Chasing unpaid invoices… Recently, I have been receiving numerous emails and phone calls from appraisers asking if they can factor appraisal orders from JVI Solutions with our company. Appraisers from Hawaii and California to Texas and New Jersey have grown tired of the runaround and are looking for ways to get paid on the work they have done. Unfortunately, because of non-payments and the unknown status of the Florida-based appraisal management company, whether a larger Fortune 500 company is acquiring it or going bankrupt, our company has currently placed a hold on factoring any JVI Solutions orders until we receive...
AppraisalPort Weekly Poll Analysis This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just...
Getting clients to pay up… On April 27, 2011, H.B. No. 1146 also known as “AMC Bill” was passed in the state of Texas. Through successful efforts of the Foundation of Appraisers Coalition of Texas (FACT), its members, and many more this bill requires the registration and regulation of appraisal management companies doing business in Texas. The following is a link to H.B. No. 1146. Some highlights of the bill include appraisal review, competency of appraisers, and statement of fees. Though all are important, one particular highlight of interest is outlined under Sec. 1104.157 titled “Compensation of Appraisers.” Compensation of Appraisers This...
Appraisers & their frustration with cash flow… I recently attended the Association of Texas Appraisers (ATA) Mid-Year Meeting in New Braunfels, TX. I met many wonderful ATA members and the meeting was well organized. Much of the meeting consisted of discussions on Texas Appraiser Licensing Certification Board (TALCB) commission activities, technology tools for appraisers, and USPAP. Since the topic of cash management rarely is presented in any appraisal meeting or event (but it should), I took the time during the networking sessions to learn more about the financial successes, struggles, and conditions of appraisers and their businesses. Some appraisers shared they are...
Factoring is the solution! Appraisers have shared a common concern with me when I visit with them and learn more about their businesses – “When am I going to get paid?” Many tell me that on average they do not collect their fees for 45 to 60 days. You have financial obligations to meet: payroll, taxes, travel expenses, etc. Cash flow delays can cause great stress for you and your appraisal business. You must understand and be aware of the importance of cash. Cash is the lifeblood of any business and without it your business will fail. One of the main challenges...
