Do you find AMCs to be challenging? If so, you’re not alone. According to NAR Research Group’s 2022 Appraisal Survey, 54% of surveyed appraisers reported that appraisal management companies (AMCs) have been among their biggest challenges in their businesses during the past year. So, how can you navigate the challenges and work smarter with your AMC partners? This month, we asked our real estate appraisal community to share their best tips for working with AMCs. Here’s what they said.
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What’s your best tip for working with AMCs?
Below are some excellent tips for working with AMCs shared by appraisal professionals. 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. Here are their comments, including many useful tips and tricks:
Treat them as partners
“Treat AMCs as professional partners rather than roadblocks.”
“View the AMC as a partner in the process. It is not an appraiser vs. the AMC mindset. But rather a symbiotic relationship which facilitates delivering your best product to the lender.”
“Ideally it is a partnership in which we each provide services that assist the end user in the buying process. Answer questions promptly and completely. Do not be afraid to ask questions. The appraiser sets the fee for which work will be accomplished, the AMC determines whether the fee is within budgetary constraints.”
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 ”
Related reading: 7 Tips for Building Strong Appraiser-Client Relationships
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.”
“Keep them informed throughout the assignment process to avoid unnecessary emails asking for status updates.”
“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.”
“As soon as you realize you have a problem file, get in your portal and update the AMC with as much data as you have. Let them know if there’s an appointment delay or you find that the home is in bad condition or to your surprise there’s something that will make you late on the file like an addition or an ADU or anything that impacts your time frame or complexity of the file.”
Do your research
“My best tip for working with AMCs is to know what you’re working with. Study about the AMC and don’t be afraid to ask around if others agree about certain suspicions such as the work is too much of a hassle and such.”
“AMC work can be a hassle at times, but I try to focus on what to expect from said AMC and outsource what kind of work they normally offer.”
“I am not an appraiser. I work with an AMC as a senior account manager. I think appraisers love to work with us because some AMCs ‘like us’ care about them when they struggle with appraisals or personal matters. They are not only appraisal makers; they are humans doing their job to provide the best opinion of the value of a property to help all parties in a loan transaction.”
More tips and tricks
“Keep your reports clean, with your license and E&O current, as most AMCs require those to be sure your work is acceptable to their clients.”
“Build a report template from the AMC with the most requirements and use that template for all assignments.”
“Quote as short a time as possible for a quality report delivery.”
“Give them a limited time to accept a fee and appraisal return date.”
“Always analyze the orders they send you to accept them.”
“Don’t bid too low. It lowers the bar for fees. Remember: AMCs are in it for the money. Nothing else. Keep the fees in your area reasonable.”
What are your best tips for working with AMCs? Join the conversation! Follow us on Facebook, Twitter, and LinkedIn. Or, sign up for our newsletter to get a new survey question in your inbox each month.
The post Appraisers Share Their Best Tips for Working with AMCs appeared first on McKissock Learning.