I’m not sure that there is an answer specifically for that question. It’s all in what an appraiser wants to get out of their business.
Most of the time appraisers are their own boss, they make the rules and so they can set certain criteria for when and how they want to work. They are the rule makers for their minimum bid.
Now these may be different for each appraiser but for my office we are looking at these things while making a bid – no matter the
- Scope of Work
- Who’s the Client?
- Are they easy to work with?
- Do we get a lot of work from them?
- What is our current demand?
- How far away/Distance to subject?
- Is there anything complex about the assignment (we tend to stay away from these but there is certainly a price/time for such assignments)
- Are they waterfront?
Again, this is not the end all be all list for our office but it’s the beginning stages of how we decide what we want to charge. You
have to know your worth and don’t be afraid to ask for it. On the flip side, don’t be afraid to go a little lower every now and then when the work is easy (you know you’ve had homes that were almost identical to a recent report you’ve done at least once!!).
We all own homes of some sort, right? And it’s easy to forget, as an appraiser, that as homeowners even we get excited about upgrades
to our homes that might not have an effect on the price of our home. We’ve all had those borrowers who want to show us every new gadget or upgrade they might have – from a new pool to something as small as a new fan.
It’s true that those may not mean anything to us when we are wearing our appraiser hats but think back to a fun upgrade you’ve made
in your home. Was it new lighting? New paint? Honestly it can be anything but whatever it was made you happy and gave your home something new that could bring you joy.
Our job is to be as even keel as possible when it comes to naming our final price for the home, but it doesn’t hurt to enjoy the borrower’s
happiness for their new upgrade. You might even get an idea for your own home!
Think about a time you went to a well frequented restaurant or bar and you had the best service, what did you do? Probably told a
few friends about it and made sure to go back. You may have even asked for the same person to serve you. Now think about a time when you had really rotten service, your waiter or waitress was rude, they forgot things, your order was wrong and overall your
experience left you wanting a whole lot more. What did you do then? You more than likely told everyone you knew, you wrote reviews and asked for the manager and swore you would never go back.
We are no different in our appraisal world, especially is we are working with private/personal appraisals. In our office we do estates,
divorces, potential listing prices and a lot more and while it is always important to make a good impression while working those personal appraisals are 100% the most important when it comes to good customer service. They are your repeat customers and they
are the ones who will talk about you to friends and neighbors if they ever need an appraiser.
Yes, we won’t always get it right and we cannot make everyone happy but when you do the work comes to you. And if it’s possible, if
there is a bad taste left for a client going the extra mile in talking to them and explaining how you got to your final number can go a long way. It’s all about taking time and being up front about information.
As I’m sure most appraisers have read throughout a multitude of appraising blogs, and we know in the back of our minds – we are solitary
creatures most of the time. We enjoy being busy, staying in control and outside of the actual inspection we like to keep our contact with other people to a minimum – at least face to face. It’s our thing you could say.
This means that on way too many occasions we are running ourselves ragged and end up turning down work that could be making us more
money, improving relationships with AMC’s and allowing us to do more personal appraisals for word-of-mouth advertisement.
Of course, there are things that come with having employees like vacation time, teaching them the ropes, insurance, figuring out how
you want to be as a boss – the list is endless. But if you think about the amount of time even just one employee could save you the benefits are endless.
Just picture all of the things you could be handing over to someone else. Answering phones, setting up appointments, handling the
data input, following up with clients – it’s another endless list of small things that add up big time.
If you are on the verge of deciding whether or not having staff under you is right, this is your sign. It doesn’t have to start off
big, just one person for even just a few hours a day could be more than enough to take some of the weight off of your shoulders. Allow you time to breathe and really dig in further to the parts of appraising that you love.
The life of an appraiser is almost always buzzing in one way or another. When your job revolves around homes and what’s considered
new or intriguing you are always on the lookout for the things that catch your eye. Not to mention an outing to the grocery store can double as a time to stake out comps or get a feel for a neighborhood you might be doing an appraisal for.
It’s easy to get wrapped up in go, go, go but at some point, you need to take a break. It’s important to find something you enjoy
and give your mind and body some time to just relax, especially in this market. At least in our area, we are getting so many requests that we are struggling to find a place to put them.
So, if nothing else just schedule an hour of “you” time. Take off your appraiser hat and enjoy your family, friends, or even a night
out on the town so that you can come back the next day ready to push forward.
Could you buy a house for $800? In the 1920s you could, just call Sears for a free catalogue. Do you know any Sears homes?