AMCs: The Bad and… the Good
Dustin Harris, the Appraiser Coach, discusses the Bad and the Good of AMCs in this video podcast:
We hear a lot of complaining about AMCs. Frankly, much of it is probably justified. Let’s explore some of those complaints. But, are there some good things about AMCs as well?
- No real relationship
- Low fees
- Scope creep
- Speed demands – turn times
- Unknowledgeable customer service
- Revision requests already addressed in the report
- Uploading / portals
- Fee disclosure
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- Why Are Appraisers Banned? - April 15, 2021
Good podcast Dustin. But why do you consider AMCs’ quality control, frequently done by unqualified and unknowledgeable staff, a good thing? I would add AMC QC in the bad list.
You forgot slow pay, portal fees, background check fees, scoring system based on cheap and fast not expertise and quality, etc.
Your bad list is good….but your good one BAD!
#1 BAD – No Respect
Of course there are good AMCs…they are just very hard to find and they don’t always have work in your area. An AMC small enough to develop and maintain personal – professional relationships with is a good place to start.
I dont like the AMC concept in principle but if we have to have them, then they should adhere to professional standards and pay professional fees in a timely manner. My guess is that 9 out of 10 are bad; or extremely bad.
If my total costs including any upload fees were no more than 10% to 15% of a truly C&R $550 (non complex) so my net is still $467.50 to $495.00 I’d have no compensation complaint. Marketing is worth 10% to me…or 15% if Im really slow…assuming I get paid in two weeks no matter what.