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Email archive - 7/2000
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Go to Edit, then Find in Page. Some of them have been edited from the
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7/26/00 - Biz value/Buzz/USPAP FAQs/Apps up
New this week from Appraisal Today e-news
+ Cost of living
+ Value of an appraisal business
+ Commercial buzz
+ REIPA meeting
+ Appraisal Foundation's new FAQ publication
+ apps up - rates down
+ My appraiser license
*********************SPONSOR*******************
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return, and much more. Download FREE trial version: http://www.atvalue.com
.
@Value ~ Simply Powerful.
*****************************************************
>>>>>>>>>>>>> COST OF LIVING <<<<<<<<<<<<<
What's the city with the highest cost of living for international
expatriate families (relocated)? Seoul S. Korea, wiht an annual cost of
$190,158, per Runzheimer International at
http://www.runzheimer.com/welcome.htm
. I have been getting Runzheimer
press releases for quite a while.. Lots of interesting tidbits. Sorry, this
July 17 press release hasn't been posted yet. AOL Users: <a
href=http://www.runzheimer.com/welcome.htm> Click Here</a>
Here's some more info - Tokyo - $185,181 Paris, France - $83,473 Detroit,
MI - $65,037 Turin, Italy - 63,074
>>>>>>>>>>>>> VALUE OF AN APPRAISAL BUSINESS <<<<<<<<<<<<<
Value of an appraisal business With so many appraisers over 50 years old,
retirement is more of a concern.
Many appraisers think the only value in their businesses is their hard
assets - old computers, old files, etc. But there may be goodwill in your
business...
I have an article I wrote in November, 1993, "Can you sell your appraisal
business?," posted at http://www.appraisaltoday.com/selling.htm
. Not much
has changed since then except Primis' purchase of appraisal firms and a few
purchases of commercial appraisal firms by national companies. (The owners
stay on as managers.) AOL Users: <a
href=http://www.appraisaltoday.com/selling.htm> Click Here</a>
>>>>>>>>>>>>> COMMERCIAL BUZZ <<<<<<<<<<<<<
A new commercial real estate web site is http://www.rebuz.com/
. Lots a
links. Easy to navigate. Worth a visit. AOL Users: <a
href=http://www.rebuz.com> Click Here</a>
>>>>>>>>>>>>> REIPA MEETING <<<<<<<<<<<<<
The Real Estate Information Professionals Association 5th Annual REIPA
Conference Sheraton Bal Harbour Resort ~ Miami Beach, Florida September
14th - 17th, 2000. This is "the" organization for information providers,
and people interested in the issues of data, etc. I have attended two of
the four previous national conferences. They were definitely worthwhile!
Check it out at http://www.reipa.org/
AOL Users: <a
href=http://www.reipa.org> Click Here</a>
>>> APPRAISAL FOUNDATION'S NEW FAQ PUBLICATION <<<<
When I teach USPAP I always use the Appraisal Standards Board monthly
Questions and Answers Bulletin, sent out with this newsletter.
The Appraisal Foundation has just published a USPAP Frequently Asked
Questions spiral bound book, compiling, indexing, and updating them 107
questions. They are now combined into categories and indexed, making them
much more useful.
The price? Only $12. To order call 202-624-3056 or go to
http://www.appraisalfoundation.org
. AOL Users: <a
href=http://www.appraisalfoundation.org> Click Here</a> No info on their
web site 7/23/00 but hopefully will be posted soon.
>>>>>>>>>>>>> APPS UP - RATES DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results today, reporting that the index of
mortgage loan applications for the week ending July 14 increased 11.1
percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index increased 39.5 percent, and was up
9.6 percent compared to the same week a year earlier.
Long-term mortgage interest rates went down on Monday to 7.86 percent for
30 year fixed.
>>>>>>>>>>>>> MY APPRAISER LICENSE <<<<<<<<<<<<<
Seems like July 23's ASC email, listing appraisers whose license expired,
had my name on it. Thanks to the eagle-eyed reader who let me know! I never
seem to get around to reading the emails from the ASC....
FYI, my CA license has been renewed. I sent in my renewed early, in
December, 1999 so I could get a break on the fee. When checking on the
stats of a CA licensee, the state web site is best as it is updated
frequently.
You can check it at http://www.orea.ca.gov AOL Users: <a
href=http://www.orea.ca.gov> Click Here</a> ====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
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For an order form, go to http://www.appraisaltoday.com/orderfrm.htm . AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
=====================
Ann O'Rourke, MBA, SRPA, SRA, licensed appraiser
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave. Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
7/19/00 - Fannie/Val2K/ASB/speed/survey
New this week from Appraisal Today e-news
+ Appraisers Research Foundation gives first grant
+ Fannie to increase use of drivebys and inspections-only
+ Help!! Need survey ideas!!
+ Movie theater book review
+ Speed
+ ASB approves USPAP changes
+ FRB predatory lending hearings
+ Apps down, rates down
+ Val2000 - you shoulda been there
+ The Best Appraiser Directory
*********************SPONSOR*******************
e-appraiser is the premier online directory of real estate appraisers with
over 40,000 records and over 200 lenders using the directory. We offer
numerous search categories, as well as resources for appraisers. We also
offer fee panel management services. Go to http://www.e-appraiser.net or
contact Joan Trice at mailto:jtrice@alterragroup.com.
*****************************************************
>>> APPRAISERS RESEARCH FOUNDATION GIVES FIRST GRANT <<<
At Valuation 2000, the Appraisers Research Foundation gave its first grant
- $3,000 to the Union Panamerica de Asociaciones de Valuacion (UPAV). The
money will be used for awards for research papers at their 2000 (19th) and
2002 (20th) Panamerican Appraisal Conference ($1,500 for each conference).
Valuation 2000, with appraisers from over 100 countries in attendance, was
a great place for presenting the award.
The money will be used for awards for research papers at their 2000 (19th)
and 2002 (20th) Panamerican Appraisal Conference ($1,500 for each
conference).
FYI, The oldest South American Appraisal Society, in Peru, Cuerpo Tecnico
de Tajadoes del Peru, was founded 111 years ago, way before the first U.S.
appraisal associations in the 1930s.
Several years ago, the Market Data Center, LLC. was sold to First American
Financial Corporation. As a result of the sale, certain funds were donated
to create the Appraisers Research Foundation. The Appraisers Research
Foundation was founded in mid-1997.
The mission of the Appraisers Research Foundation is "To facilitate the
research, testing and report development of new methodologies, techniques
or procedures to best serve the publics who use, own or control property
interests."
The officers/directors are: Sherwood Darington, MAI, SRA, Tim Leberman,
SRPA, and Joseph Stanfield, MAI, SRA
For more information, go to http://www.appraiserresearch.org AOL Users: <a
href=http://www.appraiserresearch.org> Click Here</a>
>>> FANNIE TO INCREASE USE OF DRIVEBYS AND INSPECTIONS-ONLY <<<
Fannie's latest release of Desktop Underwriter, the 5.0 version, is
currently in pilot with 16 lenders and will be available more widely in
August.
DU 5.0 provides lenders with an enhanced property risk analysis and review
process. This could result in more borrowers - up to 30 percent, from about
10 percent in previous versions - qualifying for an appraisal waiver when
purchasing a home. In such cases, only an exterior property inspection
would be required. These enhancements could save borrowers up to 70 percent
over the traditional property appraisal process. (2070 exterior
inspection-only, no value)
For loans where appraisals still will be required, DU 5.0 will offer
lenders more opportunities for streamlined property valuation. DU 5.0 will
increase the number of loans that will receive an appraisal recommendation
permitting an appraisal based on an exterior-only inspection. (2055
driveby)
About 50 percent of all purchase money loans processed through the system -
as compared with only about 30 percent today - will qualify for this
exterior-only inspection appraisal (2055 driveby). DU 5.0 will require an
appraisal with both an interior and exterior inspection on purchase money
loans only for higher risk loan applications (2055 interior).
To read the full press release, go to
http://www.fanniemae.com/news/pressreleases/0854.html AOL Users: <a
href=http://www.fanniemae.com/news/pressreleases/0854.html> Click Here</a>
Hmm... still planning on doing only URARs for conforming lenders??? Sure
you don't want to get some other clients???
>>>>>>>>>>>>> HELP!! NEED SURVEY IDEAS!! <<<<<<<<<<<<<
I can't seem to think of any good survey topics for my web site. I did one
a few months ago on type of Internet connection - dialup, DSL, Etc. Any
ideas? Send mail to ann@appraisaltoday.com or call 800-839-0227, fax
800-839-0014.
>>>>>>>>>>>>> MOVIE THEATER BOOK REVIEW <<<<<<<<<<<<<
To read review of by Stephen Traub, ASA The Business of Show Business: The
Valuation of Movie Theaters, by Arthur Gimmy, MAI and Mary Gates, MAI
http://www1.shore.net/~straub/pvmsu00r.htm AOL Users: <a
href=http://www1.shore.net/~straub/pvmsu00r.htm> Click Here</a> To read the
entire issue of Property Valuation Monitor, go to
http://www1.shore.net/~straub/pvmsu00.htm - entire issue AOL Users: <a
href=http://www1.shore.net/~straub/pvmsu00.htm> Click Here</a>
>>>>>>>>>>>>> SPEED <<<<<<<<<<<<<
Many, if not most, appraisers, don't understand the mortgage lending
business. Why do lenders want appraisals (commercial and residential) as
fast as possible? Because of loan fallout. Borrowers will jump to a faster
lender.
>>>>>>>>>>>>> ASB APPROVES USPAP CHANGES <<<<<<<<<<<<<
The Appraisal Standards Board passed, with minor revisions, the proposed
changes for 2001. Some appraisers/organizations wanted to wait and study it
more. My notes aren't good on what was changed. Why are my notes so weak??
The meeting was in a room with a floor to ceiling view of the pool... I was
too distracted.... was that planned?
ASB responses to the letters they received will be posted by the end of
July, per Ken Kaiser, the chair. Publication of USPAP 2001 is scheduled for
Oct. 1, 2000.
A summary is posted at
http://www.appraisalinstitute.org/ASB_Adopts_2001_USPAP.htm . AOL Users: <a
href=http://www.appraisalinstitute.org/ASB_Adopts_2001_USPAP.htm> Click
Here</a>
>>>>>>>>>>>>> FRB PREDATORY LENDING HEARINGS <<<<<<<<<<<<<
The Federal Reserve Board is inviting consumers, consumer advocacy
organizations, lenders and other interested parties to participate in three
public hearings on predatory practices in the home-equity lending market.
The first hearing is scheduled on Thursday July 27, 2000, at the Charlotte
Branch of the Federal Reserve Bank of Richmond, 530 East Trade Street,
Charlotte, NC. The second is scheduled on Friday August 4, 2000, at the
Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, MA. A third
hearing will be held on Thursday September 7, 2000, at the Federal Reserve
Bank of San Francisco, 101 Market Street, San Francisco, CA.
For more info, go to
http://www.mbaa.org/resident/index.cfm?STRING=http://www.mbaa.org/resident/
l ib2000/0710b.html AOL Users: <a
href=http://www.mbaa.org/resident/index.cfm?STRING=http://www.mbaa.org/resi
d ent/lib2000/0710b.html> Click Here</a>
>>>>>>>>>>>>> APPS DOWN, RATES DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that mortgage
loan applications for the week ending July 7 decreased 6.5 percent on a
seasonally adjusted basis from the previous week. On a seasonally
unadjusted basis, applications decreased 25.1 percent, and were down 2.5
percent compared to the same week a year earlier.
Last week, 30-year mortgage rates dipped to their lowest point since the
end of last year. This week rates are up, but still under 8%. Maybe
appraisal orders will pick up this week.
>>>>>>>>>>>>> VAL2000 - YOU SHOULDA BEEN THERE <<<<<<<<<<<<<
My (short) take on Valuation 2000
- The best thing was no associations or designations on any badges. For
example, I spoke with an appraiser of autos one time, the next with a
business valuator, and then with a farm appraiser. I only do real property
it was great to get rid of the blinders for a few days. United we stand,
divided we fall.
- Those who only went to their association meetings and skipped the Val
2000 meeting made a very big mistake. They were already there. Taking one
more day off was too much??
- Will there be another Valuation Conference? Hard to day. Maybe. Maybe
not. The associations are booked out for 3 years or so on their national
conferences.
- How many attendees? Around 2,500 - details were not available yet.
- Finally meeting Michael Cartwright, my appraiser Web guru... Yes, he does
look like how you would envision a minerals appraiser! (mustache, cowboy
boots, no tie) Plus reconnecting with all the people I haven't seen in
awhile plus subscribers plus everyone else...
- The best vendor show I have ever attended. It sold out with about 100
vendors. Even better, lots and lots of new tech stuff.
- What's new (or coming soon)?, On the Web - forms software, national
appraiser databases, flood maps. Palm Pilot forms and sketch programs.
- I was at the first Inman Connect real estate technology conference in
July, 1997. It's hard to believe how much money has flowed into real estate
dot com companies, even appraisal related companies since then. Even with
the recent slow down in IPOs, money is still flowing in, bringing lots of
innovation.
- Lots and lots and lots of new products and news for my newsletter. Some
can be printed, some can't (stealth mode, confidential, etc.), as usual!!
Still digesting it.
- I am definitely going to do a 2 day AppraisalTech 2001 conference in San
Francisco in August, 2001, emphasizing all the new stuff. Tentative pricing
- $295 for 2 days, $195 for one day, $10-$15 for a one day vendor pass (to
pay for lunch).
- I was not looking forward to Las Vegas. My remembrance was ticky tacky
and too many slot machines from 5 years ago. What a change. There are some
great new casinos. Sort of weird because they are imitations of something,
but still lots of fun.
- I am very, very glad I went... (Although I didn't see any VCs lingering
about looking for tech companies to invest in...Venture Capitalists for you
folks in the rest of the country)
>>>>>>>>>>>>> THE BEST APPRAISER DIRECTORY <<<<<<<<<<<<<
I have been getting lots of questions about what's the best Internet
appraisal directory to join. Sorry, I don't have any data on which one
generates the most orders. The directory market is a moving target with new
entries coming every few months. The latest twist on pricing is a
transaction fee, say 10% of the appraisal fee, rather than a flat fee. I
have already started on an update article for the September issue of
Appraisal Today...
If you have any personal success or failure stories when you've signed up
for an appraisal directory, please let me know! Send email to
ann@appraisaltoday.com, call 800-839-0227, fax 800-839-0014.
Here's the link to my May, 1999 article -
http://www.appraisaltoday.com/directories.htm . I took out the info on
individual directories as it was too old, but ways to evaluate them is
still useful. (Hard to believe how much this market has changed in a year!)
I try to keep the list of directory links updated. AOL Users: <a
href=http://www.appraisaltoday.com/directories.htm> Click Here</a>
====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm . AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
Ann O'Rourke, dot com wannabe!
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave., Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
*******************************************
Sponsoring this email will expose your business to over 30,000 appraisers.
For more information, send email to jntrice@primis.com
*******************************************
This email was sent by e-appraiser, the online resource for appraisers at
http://www.e-appraiser.net. We offer free directory registration to
appraisers and currently have over 250 lenders utilizing our directory.
If you do not wish to receive further emails, please send an email to
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7/11/00 - ASB/Realcomm/lender rat race/predators
New this week from Appraisal Today e-news
+ Predatory lending
+ Free audio from Real Estate Cyberspace Society
+ Rates down/apps up
+ Don't miss the last N CA seminars for 2000
+ e-ppraisal/ASB controversy
+ Getting this email forwarded to you?
*************SPONSOR**********************
COMMERCIAL APPRAISERS: DCF software for Excel $99! Powerful Discounted Cash
Flow Analysis software for a fraction of the price of Argus. Forecast
specific lease terms with ease - view forecasts graphically. Automatically
graphs leases, expenses, before and after debt NOI, internal rate of
return, and much more. Download FREE trial version: http://www.atvalue.com
.
@Value ~ Simply Powerful.
*****************************************
>>>>>>>>>>>>> PREDATORY LENDING <<<<<<<<<<<<<
Predatory lending is in the news these days. Nothing new to me. When I
started my appraisal business in 1986, one of my first clients (a Very Big
Lender) was lending in a low income area. After a few appraisals of homes
owned by elderly very low income borrowers who probably would have trouble
repaying any loans, I told them not to send me any more appraisals.
The link to the June 121 page HUD report, "Curbing Predatory Home Mortgage
Lending," is available at http://www.hud.gov/pressrel/pr00-142.html
- the
press release. I did a search for appraisals but it was the same old stuff
about fraudulent appraisals, late appraisals, etc. Nothing really new.
Check out the Mortgage Bankers Association position papers at
http://www.mbaa.org/resident/ . Links are on the left.
The Appraisal Institute issued a press release at
http://www.appraisalinstitute.org/news/6-20-00_predatory_lending_release.htm
Lenders are worried about confusion between predatory lending and subprime
lending. Of course, the alleged steering of minority applicants to subprime
is a definite problem.
>>>>> FREE AUDIO FROM REAL ESTATE CYBERSPACE SOCIETY <<<<<
Didn't make it to the commercial RealComm conference or the Real Estate
Educators association conference?
The Real Estate Cyberspace Society has recordings of a couple of the
speeches.
From the Las Vegas REEA Conference, Matthew Ferrara: "Classroom Technology
Update" and John M. Peckham III "Real Estate CyberSpace Magic - You Ain't
Seen Nothin' Yet" http://www.recyber.com/audio/reeducators00.html
From the Dallas RealComm 2000 Conference listeners can tune in to 3 panels
featuring insights and visions from 20 commercial real estate industry
leaders: http://www.recyber.com/audio/realcomm00.html
RealComm Broadcast Session 1: "A Digital Transaction" is moderated by Jim
Young, Realcomm, and features panelists: Andrew Florance, CoStar; Scott
Rickard, The CORE Network; Quinn Munton, Eureka Broadband; Scott Jacobson,
Wind Systems and Jon-Erik Prichard Aqcess Technologie.
RealComm Broadcast Session 2: "Commercial Portals - MLS & More" is
moderated by Jim Young, Realcomm and features panelists: Kathy Nannally,
Anemogiannis; Whitney Peyton, Minneapolis OCR; Craig Robbins,
PropertyFirst.com; Dennis DeAndre, Loopnet; Mark Klionsky, CoStar; Guy
Shanon, Cityfeet.com; Kevin Travers, Comro.com and Bruce Weissberg,
RealtyIQ.com.
RealComm Broadcast Session 3: "Trends - Commercial Brokerage" is moderated
by John M. Peckham III, Real Estate CyberSpace Society and features
panelists: Richard Podas, RealtyIQ.com; Edward Noha, Jones Lang LaSalle;
John Kohut, Cushman Wakefield; Lee Arnold, Colliers International and Jerry
Anderson, Coldwell Banker Commercial.
The Real Estate CyberSpace Society http://www.recyber.com , as an industry
service, delivers featured presentations from major real estate conferences
through its subsidiary Real Estate CyberSpace Radio.
>>>>>>>>>>>>> RATES DOWN/APPS UP <<<<<<<<<<<<<
Rates are under 8% (again).
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that mortgage
loan applications for the week ending June 30 increased 4.3 percent on a
seasonally adjusted basis from the previous week. On a seasonally
unadjusted basis, applications increased 4.2 percent, and were down 9.5
percent compared to the same week a year earlier.
Res. appraisers are busy again. But... work is very cyclical. For some
marketing ideas on how to break out of the lender rat race, go to
http://www.appraisaltoday.com/marketing.htm
for some free articles and info
on my marketing books, or call 800-839-0227 to get a brochure.
>>>>> DON'T MISS THE LAST N CA SEMINARS FOR 2000 <<<<<<
I won't be offering any more seminars until July, 2001, so don't miss the
August and September seminars in San Jose.
What will I be doing for an encore? I'm planning on having the First Annual
Appraisal Today Technology Conference in (or near) San Francisco in July,
2001. Sort of like the Inman Connect Real Estate Tech conference, except it
is for appraisers. The latest and greatest stuff plus tackling some
controversial topics, such as data confidentiality. It will focus on the
Internet and new stuff for appraisers. I got this idea a few weeks ago. You
heard it here first!!
70 hours of OREA approval and 56 hours of SBE (assessors) approval. (They
didn't approve my two appraisal business management classes.)
= August 14 - USPAP for the Practicing Appraiser - 7 hours credit - OREA
#95865C104
= August 15 - Title and escrow for Appraisers - 7 hours credit - OREA
#00804C110
= August 16 & 17 (2 days) - Residential Appraisal Problem Solving - 14
hours credit - OREA#00804C107
= Sept 6 - Computers for Appraisers - 7 hours credit - OREA #00804C108
= Sept 7 - The Internet for Appraisers - 7 hours credit - OREA #96804C101
= Sept 8 - California Architectural Styles for Appraisers - 7 hours
credit - OREA #00804C109
= Sept 13 - Profitable Appraising, How to Maximize Profits in Your
Appraisal Business - 7 hours credit - OREA #96804C102
= Sept 14 - Income Opportunities for Residential Appraisers - 7 hours
credit - OREA #97804C105.
= Sept 15 - Real Estate Fraud and the Appraisers Role - 7 hours credit -
OREA#99885C101.
Seminar location: Airport Inn, 1355 North Fourth Street, San Jose, CA
95112, Phone (408) 453-5340, Fax(408) 453-1717 Information on the hotel:
www.airportinn.com/
Price: Prices: One day: $135, 2-3 days -$125 each day, 4+ days: $115 each
day
For more info and a registration form, go to
http://www.appraisaltoday.com/no__ca_seminars.htm
or call 800-839-0227.
>>>>>>>>>>>>> E-PPRAISAL/ASB CONTROVERSY <<<<<<<<<<<<<
Seems like the latest issue of the Communicator had a 2 page ad for
e-ppraisal, a new "desktop analysis"/"valuation tool" product with
substantial appraisal input. The ad had a picture of Ken Kaiser, co-founder
of e-ppraisal and the current chair of the Appraisal Standards Board.
Unfortunately, the ad said Kaiser was the chair of the ASB. According to an
Internet posting and other sources, this was an error by the magazine and
should not have been printed as a revised ad was sent to them.
Kaiser's involvement with e-ppraisal definitely has upset some appraisers,
who see this as a conflict of interest. FYI, e-ppraisal has been under
development for a while, and was not a secret, including Kaiser's
involvement. The Appraisal Foundation knew about his new company and didn't
see it as a conflict of interest.
Of course, being on the ASB, determining what is in USPAP, and also being a
practicing fee appraiser or employee of a lender can have conflicts. What's
the answer? Hiring ASB members as full time employees, which would be
costly. They currently are part time, paid by the hour.
I'm currently reviewing the e-ppraisal product for my Appraisal Today
subscription newsletter. I will also have more details on the Kaiser
controversy. E-ppraisal is available in California, so I can test in in my
local market. It is not the first appraiser-assisted AVM (there was one
available almost 20 years ago with some appraiser input - PSAR).
Personally, I prefer to use an appraiser-assisted model rather than a
"black box" AVM. http://www.e-ppraisal.com/
>>>>>>>>>>>>> GETTING THIS EMAIL FORWARDED TO YOU? <<<<<<<<<<<<<
Are you getting this email forwarded to you?
Want to get it when it first comes out?
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7/8/00 How to get more business
How to get more business using client-centered marketing
Work has slowed down for residential appraisers since mid-1999. Of course,
there have been ups and downs since then. Many are finally thinking about
doing some marketing.
Even if you're a busy commercial or residential appraiser, everyone could
use a few (or one) new good client!!
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If you, like many appraisers, have an image of a salesperson as a used car
salesperson pushing you into something you don't want, you're way behind
the times. Today's marketers try to give customers what they want, not what
the marketer wants to sell them.
When you're looking for an auto repair shop, what is most important to you?
Price, location, hours, speed, pickup and drop-off, advice on whether
repairs are needed now or later, experience with your car, etc.? You select
the repair shop that matches most closely with what you need. Different
customers have different needs.
Appraisal customers are the same as you. Some want speed, some want
expertise, some want advice, and some want price.
------------------------------
Listening to station WIIFM (What's In It for Me)
In client-centered marketing you are trying to tune into station WIIFM,
(What's In It For Me) from the client's prospective. When doing sales
presentations to prospects, you spend most of your time listening to the
other person, instead of spending it trying to "sell" your services. When
speaking with current clients, you are listening for information about what
they really want.
If you're talking, you're not listening.
----------------------
What is client-centered marketing?
Client-centered marketing is a "win-win" situation for both sides. Both you
and the client get what you want. It's not lose-win, where the appraiser
feels like he or she is required to do something unethical, or the client
is upset with the appraiser's rigidity in failing to conform to their
standards, however stupid they may seem to the appraiser (i.e., extra
comps, extensive reviewer communication).
Non-customer-centered marketing is easy to identify. Examples are Henry
Ford's insistence on only providing cars in one color: black and
telemarketers calling at dinner time trying sell you a subscription to a
newspaper you already subscribe to.
For appraisers, it is rigidly offering one type of report to all prospects
and clients (fully documented URAR or complete narratives), particularly
those with templates and boilerplates set up so that "one size fits all".
Other examples are: offering the same so-so level of communication to all
clients, or trying to make all clients conform to your requirements.
Having these rigid product and service standards is okay. You just have to
find the increasingly small number of clients who want it and will pay for
it without complaining. You'll have to be a very good marketer.
Flexibility is required for client-centered marketing. You don't offer the
same products and services to every client or prospect. Many appraisers
find this difficult to do, particularly if they have worked primarily for
one type of client, such as lenders.
If you "can't" produce a driveby or URAR without photos, or "can't" do a
commercial narrative without using all three approaches, your market will
become more and more limited.
----------------------------------
What about ethics?
Appraisers, like every other type of business person or professional, are
sometimes requested to step over the line. A common problem is: if you
don't give a client the number they want, you're afraid they won't call you
again.
All professions have these problems. If a doctor doesn't give an unneeded
antibiotic to a patient, they may not return. If an accounting firm gives
an unfavorable audit on a publicly held company, they may lose the client.
Every appraisal firm has appraisal ethical standards. For appraisers, the
minimum for appraisals is USPAP. Each appraisal firm decides where they
draw the line. Most of us get pretty close, and maybe even go over, that
line a few times.
Many people are not aware of USPAP requirements. You could explain to them
what the requirements are. If they work for a direct lender, you could
mention that what they are asking is a violation of federal banking
regulations.
Don't point the finger at the client. Don't expect them to have the same
appraisal standards that you do. If they're not licensed or certified
appraisers, they aren't subject to USPAP.
------------------
What if all they want is the fastest turnaround for the lowest fee?
There is always somebody cheaper or faster.
If that's all a client really wants, you'll have to give it to them to get
the business. Or, don't work for them.
But, did you take the time and initiative to find out what they really want?
Competing on the basis of fee and/or price can be successful when there is
lots of work. It is always a great way to "get your foot in the door."
But it's self defeating when business is slow and lots of appraisers are
getting hungry for work.
There's certainly nothing unethical about working for a low fee. You can
work for free if you want. Working 24 hours a day to get a fast turnaround
is okay also. Skimping on the research and analysis is not allowed, however.
The August issue of my Appraisal Today "paper" newsletter has an article on
How to Get Higher Fees. Yes, it can be done!!
-----------------------------
What if I can't give clients what they want?
In client-centered marketing, you find out what clients really want so
you'll know if you can give it to them. Sometimes you will find out that
you don't have what they need.
For example, a prospect wants an appraisal with a much faster turnaround
than you can provide. You refer them to another appraiser. Or, a prospect
is thinking about listing a home, and doesn't want to pay for an appraisal.
You refer them to a real estate agent. Be sure to ask them to mention your
name to the person they call. You always remember those who give you
referrals.
If a prospect wants a very lowball fee or an unrealistically high "number"
you can always tell them to use the Yellow Pages, or give them the name of
your biggest competitor!
Don't work for a client if you can't give them what they really want. Both
you and the client will be frustrated. You may choose to continue to work
for them because you're desperate for work, but plan on dropping them when
you can get a replacement client.
------------------------------
How do you find out what current clients want?
Ask them in a client review session. Don't assume you know what they want.
For example, you may have thought a residential client wanted a heavily
documented thick URAR with lots of photos. But what they really want is to
have the borrower called within one hour of placing the order.
Or, you have been providing a commercial appraisal client with heavily
documented reports for some time, with some boilerplating. But when you
meet with the chief appraiser, she says their time per review has also
been cut so they need more succinct, standardized reports and gives you a
sample outline of how they would like reports laid out.
She also mentions in passing that a firm they like to use always returns
their reviewers phone calls within 2 hours and has written responses, if
required, ready within 24 hours.
Remember, listen to what they are saying. If you're talking, you're
not listening.
----------------------------------
"Firing" a client
No appraiser can work for all clients. Have you ever had a client who you
didn't want to work for? Did you just keep working for them, even though
you had a "bad attitude"? Take them off your approved client list and
you'll both be better off.
------------------------
Where to get more information
If you're a long term subscriber to my Appraisal Today paid newsletter, or
have taken one of my marketing seminars, this material will seem familiar.
I published a very similar article in July, 1995.
There are many books on sales techniques and marketing. Most use the same
ideas in this article. The concept of listening to the customer has been
around for many, many years.
Sales of my three marketing books and audio tapes are really picking up
since business has declined. Even if you only do a little marketing, you'll
be way ahead of all the appraisers just waiting for the phone or fax to
ring! Just Do It!
The three books are:
- Marketing for Appraisers, How to Successfully Market Your Appraisal
Services, 160-plus pages on how to get more appraisal business. $39.
- The Appraisers' Marketing Workbook, a Practical, Step-by-Step Guide to
Marketing Success, 200-plus pages of exercises to help you find out where
you are now and where you want to go. $39.
- Special Report on Marketing Opportunities for Appraisers, 150-plus pages
of articles published in Appraisal Today, a supplement to the Marketing for
Appraisers book, published in 1994. $39. Special e-mail pricing: Two books
for $90 or all three books for $99.
To get more information, order by phone, or to get an order form faxed,
call 800-839-0227 (credit card orders). Or go to
http://www.appraisaltoday.com/orderfrm.htm
to print out an order
form.
For more information on the books and audiotapes, go to
http://www.appraisaltoday.com/marketing.htm
.
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 .
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
7/5/00 Val2K-July/FNC/FHA on TV
New this week from Appraisal Today e-news
+ Valuation 2000 in July NOT August!!
+ New on www.appraisaltoday.com
+ More AI Residential database - FNC
+ FNC purchases CMDC
+ FHA testifies on TV
+ Loan apps up and down
+ More on resource leaks from Fred Langa
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>>>>>>>>>>>>> VALUATION 2000 IN JULY NOT AUGUST!! <<<<<<<<<<<<<
Valuation 2000 is from July 10-13 NOT in August! There's an evening welcome
reception on July 10. Educational offerings and the exhibition start on
July 11 and end on July 13.
My last week's email had the dates in August!! Wishful thinking, I guess...
then maybe I'd have had all the appraisals on my desk done... I will be
there from July 9 (ASB meeting on Sunday) to July 13, Thursday, the last
day.
Not as much "action" as Inman, where all the players come, but I have a few
interviews/demos scheduled. Should have lots of time to "hang out in the
hallways" and see what appraisers are thinking...
I won't have a computer at Val2K, so you'll have to wait until the next
week to find out all the hot news...
http://www.val2000.org/
>>>>>>>>>>>>> NEW ON WWW.APPRAISALTODAY.COM <<<<<<<<<<<<<
I did lots of work on my web site this past weekend. (Well... I took off
July 4th to go to the big parade here in town. Half the town was in the
parade, the other half was watching.)
Here are some of the changes:
- New Appraisers on the Move page - new hires, new companies, looking for
new hires, available for hire, etc. A place to announce changes in your
company. http://www.appraisaltoday.com/on_the_move.htm
- Expanded commercial page with lots of new links plus Commercial appraisal
company news http://www.appraisaltoday.com/coml.htm
- New classifications on the appraisal company links page (up to over 500
links now), dividing it into states, then type of appraisal. Be sure to
check your link. I have instructions if you want any changes. My assistant,
Nicky, did the classifications. To my surprise, very few links were dead
and lots more had linked back to my site than I had expected (and got a
free boldface listing). Nicky did have some problems figuring out what
types of appraisals the companies did though...
http://www.appraisaltoday.com/applinks.htm
>
- New categories on the appraisal company links page for national and
regional companies (non-AMCs)
- New page for new product press releases and links. As a reporter, I get
inundated with these and don't have time to research the products for a
story in my newsletter. If you have a new product or service, send me the
info. I only have one new service listed now, as I just got the idea for
this page on Saturday! http://www.appraisaltoday.com/new_products.htm
- Thanks again to my paid advertisers! Their support lets me spend more
time on my web site. Thanks to
Liability Insurance Administrators - http://www.liability.com
Goappraisers - http://www.goappraisers.com
Feeappraiser - http://www.feeappraiser.com
United Systems - http://www.unitedsystems.com
Ordinance.com - http://www.ordinance.com/
Atvalue - http://www.atvalue.com/
Datacomp - http://www.doldatacomp.com/
>>>>>>>>>>>>> MORE AI RESIDENTIAL DATABASE - FNC <<<<<<<<<<<<<
I have received many emails asking what I think about the AI Residential
database, airdport, owned by FNC.
I have been following the development of the database for about two years,
and wrote about it my July, 1998 newsletter, around the time it was
approved "in concept." Since then I have been waiting for the official
launch, scheduled for Valuation 2000.
I plan on interviewing company officials and getting a demo at Valuation
2000 and will be writing about it in my Appraisal Today paid newsletter.
http://www.fncinc.com
http://www.appraisalport.com
>>>>>>>>>>>>> FNC PURCHASES CMDC <<<<<<<<<<<<<
I heard a couple of weeks ago that CMDC (appraisers' co-op data service)
had purchased FNC, or FNC had purchased CMDC - the people weren't clear on
what happened. I didn't believe it, as I have heard rumors in the past
about CMDC that were wrong. As with most rumors, turns out there was some
basis for it... Friday, June 30, FNC announced its cash purchase of CMDC.
I am located in California. Since the mid-1960s, a co-op data service
called California Market Data Cooperative (CMDC) has been active. When I
started appraising in the mid-1970s, appraisers were using their comp
books. So, I guess I am used to sending my appraisal data to a company and
then paying to get it back in a usable form. Data has been sold to
non-appraisers. CMDC was founded by several large lenders in Southern Ca.
I haven't used CMDC for quite a while, as there is not a lot of data in my
geographic area since appraisers got full access to MLS, but never resented
giving them my data, which has been used in AVMs.
In other words, what FNC will be doing with appraisers data is nothing new
to me, except that FNC will pay a nominal fee to appraisers and won't
accept paper copies of my appraisals. Participation is voluntary.
The press release is on the fncinc web site at http://www.fncinc.com
.
Click on Press Room.
For info on CMDC, go to http://www.cmdcdata.com
>>>>>>>>>>>>> FHA TESTIFIES ON TV <<<<<<<<<<<<<
To hear and see what HUD says in the two day Senate Hearing on flipping on
Thurs. and Friday, June 29-30, 2000, go to http://www.c-span.org
and search
for flipping. The video is a bit jerky and small but the audio is great. I
use RealAudio and have cable modem access.
You can purchase the tapes for $150 (Thurs) and $120 (Fri). The FHA TV ads
and fraud are big topics. Well worth the time.
Thursday, June 29 and Friday, June 30, 2000 Senate Hearing on Mortgage
Fraud "Flipping Watch U.S. Capitol Chair: Sen. Susan Collins (R-ME);
Witnesses: William Apgar, HUD; Susan Gaffney, HUD; Kathryn Kuhl-Inclan,
HUD;
Here's a link to a Washington Post story, About 240 criminal investigations
into possible mortgage fraud are underway in 38 states, including Maryland,
and the District of Columbia, federal officials said yesterday at a Senate
hearing, about some of the stuff in the hearing -
http://www.washingtonpost.com/wp-dyn/articles/A30181-2000Jun30.html
A good article on appraisers and home inspectors, NEED FOR APPRAISAL IS
HARDLY EQUIVALENT TO HOME INSPECTION by Lew Sichelman is at
http://chicagotribune.com/marketplaces/realestate/printedition/article/0,266 9,SAV-0007020137,FF.html
Thanks (again, again) to Michael Cartwright for posting this stories and
links!
No time to wade through the entire testimony? I will have the key info in
my August issue of Appraisal Today paid newsletter.
>>>>>>>>>>>>> LOAN APPS UP AND DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results Wednesday, June 28, reporting that
mortgage loan applications for the week ending June 23 decreased 0.5
percent on a seasonally adjusted basis from the previous week. On a
seasonally unadjusted basis, applications decreased 1.0 percent, and were
down 10.9 percent compared to the same week a year earlier.
>>>>>>>>>>>>> FED MAKES NO RATE CHANGES <<<<<<<<<<<<<
The Federal Reserve chose not to increase rates at their meeting last week,
but may increase them at their meeting in August.
>>>>>>>>>>>>> MORE ON RESOURCE LEAKS FROM FRED LANGA <<<<<<<<<<<<<
"Resource Leaks; Part III" column (and ongoing discussion) now running at
http://www.winmag.com/columns/explorer/2000/13.htm
. 5 steps to stomp the
memory hogs.
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