The Power of Social Media and Appraisers
A few months ago, an AMC sent out an email to all their appraisers saying it was requiring that they include a copy of their work file with the appraisal.
Within a very short period of time after it was sent, I saw the email posted to a Facebook group. There were 356 comments posted. It soon "went viral" spreading all over the Internet. The AMC backed down.
Within the past week, another AMC sent a very rude email response to an appraiser who declined applying for a staff position at the AMC. I saw it posted on a Facebook group. It also went somewhat viral, although not as widely distributed as the workfile email.
Read more, including the original email, in the very interesting Jonathon Miller's Housing Notes - August 21 edition.
Click here - it is near the bottom of the page.
What does this mean? In the pre-Internet days, often it would take weeks, or months, for appraisers to find out about FHA and Fannie changes, for example. Now it is available within a few minutes.
What's the downside for appraisers? Even if you post to a group that requires approval, your postings can be obtained by others. Group members can send them to anyone. This is a definite problem if do court testimony. A while ago an attorney asked me how many appraisals I had done in the past 6 months as I had a broken ankle. How did she know about my ankle? She did not subscribe to the email-only discussion group. She asked another appraiser to check online for anything that might help her case. Other appraisers have reported similar situations.
Remember the Primary Rule, which I learned when I first browser opened the Internet to us all. At that time you assumed it could be published on the front page of the New York Times, Wall Street Journal, etc. Now, it is even worse - it can go all over the Internet. The only communication that I know of that is private is the inside of postal mail envelopes. Government agencies can track what is on the outside, but not the inside without a special court order.
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Amazon and AMCs
You may, or may not, have heard about Amazon's attitude towards employees - expected to be available 24x7, including holidays, significant health and family problems, etc. I don't know if this is a bad way to run a company, but they do pay well and it is not bureaucratic. Demanding a lot of employees is not unusual for a tech company also. I do know that many other companies expect their employees to be available on weekends and evenings for emails.
But, I keep hearing from fee appraisers working for AMCs that they are expected to be available 24x7, including holidays. Phones and emails are sent at all times of the day. A quick response is expected. Cell phones ring on weekends and all times of the day and night. Appraisers have difficulty shutting off their phones and/or refuse to buy another phone for personal calls so they can shut off their only cell phone.
But... AMCs don't pay well and have increasing Scope Creep, as compared with other clients. Why do appraisers put up with this treatment? Low self-esteem (no one else will give them work) or fear of having no business (common with self employed people)?
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How to handle the next downturn and how to contact AMCs that are no longer giving you work - Appraiser Coach Podcast with Dustin Harris and Ann O'Rourke
I have been through three significant appraisal recessions. In the early 1980s (interest rates over 18%) and early 1990s (I almost had to declare bankruptcy). I was much better prepared for the recent recession as I quit doing residential lender work in 2005, at the peak of the market (too cyclical). However, my commercial appraisal business was very slow with declining fees so I needed to change.
Find out how other appraisers adapted to the 2009 downturn, including Dustin Harris.
In the second half, Dustin Harris is the best advice I have ever seen on how to find out why you are not getting any more work from an AMC plus tips on AMC communication.
Direct link to podcast plus you can post comments: http://theappraisercoach.libsyn.com/044-ann-orourke-on-how-to-handle-the-coming-lull
- iTunes - Subscribe to the podcast so you don't miss any! I am a subscriber.
