in Valuation magazine, businesses are increasingly taking the independent contractor option whenever possible due to the significant savings and flexibility for the employer. However, there are pros and cons to both angles. Benefits for appraisal firm owners and...

3 Ways Hiring a Trainee Can Help Your Business 3

Business Decision to Hire a Trainee

3 Ways Hiring a Trainee Can Help Your Business It would likely come as no surprise to most appraisers at this point that with the changing demographics and aging of the valuation profession, attracting the next generation remains crucial to the future. With the many opportunities for employment and continued growth, the benefits for those considering pursuing an appraisal career are clear. The advantages to an experienced real estate appraiser of hiring a trainee may be less apparent, but they are no less significant. While there is undoubtedly significant work and time commitment upfront, hiring a trainee can reap long-term...

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Appraisal Advisor, a Real Estate Appraisal Technology Company, Launches Nationwide

Real estate appraisers find, rate, and manage clients using Appraisal Advisor’s new platform. Atlanta, GA – Tuesday, April 16 – Appraisal Advisor, LLC announced today the launch of an exciting new service focusing on helping real estate appraisers better evaluate and manage the clients, appraisal management companies (AMCs), and lenders that they do business with. Appraisal Advisor provides appraisers with instant access to client ratings and reviews, written by other appraisers, and gives appraisers an avenue to have complaints and non-payment issues be heard. Already boasting an unprecedented database of hundreds of thousands of individually-verified clients and thousands of reviews...

Forecasting Your Appraisal Business 0

Forecasting Your Appraisal Business

Improving your financial management through cash flow forecasting Memorize this statement: “Cash flow is the lifeblood of all businesses.  Without cash flow your business will die.” I stress this statement often when I talk to appraisers during conferences, meetings, and webinars. Why? Because you are a small business owner first… and an appraiser second! Appraisers do a remarkable job and take great pride in their appraisal work. I recommend that you also take this attitude and approach towards your appraisal business, particularly your cash flow. What Is Cash Flow Forecasting? Cash flow forecasting is defined as planning what cash will come into the business in...

Three Ways to Reverse the Mass Exodus of Appraisers - Hire a Trainee 3

Hire & Reverse the Mass Exodus of Appraisers

Three Ways to Reverse the Mass Exodus of Appraisers I was recently in Texas at yet another appraisal conference. The man who was speaking asked everyone to stand up. There were approximately 140 appraisers in the room. He then asked for those under 30 years of age to sit down. About five people did. He asked those under 40 to sit down. About 10 more did. Under 50. About 25% of the room was now sitting. Finally, he asked for those under 60 to sit down. I am not kidding when I tell you that about 60 appraisers (of the...

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There’s An App For That!

There’s An App For That! Finance Management Apps For Your Appraisal Business Americans love their mobile devices!  We use them to browse the Internet for information, text our families and friends, email our business colleagues, post statuses in social media platforms, and much more. To put things into perspective, consider the recent data provided by Business Insider.  It shows the landscape of the US smartphone market, its popularity, and usage.  Let’s look at the numbers. There are approximately 310 million people in the United States. Comscore.com says 114 million used smartphones in July 2012. Flurry.com reports that there are at...

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