AMC appraisal management companies are the main
process by which appraisers now get orders that are funded by FannieMae and
FreddieMac, and soon, FHA as well. There
are still many ways to get orders outside of the typical lending institutions,
although it does take more effort from the appraisers to get them.
The new 2009 HVCC rules state that all appraisal
transactions backed by federal funds must be ordered through AMC appraisal
management companies. Most appraisers
know this, as well as the fact that FHA is soon to follow beginning in
What can an AMC
appraisal management company do for you?
While there has been many bad experiences with AMC appraisal
management companies, there are many appraisers that have great experiences,
too. AMC’s are as varied as the number
of them out there. Do some homework and
put in the effort to sign up with as many as possible. I have heard a group of appraisers try out
the same management company with completely different results. The only way you can truly know how an AMC is going to work is by giving them a
chance. For me personally, I know AMC’s
can give you the bulk of your work and then you are able to supplement with
other types of appraisals.
What work can you get
outside of an AMC appraisal management company?
While the bulk of your work will come from AMC’s, other work
can be obtained through CPA’s, attorneys and personal estate appraisals. If you are one of those appraisers that had
work coming to your door and you never had to market, this part of the process
can seem daunting at first. Marketing
your appraisal business would encompass a website that is ranking in the top
ten for your area, email and snail mail campaigns and door to door
marketing. If you don’t like the idea of
cold calling, join some organizations that were established for just that
purpose, such as your local chamber of commerce. People like to know who they are dealing
with, and a timely introduction can bring in a significant amount of work just
through word of mouth.
What if You Dont
Work for AMC appraisal management companies?
Not to be extreme, but if you choose not to work for AMCs,
you may lose your business completely. I
have seen many appraisers go out of business because they didnt want to work
for AMCs. If you have another career
lined up that will pay your bills, than I say go for it!, but if you are like
most appraisers, appraising is all you know.
You are going to have to learn a whole new career, which many appraisers
can not or will not do, mainly because of funds.
Dont Wait! Signing
up with a complete list of AMC appraisal management companies will give you the
greatest chance of bringing in quality business.