Appraisal management companies help businesses manage their appraisal needs. Appraisals are usually required for the purposes of financing, business valuations, or mergers and acquisitions. Appraisal management companies can provide appraisers who specialize in various industries to meet your company’s needs. When hiring an appraisal management company, it’s important to take your time to find the right team for your needs.
Appraisal Management Company (AMC) consultants work directly with clients to identify their specific requirements and set up a comprehensive plan that will meet those needs within budget constraints. Appraisal Consultants also offer best practice advice on how to make sure you are getting the most out of your appraisal process while maximizing its value at every step of the way – from inception through completion.
Here are 7 Things to Look for When Hiring an Appraisal Management Company:
1. Appraisal Management Company Reputation
Do a Google search to come up with a list of Appraisal Management Company names near you. Research the companies that look good and check out their client reviews or speak with a specialist at the AMC to find out if they have had any satisfied clients you can talk to. A good Appraisal Management Company will send you testimonials from their satisfied clients, so if one isn’t readily available, it could be an indication of why not!
2. Appraisal Management Company Pricing
Price should not be your primary decision factor when deciding which Appraisal Management Company to use. However, you should compare Appraisal Management Company prices to ensure that the Appraisal Management Company you choose is competitive in terms of pricing and its services. Ask the AMC about their quoted fees for appraisal management services so you can get a clear picture of what you are paying for. Many times prices can get exorbitant and redisclosing fees can be tricky and time-consuming. It’s best to know upfront what you can expect to pay before your quote your client. Ask for a fee schedule to how up charges are handled.
One key aspect of a Client Service Manager’s job at an AMC is to proactively take care of business on behalf of their Appraisal Management Company clients. Responsiveness and proactive communication is a key factor in this, and since they curate a panel of high-quality Appraiser Professionals for their clients’ company needs, it is important to keep lines of communication open between them and the client. Ask the AMC how they communicate with their clients – will you be able to contact your Client Services Team by phone or email at any time? Will they be easily accessible during business hours?
4. Turnaround Times
A great AMC can speed up the process and decrease turnaround times for you and your company. If an appraisal project requires four weeks but an AMC has a well-established panel of appraisers who can do the same job in two, you and your company should know about it. A good Client Service Manager will be able to provide you with appraisers who not only meet but exceed your expectations by providing higher quality appraisals faster than expected. Turnaround times for Appraisal Management Company services are as important as pricing and availability – ask your AMC how they help speed up turnaround times if they cannot offer a time guarantee.
5. Local Presence
Does the AMC you have chosen have experience working with companies like yours? If you are a local business owner looking for an appraisal service, ideally the AMC should also be local so they can provide expertise on service areas and properly set expectations on turn-times and fees as they are familiar with your area. Expert AMC’s should be able to give their clients advice on ways to get the most out of their appraisal process, saving time and money while providing the necessary compliance controls.
6. Appraiser Network & Appraiser Qualifications
When hiring an appraisal management company, you have access to a network of local appraisers to meet your company’s needs quickly and easily. You should ask about your AMC’s appraiser network and inquire as to their appraiser vetting processes. A good AMC will share how tenured their panel is along with the number of licensed vs. FHA-certified appraisers along with the counties they service. It’s important for a Lender or Broker to trust that the AMC they choose has enough qualified appraisers in the markets they service.
7. Knowledgable Team
When you hire an AMC you hire their team. Their order process team will interact directly with your borrowers and clients on a regular basis, which means you want a knowledgeable, professional team to count on at your chosen AMC. You want to ensure that you don’t lose control of the appraisal process, but are kept abreast of it through every stage of the game. The best way to stay in control is by choosing the best AMC to partner with for your appraisal needs.
Asking these questions will help when hiring an Appraisal Management Company to find if they are right for you. If you need some direct assistance or have questions about the appraisal process, reach out to us here at Members Appraisal Management.