14/01/2024
The life of a valuation services broker…
I love serving the Inner & Outer Banks.
So many pristine beaches, waterways and marinas.
So many areas of North Carolina seemingly untouched by man or time.
Certainly way more value than I ever thought existed around my small town. I feel like Bia, 🗣️ “It’s a whole-lotta money in this *******.”
I love this new type of hybrid appraisal, only around for a few years now but more asset managers, banks & loan servicers are becoming dependent on these types of reports. Since there is a shortage of appraisers in alot of areas and the demand for them is very high,
the turn-around time for a traditional appraisal could be nearly a month out. Sometimes it’s longer.
With these new hybrid reports and other valuation services products;
The broker instead of the appraiser goes to the property and gathers all site components as well as performing an eye-level inspection of the interior and exterior of the dwelling.
We verify subject DNA, condition & quality through our photos, all amenities, outbuildings etc.
We complete our questions and photos for the property through an app, and that data goes to the appraiser hired by the AMC to complete the actual appraisal.
The last step of our process is using this amazing technology that allows us to use our phone camera to do a complete digital scan of the home which generates a floor plan sketch and calculates the GLA (Gross Living Area) for the main home, garage & outbuildings.
Depending on the size and condition of the home, this normally takes 30 minutes to an hour to complete.
Once submitted, a Quality Assurance Team made up of active or inactive appraisers will approve the report and your fee goes to accounting until the biweekly or monthly direct deposit is sent out to us.
I like these reports better than Broker-Price-Opinions because there’s usually no research on our part.
Once we submit our answered questions, photos, floor plan sketch and GLA measurements, we are done!
And let me also add that if you READ your S.O.W. (Scope of work) or L.O.E. (Letter of engagement) for every single report, you shouldn’t have to answer clarifications, make changes or worse case scenario, have to travel all the way back to the property for something you forgot.
I quickly learns this during my Property Preservation days.
For this order, this was a return trip because the app malfunctioned due to the remote location so I was required to go back and re-scan the property.
A trip that I charged them an extra $150 for of course because my time is valuable, gas is expensive and with each job you’re putting wear & tear on your tires, engine, heck - the whole vehicle.
It’s so important to consider these things when bidding on reports instead of undervaluing your time and resources.
This is also why it’s critical to identify the assets that belong to your business, being used by the business.
Typically the equipment/assets you use on your business can be depreciated yearly by the business, and that depreciation is an expense that reduces your total taxable income, therefore reducing your tax liability.
Of course you’ll need a good CPA and financial planner to help you work all that out. I’m just speaking from my own personal experiences.
For those who were interested, I’m still working on the course for this that includes, broker-price-opinions, fundamentals of appraising and also resources for underwriting your own investment properties.
I’ve decided to reduce the price and set it up as an online, on your own time, pre-corded presentation with a downloadable student manual and resource guide to follow along and gauge your understanding.
There is also a group set up for those who take the online course so that they can have ongoing support and mentorship as they make their way into the field.
Once you learn the reports and how to set up winning profiles, you’ll be ready to apply to be on a few panels. With each report you do, you’ll learn more, earn more and there is no limit.
If you’re on our mailing list you’ll get this via email, if not you can email me for more information at: [email protected]