You Are a FEE Appraiser Not a FREE Appraiser
There’s an old phrase, whose origination is not precisely known, which says “mind your p’s and q’s.”
What it means is ‘watch what you are doing’, or various other aspects of life.
How many of you realize that the AMC business model as we currently experience, it is actually a Ponzi scheme in operation? Remember Bernie Madoff? That kind of scheme.
It’s been publicized recently in various places that several AMCs, including Appraisal Nation, Consolidated Analytics and Land Gorilla, have been delaying payments to appraisers for completed appraisal reports.
You absolutely MUST keep track of all outstanding unpaid report fees. Keep a log of all assignments, or put a printed copy of the invoice on your desk, and monitor DAILY incoming payments, and those that are unpaid.
Keep more close track of your clients which have multiple unpaid assignments stretching back 30 days or more. Those are the Ponzi Procrastinators who have to wait until their clients (the lenders) pay them, before the AMC can pay you.
Secondly, don’t be afraid to file a formal complaint with your state regulator against slow pay AMCs. Most states/territories now have AMC licensing & registration laws. Most of those have requirements for fee payment timing after a report is submitted. Find out what the maximum payment timing term is, and then CALL the AMC’s accounts payable person when that date is approaching to demand payment, or tell the person that you will file a formal complaint against the company if payment is not received by ‘xyz’ day.
AMCs (and the owners thereof) are masters at delay tactics. That’s how Ponzi schemes work, current payments are covered by future income, which may not materialize.
Remember, you are a. Do not continue doing business with AMCs who don’t pay you in a timely manner per your state law.