funny story about 8-9 years, I received an email from a AMC, requesting a residential appraisal on a high luxury home that had a approximate value of $5+++ million dollars. AMC was $350 and 3 day TT. I was familiar with the difficult area to appraise. Now I gave up doing AMC work in 2000. But I decided to quote a Fee of $3,500 and 3-4 weeks, just to see if I would get a response. I did get a reply. The AMC emailed me back, asking if there was a typo in my email reply. Did I intend my appraisal fee to be $350. LOL…I never replied.

I have been in the industry since 1997, and I agree with this statement. Branch out into other areas where your opinion truly matters. Furthermore, learn evidence based valuation and study with George Dell. Get out of the form filling world. Lender work sucks, and so does working for any AMC. AMC’s will NEVER truly respect you or pay you what you are worth. Appraisal fees were $300 when I started, and they have only gone up to $325 for lender work through an AMC (most of the time).

While i dont disagree with you, let me suggest that POSSIBLY the 2 wildly different values may not be the result of different values but the result of different people.

One person wants to keep getting AMC work and is willing to work for ‘free/cheap’ while the other doesnt give aflyin flip what the AMC thinks and just does their job and reports a conclusion of the data.

When I see offers come across my email for HARD rural way out properties with an extra 1007/216 plus who knows what and the fee they are so graciously offering is $350 (real world example within last 60 days). And I click on it out of curiosity because i cant believe my eyes and the robots in the portal say-this appraisal has already been accepted by another appraiser.
No wonder… dot dot dot…

Yep-I own a milk delivery truck from the 1950’s-got it for free!

Exactly…If you appraise for lenders and AMC’s, then Dave’s point is correct, the industry is dying. But if you expand your practice and specialize in certain areas, the future looks fine. If you become an appraiser that specializes in very difficult properties and become an expert in court testimony, you can pretty much set your fee.

Dead voters might complain.

Spot on, we do have nothing for representation, so exactly as you said, branch out into other areas that need our services. Nicely said. Thank you.

We can’t just sit around wringing our hands over what is happening, we as appraisers have no one on our side pleading our case; the Appraisal Institute does NOTHING for us except come out with the ridiculous USPAP every 2 years, the NAR backs realtors, we have NO ONE. We have to get off our keisters and beat the pavement looking for new cheese, yes they are moving our cheese and we can’t stop it.

If we put just a few hours weekly into establishing new clients who appreciate our knowledge and expertise we can continue to do appraisals well into retirement age and beyond.

As I saw how things were heading and there are many more changes in the works, I decided enough was enough and appraising was no longer an enjoyable occupation. I planned to work another 3-5 years as I just turned 64 but I couldn’t take the changes. I wish all the appraisers’ success in staying with it, but I’ve done my time and I look forward to my retirement.

its really not negative, its realistic – do as much as you can in the non-lending areas, and if you want to stay in the business go for your cert gen

See, keep that negative attitude. Reminds me of my dad.

you are funny, the last few years have been a golden age of sorts, I hope you went commercial, if so you may be OK, if not, god bless

The appraisal profession has always been a leaderless group of professionals. Lenders and lender interest groups have known this for decades. Thus, these non-appraiser lenders can stand UP and dominate the appraisal process. The appraisal profession has minimal say on appraisal issues for mortgage lending purposes. Appraisers individually can comply or seek other client types.

“not gonna happen”

Applying logic in response to any corporate or government issue will ALWAYS result in death.

Death by a thousand cuts or immediate and compulsory implosion….

Always.

Turn off the logic circuits and everything goes hunky dory and that gumberbent check goes down ohhh so easy…

Oh and once all of you old timers retire I’ll just have more business. God bless!

How did that work out?

Now the same gurus who promoted the last hoax are back touting another miracle cure. This time in the name of equity and inclusion. God helps us!

Sure, We all should look to our future for retirement.
I enjoyed all 57 years, until 2018. Now kibitzing is my only entertainment.

good points, but most residential fee appraisers do other things, Broker, Landlord, the appraising is a part of the pie. Anyone that just does mortgage work eventually learns this is Appraising is not a sustainable career, boom bust. I honestly don’t know one residential appraiser that spends 100% of their time appraising.

I agree. Any “profession” that places providers on the same rung of the ladder regardless of experience is not a profession. That is a gig. Yes this is only in the case of mortgage lending; however the vast majority of residential appraisers are mortgage lender/AMC appraisers. Most residential appraisers are not good business owners, they are good appraisers. Most residential appraisers are not capable or willing to source non-lender work. (probably not enough to go around anyway). Why on earth would anyone want to subject themselves to the financial and time outlay to end up in a gig worker, chasing 1004’s for peanuts? The reality is, someone with the aptitude, education and experience to be an appraiser can command $100,000 +/- in a remote role as an operations analyst, financial analyst, data analyst, real estate analyst (non-CRE), etc…Jobs where you get 401k, PTO, no target on your back, medical insurance, etc..

I just do not see residential appraising as an appealing opportunity in terms of ROI or a long-term option to support a family.