The Choices We Make As Appraisers
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
FREE To CHOOSE…
A member of VaCAP shared this on Facebook…
We though it is very appropriate as a reminder of the choices we have as appraisers:
You Are FREE To CHOOSE, But You are NOT
FREE from the CONSEQUENCE of Your CHOICE
In case you missed it…
The Housing Wire Webinar held on March 1st is now posted for everyone to listen to. Some mistruths about an appraiser shortage is put to bed. The webinar is 60 minutes. You can watch it below and download the slides used in the presentation here.
What is going to happen to appraisers in 2017? Are new industry policies surrounding appraisers helping or hurting the industry? Will technology replace appraisers one day soon? How fair and reasonable are AMC fees? What is being done to encourage new faces to enter appraisal markets?
Voice of Appraisal with Phil Crawford has an interview with Jim Park, Executive Director of the Appraisal Subcommittee. Jim talks about the future of the Appraisal Subcommittee and shares some insights as to why all the chatter lately. Mr. Park breaks down the importance of the ASC and how it is a benefit to appraisers and regulators. He also discusses what the impact on the appraisal community would be…. if it went away! What is the future of the ASC? Are we looking at a massive regulatory shift? Is this what some people consider “modernization“? The broadcast is 47 minutes and you can listen to it below.
E144 What is the future of the ASC? Phil welcomes Jim Park!!!
NON AMC FEE SURVEY
OREP and Working RE are conducting a NON AMC Fee Survey. This survey has been done in the past and this is for 2017. Please take the time to complete the survey. It should only take a few minutes. To take the survey, click here.
Understanding the Appraisal Profession
AppraisersBlogs published a very good article about Understanding the Appraisal Profession and how AMCs have it wrong. See the article here.
OREP and Working RE survey- How about NOT LIMITING our survey response? By capping the choices at $751 you skew the averages lower than they should be.
When up to 80% of residential work gets filtered through AMCs and thus may contain 10 to 20 pages of engagement requirements (must have 4 sales, 2 active or pending listings, MLS pictures not permitted, cost approach, FHA like inspections for con. loans, utility and system checks, farm lists of all narrowed down sales, pictures for everything, etc. etc.), then the question of what is your C&R fee is way to simplistic.
We need to role back what is considered typical of the day, and ask what the C&R fee is for a standard USPAP compliant report. The non USPAP requirements pushed upon our profession day after day, year after year has at times in my opinion added an additional 50% of EXTRA time.
In the past, I have made the argument that my local car wash has figured out what there time is worth down to a few minutes (vacuum is extra, tire dressing is extra, spot free rinse extra), and that my local fast food place has figured out an extra dipping sauce is 10 cents, BUT the powers that be think blocks of time (hours) are free when it comes to appraisers.
I would ask all to answer the C&R fee question as to what we are most likely being asked to do, rather than what Fannie & Freddie require.
Bill, glad you addressed this again. A hundred years or so ago, I posted a proposal for an hourly equivalent billing structure that would work nationally or on a state by state basis equally well. for those interested it can still be read at:
http://www.mfford.com or http://www.appraisersguild.org (C&R fees).
Its along read so just skip to the end and them go back if it interests anyone.
As a profession we have allowed non professionals to label our appraisal assignment types by the report types most commonly associated with them. This focused attention on form differences rather than appraisal assignment differences. I do not do “1004 appraisals”; nor “1025 2-4’s”. I appraise ‘specific, defined and researched interests in the property rights’ associated with them. Doing this and everything associated with it encompasses far more work than a form suggest; or that an AVM is capable of.
I research ALL orders prior to accepting them. Only then can I estimate how long it will take in man hours; and determine how much I need to charge.
bad life choice, what can i say.
D- you cant write off the loss of time but you CAN write off documented actual expenses associated with an unpaid order. Admittedly not much.
According to working RE, 750 is the virtual maximum? What about fee studies which show 850 should be the current appraisal fee in the absence of amc’s, and if appraisers income kept up proportionally with realty agent and brokerage agents? 650 standard in CO. Even the worst amc’s have moved to 500. Newsflash if you’re elsewhere, you’re being burglarized to pay for CO, OR, and TX fees. Just say no.