Appraisers Share Their Best Tips for Working with AMCs
Excerpts: In a nutshell, our survey respondents recommended that you should:
1) do your research and get to know the AMCs,
2) build a relationship with them,
3) treat the relationship as a partnership, and
4) prioritize communication.
Build a relationship
“Be personable so they remember you.”
“Make yourself known by being efficient as well as timely with your reports. Be friendly—even when you feel like the UW’s question may be redundant or was already answered in the report. I promise you that this will make you known in your area.”
“Have a very responsive credo. Keep them up to date in every step of the report so that they can keep the Lender (and the Buyer/Seller/Realtor/Closing Attorneys when applicable) all in the loop on the progress of the report. Remember when they look good and trust you—you look good
Communicate, communicate, communicate!
“Update the orders quickly.”
“Keep them informed.”
“Always communicate—even if it feels like too much. Our office updates AMCs on every scheduling attempt with details, every inspection appointment set and completion, and any materials needed ASAP in the assignment. They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). It’s truly a win-win.”
“Stay in communication. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. I make it a point to update them and answer their emails ASAP. In my opinion, that’s good business. And if you do need more time, more info, they are more willing to oblige.”
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My comments: Read this blog post with practical tips from practicing appraisers. It can help you get more business from AMCs (and other lender clients). Savvy appraisers I know who mostly do non-lender work also have a limited number of carefully vetted AMCs they work for, plus a few local lenders and “private” lenders.
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NOTE: Please scroll down to read the other topics in this long blog post on AMCs, non-lender appraisals, liability, ROVs,unusual homes, mortgage origination stats, etc.