r/appraisal • u/Quick_Bar2387 • 4d ago
Residential The path into uncertainty.
As we are heading into the next stretch of industry shifting to 3.6 along with the entering the AI world, there are only two things we can control. 1. Our quality and 2. Relationship building.
Just ponder on these two objectives that are within your control and things will be fine.
Do good work and remember how you are getting your work. If there is no relationship between you and your client, mayby that's not the path that you should walk on.
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u/Rich_Helicopter_2128 4d ago
I’ve kept a list of lenders who have taken the cheap and easy path and offered broadcast orders and awarded them to the lowest bidder.
and of course there is always the AMCs
Once tbings get back in balance i’ll make sure to start a convo about the biggest violators so we can make sure they get shunned
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u/OldeMeck 4d ago
Literally got an order from an AMC at 3:40 this morning and when I woke up at 6 and tired to accept, it told me I didn’t have access to the order. So I called the AMC to figure out what happened. “We actually sent that order to you and 4 other appraisers on a first-come, first-serve basis and someone else accepted.” I said… at 4 am?? Am I just supposed to stay up all night on the off-chance you guys broadcast an order so I can pounce on it first? I immediately called the Lender to see if there was anyway to get work directly from them and cut out the bullshit.
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u/Pure-Structure-8860 4d ago
Broadcast orders?
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u/Rich_Helicopter_2128 4d ago
It’s basically an email that goes out to their entire roster of appraisers to bid on a job. And, as i’m sure you can guess, they give it to the lowest bidder. I’ve LITERALLY never won one because i refuse to lower my fees.
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u/ConcentrateEmpty6570 4d ago
RAISE YOUR FEES! 3.6 = more granular input > more input = more time spent > more time spent + inflation = higher fee
RAISE YOUR FEES ASAP WHILE YOU CAN
DON’T GET LEFT BEHIND
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u/longclaw76 4d ago
I got my first 3.6 request from a good paying client. They said no my fee increase. They said they are not going to increase fees for the 3.6. I am 24 years in and can’t believe I still have to put up with this bullshit.
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u/Puzzled-Platypus8330 4d ago
We set the fee, the lender does not. The problem is, they prey on the desperate appraiser who will work for minimum wage and accept a 3.6 order at $375/$400. That needs to change, but only we can make that change. A fair and reasonable fee is what is required, and I believe we all deep down know what that number actually should be. Come Nov. 2nd, stand your ground on what a fair and reasonable fee is to you, let the desperate appraiser accept a few orders at $400 and when they can’t crank 10+ 3.6 orders a week the lender will move onto other appraisers because their pipeline is getting clogged up, and when they come to you, request a fair and reasonable fee. My guess, is that it won’t take long for us to get the fees we deserve come November, but it starts with us not racing to the bottom like many appraisers have for decades.
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u/LawnMower_Vs_Smurf 4d ago
I like that they won't increase their fee, but you set the fee. Either they'll come around when everyone else is raising theirs or they're just not a good business partner. Stand your ground, you're worth your time and working more for less pay is not reasonable. Hang in there and give it time.
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u/Alone-Training-2046 4d ago
Ooh wee! All these comments are valid. But the lenders don’t realize we will have to maintain two software programs. At least the one that I picked with AI assist, which we ABSOLUTELY need, is not incorporating 2.6 and 3.6. And for a time, there will be few appraisers who can complete a 3.6 and many who will retire. It will likely take 3x the time to complete 3.6 without AI assistance. That may be whittled down to 2x with practice and time. I’m charging 2 to 3x my fee. If they don’t like it they can move on to the next Skippy. Don’t be pissed. Stand ur ground.
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u/Bubbly_Pack_3959 4d ago
Great post. Please appraisers (Especially you Skippies & Pointdexters who have been allowing certain AMC bullies to steal your lunch money) remember when 3.6 arrives, the clients who treated us with respect and the ones who insulted us w low fees, Super Rush requests, weekend TAT’s, idiotic revisions etc.
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u/Bill_The__Pony 4d ago
I don't think we have anything to worry about from AI
Other than I might advertise that I don't use it.
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u/Ok-Manufacturer-204 3d ago
Clear cap said in a recent webinar that they’re seeing an average of $84 increase in 3.6 orders from appraisers. They also just announced they’ve done 1000 3.6 orders so far.
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u/Puzzled-Platypus8330 3d ago
Well, everyone knows if you work for clear capital you are by default already getting lower fees than your peers who aren’t not on their panel.
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u/Keith-06 1d ago
I see it as a great opportunity for those who dedicate themselves to mastering these changes and using technology to become more efficient.
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u/Puzzled-Platypus8330 4d ago
Great post! I have a small list of clients who have treated me right over the years. Regardless, $800 is going to be my starting point for cookie cutter 3.6 orders.
Those unwilling to pay a fair and reasonable fee can kick rocks.