Appraisers worry about AMCs and automated reports
WASHINGTON – March 17, 2017 – Most appraisers today are satisfied with their work, according to the National Association of Realtors® (NAR) new Appraiser Trends Study – but they’re worried about the rise of automated appraisals and unhappy with appraisal management companies (AMCs).
“The work of an appraiser is indispensable to our industry,” says NAR President William E. Brown. “Appraisers provide the credible, outside opinion on a property value that agents, lenders and ultimately the consumer depend on to guide them through a transaction.”
However, if “the regulatory burdens holding appraisers back go unaddressed, the challenge of providing that timely appraisal will only get worse,” Brown adds. “We have to work together as an industry to clear the way for appraisers to continue doing their good work while building an environment that encourages talented newcomers to get in the game.”
The survey culled responses from more than 2,000 appraisers, including some no longer working in the business. It found that appraisers are largely satisfied with the amount of work they have and, and they’re largely satisfied by the job – like how much time they have to get appraisals in and how much they’re compensated.
- Almost 81 percent say they have a good amount of work
- Almost 79 percent say they have enough time to get their work in
- Almost half say they’re satisfied with their compensation
- A bit more than half say they don’t make enough money, regulations are too stringent, and it’s too hard to build business through relationships (presumably because of the dominant AMC role)
Most appraisers say they plan to stay in the field for at least another five years. Of those planning to get out, however, most cite the regulatory environment they have to work in, insufficient pay and increasing costs.
Looking to the future, about four-fifths of appraisers said they don’t train new appraisers, mostly because they don’t get compensated for it. But they also avoid it because clients rarely accept appraisals conducted by trainees, and there’s liability connected to training. About half of the appraisers who don’t train say they used to do it, which suggests the downside to training has increased in recent years.
Of the remaining appraisers who do train, three-quarters typically trained three or more people in the past year; the remainder trained just one or two.
Source: Robert Freedman, Realtor® Magazine
© 2017 Florida Realtors
About Empire Appraisal Group, Inc.
Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times. When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience. Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 7,000+ appraisals to his credit.
We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.
We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.
In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.
Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298. Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.
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