Working with AMCs is not something you can easily get past in the appraisal world these days. Here are a few tips to help you get more requests,
better pay and a higher rating with the AMCs that you are using.
1. Update them Frequently
routine in your updates, say for appointments or completing inspections, so that they are always in the know. You can choose to do them at a specific time each day or you can find someone to help you with these (perfect reason to hire an assistant!). Keeping
your AMCs up to date will make their lives easier and will help you build a good relationship with them
2. Be Ready to Say Yes
ready to take on any report they might send your way if at all possible.
3. Keep You Work Manageable (Know Your Limits)
say yes to more than what you can do in a timely manner and don’t make your coverage area too wide. If you take on more than you think you can do you will run yourself thin and your turn times and work will struggle. And, it is much better to have a small
area that you cover and can become well versed in rather than a larger work area and you know little about the areas. Also, when you are covering a larger amount of space your appointments will inevitably end up being further and further away from each other,
taking time away from you completing the reports.
4. Respond Quickly and Completely to Revision Requests
will be given out on how many revisions you get and how quickly they are fixed. AMCs do not want to have to continually resend requests for updates. Most of all, be polite and professional when responding. They will thank you for this.
5. Keep Your Profile Up to Date
when your insurance/E&O and license update and make sure you let the AMCs know when they change. Also, let them know when you are coming up on breaks/vacations where you will not be available to take on new work. Depending on how many AMCs you work with this
can be timely so if you have an assistant have them do the work for you!
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!
While this answer might surprise you it’s not a simple yes - it’s more of an "if you are lucky".
Pools are great, we all have a moment in the heart of summer when we really wish we could walk out our back door and jump directly into a pool. The heat gets to us and we would give anything for a pool. BUT - you have to take time to think about the whole
picture and not just that sparkling cool water you want to jump into.
If you have the right situation you can make upwards of 7% more with a
pool included in your home. Here are some of the ways the pool could actually make your home more valuable.
You live in a neighborhood that is higher end and most homes also have swimming pools
The style of the pool fits with your home and neighborhood
The pool does not take up your whole yard, leaving room for other things such as swing sets or room for other
The pool has been kept up nicely and looks new
You live in a climate where it can be used year round (looking at your florida, Hawaii and even places like
Arizona and California to name a few)
It’s been customized to also be an enclosed pool (just to piggyback off of the last one reason)
You have buyers who want a pool
Outside of what it will add to the home, you have to think of the money
you will spend to get the pool there and then what the upkeep is. For the pool to be installed you could be looking at anything from $25,000 - $35,000+ for the install. Then you have monthly expenses such as chemicals (which could range up to $100+) a month
and seasonal expenses such as opening and shutting the pool. If you have someone coming out to open and close the pool it can cost $500+ each visit.
Overall the cost of the pool probably won’t be paid back in a monetary
way, especially if you add up the monthly and seasonal costs and add it all in. The important thing to think of though, is that it adds value to your life and family if it is something you truly want. So if it’s important to you and you believe it adds depth
to your life and the memories you can make in the home we say - DO IT!!
In the world today it is all about planning. We see it from the smallest parts of our lives to
the biggest choices we have to make - such as selling our homes. From when to sell and when to let the listing go live it all affects the ability to make the best sale.
Studies have shown that the best time to sell your home is in the spring
and early summer. The specific dates will change from state to state but you typically see a faster turnaround time and more money being spent starting around April 1st all the way up to June 15th. You can see trends for 2019 here:
. Not only are you going to have better weather during this timeframe and more daylight hours to spend to go out and tour homes for the buyers of these homes, your sellers will have plenty of time to do small but impactful updates to home during the winter
hours when people like to stay home anyway.
The day you list your home can also influence the number of people who
will see your home. Listing your home on a Sunday vs a Tuesday could get you up to 20% more views which means you will have a higher chance of these people coming to take a look at your home.
Two things to look for (aka keep your fingers crossed to see) is local
job growth and low mortgage rates! These two things are a sellers dream. Job growth means people are going to be looking for homes closer to their jobs, which in turn means they are going to be willing to pay more for the right home with the right conditions
to make things easier for them. Low mortgage rates are a no brainer and will get anyone looking for a home.
It’s truly about research and knowing your market. Your realtors are there
to help you with these thing, it’s their job but as we always like to say it's never a bad idea to do some of your own research so you can make your wants and needs known.
External obsolescence is a factor that reduces the value of an improvement because of something external to the property itself. It refers to something outside of the home that is causing a lower property value.
Here are five examples of external obsolescence:
1. Busy Road: This is a very common example of external obsolescence because we can see it in virtually every community to some extent. Homes on busy corners, on main streets or near freeways suffer from extra
noise and traffic, both of which impact property values.
2. Commercial buildings: Residential and commercial uses tend to not mix well in suburban areas. It's usually a negative factor when houses are located next to restaurants, retail, gas stations, etc.
3. Construction of a landfill next to a neighborhood: This can impact the entire neighborhood (not just one house) due to the smell or even the noise of large garbage trucks moving in and out.
4. Railroad tracks: Properties located near railroad tracks will suffer a hit when it comes to home values due to the noise factor. Same goes for properties close to an airport and airplanes' flight paths.
5. High-Voltage Towers: A view of nearby power towers usually results in a hit to property value.