Top reasons to work with appraisal management companies

It is true that more than 5,000 appraisers have gone out of business due to a lack of financial opportunities available to them. When the new HVCC rules were passed, most adjusters lost more than half of their income. It’s also true that most appraisers, on average, will sign up with between ten and 12 appraisal management companies, or AMCs. Other appraisers don’t think they have time, while others don’t know where to find AMCs.

While there are a large number of appraisers who don’t want to work with an appraisal management company, there are appraisers who would work with them to improve their income. The good news for appraisers looking for appraisal management companies is that there are more than 300 AMCs across the country. This number is growing at a rapid rate.

Appraisers who sign up with appraisal management companies get benefits, such as additional income, but they can be hard to find. An appraisal management company is not listed like other companies, so it may require a bit of research and effort. The good news is that there are lists available online, some are free and some have a minimal cost. With an AMC listing, an appraiser can expand their business. An appraiser can do this by registering with several appraisal management companies at the same time. This can be done in addition to registering with banks that do not accept federal funds, CPAs, divorce attorneys, and other businesses that need appraisers.

These listings can help drive business, giving adjusters options that help support their families or maintain their preferred lifestyles. AMC’s offer added revenue, even for the appraiser who just wants more money. If an appraiser works as an independent agent, they could earn an average of $4,000.00 per month. However, if he or she went to work with appraisal management companies, the benefit could add up to an additional $2,000.00, bringing the total income to $6,000.00 per month.

Another benefit of working with appraisal management companies is that it puts an appraiser online to comply with FHA rules that will be changing in the near future.

While AMCs are a good source of income under the new HVCC and upcoming FHA rules, an appraiser must be careful to stay away from AMC companies that want to charge huge commissions or fees up front. Other AMCs will require the appraiser to do the work within 24 hours of bidding on them, possibly leading to shoddy work. Many appraisers feel that working on a 24 hour period can be irresponsible and would prefer to take the time necessary for a good job.

While the HVCC and FHA rules have changed the face of the industry for appraisers, they haven’t completely eradicated it. There are still plenty of opportunities for the active appraiser who doesn’t mind putting effort into the search.