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Appraisers as Consultants, Storytellers and Designers

May 21st, 2012 by Bill Collins Leave a reply »

Zillow, Automated Valuation Models (AVMs), Broker Price Opinions (BPOs), Broker Opinions of Value (BOVs), Barbers Opinions of Price (BOOPs): How Does a Real Appraiser Cope?

In our last newsletter (“Simply Appraising”) we discussed the impact of information overload and said “time out”. 

We will again try to keep it simple.  Residential appraisers are burnt out from 50 page appraisals of modest single family dwellings and commercial appraisers are churning out appraisals two or three times as long on the smallest commercial property.  At the same time, real estate agents, Zillow or the local barber/hairdresser is providing a quick and easy value opinion in 140 characters or less.

Rodrick Strahan,  cousin of ex-football player and television personality Michael Strahan, called me yesterday.  He is an appraiser in Illinois and his question to me was: “Do we really have to deal with AMCs?”  My answer was: “Yes and No” (how is that for a decisive answer!)

A more complete answer would involve discussing diversification of one’s appraisal practice, especially for residential appraisers facing projections of fewer appraisals for mortgage lending in the future. We might also comment on the fact that it may be necessary to work with some AMCs (sorting out the good ones from the bad) in the short term while a diversification plan is implemented.

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Appraisers Approaching License Renewal: McKissock’s 7 Hour 2012-2013 USPAP Online Course is Now Available in Most States

McKissock Education, the official provider of the Appraisal Foundation’s online 2012-2013 USPAP courses, is now available in most states. Last year, the Appraisal Foundation and McKissock announced their partnership and the online course is now available in most states. See if courses are available in your area and save up to 20% on course fees by going to our Online McKissock Portal.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


The Role of Visual Storytelling in Your Content Marketing Plan

Okay, we all know that Content is King in our online (is there any other kind?) marketing.  Great article posted on Mashable.com recently by Chuck Longanecker (founder of Digital-Telepathy) in which he discusses the importance of visual storytelling as Pinterest and Instagram force us to “think and act more visually”.  He states:
“Couple that with the impact of mobile browsing, and these emerging trends give new meaning to the phrase ‘show, don’t tell.’ In other words, the ‘beautification of the web’ era is upon us.”

Mr. Longanecker stresses the importance of brands and companies (including appraisal firms) keeping their message and communications simple.  “Less is more”.  At the same time we need to recognize the variety of browsing devises available to our current and prospective clients and the very different experience of accessing our websites by means of a mobile phone vs. a desktop computer.

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

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Navigate the Minefield of AMCs With the Assistance of Appraiser Help’s Newly Released March 2012 Comprehensive, Up-to-Date Directory of AMCs and National Appraisal Companies

To help appraisers evaluate which AMCs are right for them, we have compiled this directory of over 200 AMCs and National Appraisal Companies, listing complete, up-to-date contact information and other details for each listing.

If you’re looking to expand your appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start.

Download the directory today — at only $49.99, it will pay for itself with your first appraisal order.

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this exciting new directory!

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Appraisers Who Are Also Realtors: Use The Resources of Your MLS and Broker Associations

While AppraiserNews.com has been critical of the “cheerleading” disguised as objective economic/housing reporting by the National Association of Realtors, we would like to acknowledge some of the tech initiatives of many local MLS/Realtor groups.  One example: Dana Nowick, Product Marketing Specialist for the Long Island MLS has utilized her communication skills and tech knowledge to assist Realtors (again, many of whom are appraisers) survive in these difficult times.

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers build their practices. Please consider supporting us today by seeing what we have to offer.

The All New, Fully Revised Directory of AMCs and National Appraisal Companies is now available for download! Please visit our website to learn more. Current members of our Appraiser Directories are eligible to receive their copies FREE!


Who to Follow on Twitter?

AppraiserNews.com is on Twitter (@AppraiserNews).  Many appraisers are getting breaking news and connecting up, two who are interesting are West Virginia appraiser Lori Noble (@noble1_lori) and celebrity appraiser Jonathan Miller (@jonathanmiller).  Sorry that we don’t have room to mention more (how is that for copping out?), we will acknowledge others in future issues.

My nominee for non-appraiser Queen of Twitter goes to Heidi Moore (@moorehn).  Heidi is the New York bureau chief and Wall Street correspondent for Marketplace where (her Twitter bio states) “she reports and writes about the culture of banks, companies, financing and markets”.  Combining wit, intellect and good writing, Heidi is one of the most prolific tweeters you will find.  A good example of her timely reporting occurred last Friday as the Facebook IPO unraveled and Ms. Moore offered her thoughts, a link to which is found here:

Facebook IPO: An Anatomy of Wall Street Overreach

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


Foreclosure Photos

On May 16th, Marjorie Backman posted a “Foreclosure Photo Exhibit” in HuffPost Business which graphically illustrated some of the troubling scenes in many parts of our country.  We look at the statistics and it is all too easy to forget the lives directly affected by the crisis.  Statistics which describe percentage point increases in mortgages delinquencies or percentage point drops in homeownership rates actually reflect crushing life events for millions of Americans, many of whom are children. 

A link to this photo exhibit is found here:
Foreclosure Photo Exhibit Sheds Light On Housing Crisis

One week earlier, another slideshow in HuffPost Business entitled “Cities Where Home Prices are Collapsing” (#1: Detroit-Livonia-Dearborn, MI) graphically depicted the crisis and a link to the slideshow is found here: Cities Where Home Prices Are Collapsing

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Recent Real Estate Reports

Two CNBC reports last week summarized recent events.  The first, by Diana Olick, discussed how the epicenter of the foreclosure crisis was moving from the west to east coast.  The second, by guest blogger Michael Yoshikami of Destination Wealth Management, suggested that we take optimistic real estate reports “…with a grain of salt; things are better but still bad in the real estate sector.” Links to these reports are found here:
Foreclosures Move East as Hardest-Hit Markets Clear

Yoshikami: The Housing Rebound Illusion

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What’s Up With AppraiserLoft?

Lily Leung, the business and real estate reporter for the San Diego Union-Tribune gave us an update last week.  Those appraisers who have an interest in the matter (and the intestinal fortitude required) can read the report by clicking on the following link: Judge to Hear Payment Claims Against SD Appraisal Firm

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Rates & Dates

Mortgage interest rates declined to historic lows in the most recent weekly reports issued by Freddie Mac and the Mortgage Bankers Association (MBA).

On May 17th, Freddie Mac reported that 30-year fixed-rate mortgages declined to a record low 3.79% from the previous week’s 3.83%.  They also noted that last year at this time the 30-year rate was at 4.61%. 

The MBA in its most recent Weekly Mortgage Applications Survey released May 16th for the week ending May 11th, reported that 30-year rates with conforming loan balances ($417,500 or less) declined to 3.96% from the previous week’s 4.01%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also decreased to 4.20% from 4.29% in the prior week.  At the same time, the average rates for FHA backed mortgages fell to 3.75% from the 3.81% rate reported last week.

In their press release of May 16th, the MBA also reported an increase of 9.2% in mortgage applications during this most recent survey.  Refinance applications increased to 74.9% of total applications from 72.1% during the previous week. 

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers build their practices. Please consider supporting us today by seeing what we have to offer.

The All New, Fully Revised Directory of AMCs and National Appraisal Companies is now available for download! Please visit our website to learn more. Current members of our Appraiser Directories are eligible to receive their copies FREE!


Ask Angie

Since Angie had last week off, we have no winner to announce. Today’s questions:

1. Who said: "I don’t know how much money I’ve got… I did ask the accountant how much it came to. I wrote it down on a bit of paper. But I’ve lost the bit of paper."

a) John Lennon
b) Bono
c) Mark Zuckerberg

d) Yoko Ono
e) None of the above

2. Who said: "A home without equity is just a rental with debt."

a) Diana Olick
b) Gretchen Morgenson
c) Josh Rosner
d) Elizabeth Warren
e) None of the above

3. Who said: "My subconscious has a mind of its own."

a) Lady Gaga
b) Sigmund Freud
c) Anna Freud
d) Karl Jung
e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the NEWLY RELEASED 2012 Directory of AMCs and National Appraisal Companies!

 

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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