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Andy Anderson's next Webinar May 31:
Dealing with a Negative Review
Professional Appraiser Series: Pros and Cons of Non Lender Work
Funny thing about doing
non-lender work: unlike what most appraisers are accustomed to when doing
lending-based work, with non-lender work, the pressure is for accurate,
independent reports. And these are the appraisers who are rewarded with repeat
orders- not those who are most compliant.
You can expect to spend
more time in communication with other than lender clients than with AMC and
lender clients, says Anderson, who does appraisals for insurance, divorce,
litigation, estate, probate, personal use, tax and assessment, eminent domain
and personal property (mobile and manufactured homes). He says the work is
more challenging and satisfying because the appraiser is responsible for truly
identifying the problem, determining the scope of work necessary to produce
credible results, establishing charges and setting turn times. But non-lender work tends to broaden an appraiser’s abilities as well as sharpen their communication skills. “The ability to communicate effectively is very important. If the client does not understand what has transpired, you have not only lost the client but any referrals as well,” he said. “It helps if you have the ability to empathize with those you will have to interview in the course of collecting data. Sitting with a homeowner and going through personal photo albums to determine condition and quality of a destroyed structure is not for everyone.” He says that breaking in to this work is not always easy because clients look for expertise and knowledge, which require experience and education. Anderson says the fastest route to non-lender work is greater education and finding a good mentor willing to train you. It takes time to learn and develop the expertise and knowledge in any of these niches. “Appraisers who want to expand their businesses need to take classes on subjects and topics they are not familiar with. I can’t tell you how many times an appraiser will tell me ‘I don’t do mobile homes’ when I invite them to take the Appraising Manufactured Homes class I instruct. Then they call me for advice when they get an order for one and don’t want to turn down the assignment or lose the extra income,” Anderson said. The bottom line for Anderson is that this work puts the appraiser in control, not the AMC and not the lender. “The underwriter or reviewer needs to be able to prove my appraisal is less than reliable or not accurate and support their reasoning to me- not the other way around. I inspect the property, research the market and complete the report. Having to provide additional data to satisfy an uncontrollable desire for more information, not better information, is not productive. With lender work these days, the demands of many AMCs and lenders seem to have little to do with truly supporting the actual value conclusions. With non-lender work, you are in control of the process and results, and in many cases you can end up as an expert witness in defense and support of the value conclusion. Separate charges apply! See you in class!”
-Part 2: On May 31st, Andy will present Part 2 of the Professional Appraiser Series: Dealing with a Negative Review. In this next webinar, Andy will offer advice about how to avoid a negative review, as well as help appraisers understand how to craft a detailed, professional response to a negative review and take the necessary steps to protect their livelihood and career.
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