21st October 2009

Appraiser Alerts – Appraiser Update: Issue #1

posted in Appraiser Marketing |

This is the first Appraiser Alert and we will be covering the following topics in this email:

* A Little About Me
* Appraisers Needed
* Getting More AMC Work

A Little About Me
Before we begin, let me give you a quick background on who I am and why I decided to create the Appraisal Alert system. I am a full time appraiser covering San Diego County. When banks stopped lending money almost 2 years back, orders dried up.

Most of my appraiser associates either went back to their prior businesses or became employees at some dead end job to avoid bankruptcy. I knew I had to make changes as my income was dropping fast. I was getting a few orders a week for estate appraisals, divorce, date of death, inheritance, gifts with an occasional refinance or FHA purchase. In addition, a few local appraisal management companies were sending me work from time to time.

The day Fannie Mae and Freddie Mac increased their loan amounts I thought this would bring buyers back in to the market so I created a marketing campaign with my remaining marketing budget to produce mailers and fliers. I created postcard mailers and sent it to all the remaining mortgage companies in my area. I also started going door to door to the mortgage companies and meeting with brokers and owners. Since I was getting some AMC work, I got online and started to build a list of all the Appraisal Management Companies I could find. I would submit the application to each AMC as I found them, usually completing around 2 to 3 applications per day.
My fliers, postcard mailers and door to door marketing failed to generate much business, but a few orders started trickling in from the AMCs I applied to. I searched for more AMC companies online, posted in appraiser forums and made phone calls to independent appraisers around the country to see what was working for them. I would submit to each company, and if I didn’t hear from them I would follow up with each company monthly. Work steadily began to increase to a point that I had to start turning down appraisal requests.

Flash forward to today:
I am still getting way too many orders than I can handle on my own so I select the highest paying and most complex appraisals that are in closest proximity to my office. This has been working out really well and new AMCs are contacting me all the time to either add them to my directory or get an appraisal completed. I am also getting work from companies that I signed up to over 6 months ago, so make sure you follow up with the AMCs on my list from time to time!

Appraisers Needed
I have been attempting to contact each of the AMCs on my list and verify approximately 100 additional appraisal management companies to get information on areas where there is an immediate need for appraisers. Unfortunately I have just started this process and have heard back from only a couple. Make sure to follow up with the top 10 AMCs in my book 2009 Appraisal Management Companies Directory (updated quarterly), and make sure you become approved with all of them. They are all claiming to have a need for appraisers nationwide.

What sets my AMC directory aside from the competition is that all my appraisal management companies are verified. They are not appraisers trying to sign up other appraiser under them or companies trying to charge a fee to be an ‘approved appraiser’.

My list is not in Alphabetical format. The companies that are confirmed and send the most work are at the top of my list.

Getting More AMC Work

* I have found that the key to getting more AMC work is to follow up after 1 month after the initial sign up date. You want to call and speak with the vendor manager to make sure you are set up properly in their system. You also want to let them know you are very interested in doing appraisal work and can provide a good turn around time, etc…
* If you have a friendly vendor rep on the phone, ask what day they usually receive their orders and ask if you can follow up with them on those days.
* If the vendors send out ‘broadcast’ emails for work offers, make sure to send a text or message to your cell phone.
* Follow up with the top vendors monthly to see if you can do just 1 job for them. Once you get a good appraisal delivered to them, you will be added to their list and get more work.

More information about my AMC Directory and appraiser marketing guide can be found at http://www.appraisalmanagementcompanies.org

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