Thread: Appraisal Management Companies

I recently was contacted by an AMC to do home inspections for them. They take 25% for their fee. I will find out more when I meet with them. Have any of you heard of this or had experience with them?

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Do you get a jar of K-Y jelly with that deal?

rick

Collect your money up front when they provide the lubricant.

Rick, I have not signed any deal with them. I was trying to find out if any of you has had any experience with them. I would appreciate any constructive advice. Thank You!!

Originally Posted by Tom Rees

Rick, I have not signed any deal with them. I was trying to find out if any of you has had any experience with them. I would appreciate any constructive advice. Thank You!!

TR: Providing quick turnaround inspections for below-market fees is a sure way to improve the balance in your sagging bank account. You must weigh that against the damage it does to the overall fee structure of the industry. If you are only interested in yourself and do not have the imagination or determination to make money the old-fashion way, then work for them. Otherwise don't.

Originally Posted by Tom Rees

Rick, I have not signed any deal with them. I was trying to find out if any of you has had any experience with them. I would appreciate any constructive advice. Thank You!!

Tom,

I know nothing about them so I cannot comment on their business dealings.

Thank you,
Rick

Originally Posted by A.D. Miller

TR: Providing quick turnaround inspections for below-market fees is a sure way to improve the balance in your sagging bank account.

When times are tough and work is slow, you still have bills to pay.

Originally Posted by A.D. Miller

You must weigh that against the damage it does to the overall fee structure of the industry.

Hmmmmm. You can either have money to pay your bills. Or....you can find solace in the knowledge that even though the creditors are blowing up your phone that you're helping other inspectors make more money in the future.

Originally Posted by A.D. Miller

If you are only interested in yourself and do not have the imagination or determination to make money the old-fashion way, then work for them. Otherwise don't.

Worried about yourself? What a novel idea.

I know nothing about AMC either Tom. If you consider working for them, find out how often you can expect work from them, how far they expect you to travel, if you get mileage reimbursement for inspections where you must travel further, and most importantly, how often you will get paid. I had done some inspections for a relocation company when I first started out and the pay stunk (less than 1/2 of what I could earn on my own). But I was just starting and needed experience and the money.

When times are tough and work is slow, you still have bills to pay.

NO: Oh, really?

Hmmmmm. You can either have money to pay your bills. Or....you can find solace in the knowledge that even though the creditors are blowing up your phone that you're helping other inspectors make more money in the future.

NO: Well, I suppose if you have slid way down into the broke-dick category, I can see your point.

Worried about yourself? What a novel idea.

NO: Sometimes thinking of yourself as a part of a profession instead of just a loose cannon, Bruce Willis character, may actually benefit you, the rugged individualist, in the long run. But, whatever you do, do not let me interfere with you advanced case of myopia.

The concept of AMCs was created by the government. Need I say more. I will anyway. AMCs are intended to insulate appraisers from undo influence from mortgage companies, mortgage brokers, loan officiers, real estate agents... anyone with their greedy little hands in the deal.

The AMC just becomes another hand in the deal with little or no risk in the deal. It has destroyed the appraisal industry by depressing fees and attracting appraisers that weren't doing anything anyway (sometimes called the low bidders) If the HI industry let's them gain a foot hold it will spell the end.

Their agreements have "hold harmless" clauses that puts all the risk on your back. They will pay you in 30 to 60 days (how does that compare to collecting a check at the inspection?). And they take 25% off the top?!?! That's more than your REAL profit margin wether you have figured that out or not.

Just another little caveat. This wonderful arrangement was driven by New York Attorney General Cuomo who happens to be on the board of directors of one of the country's largest AMCs. Once again your government working for you. And the beat goes on.

If you embrace this concept you will lead yourself to a diet that will starve you (if not all of us) to death.
Get serious this is more than your real profit margin