The new 2009 HVCC rules state that all appraisal transactions supported by federal funds must be requested through AMC’s appraisal management companies. Most appraisers know this, as well as the fact that the FHA will soon follow after 2010.
What can an AMC Appraisal Management Firm do for you?
While there have been many bad experiences with AMC’s appraisal management companies, there are many appraisers who have great experiences as well. AMCs are as varied as the number of them there are. Do some homework and make an effort to sign up with as many as possible. I’ve heard a bunch of appraisers try the same management company with completely different results. The only way to really know how an AMC is going to perform is to give them a try. I personally know that AMC can provide you with most of your work and then you can supplement it with other types of appraisals.
What job can you get outside of an AMC Appraisal Management Firm?
While most of your work will come from AMC, other work can be obtained through CPAs, attorneys, and personal property appraisals. If you’re one of those appraisers who had work coming to your doorstep and never had to market, this part of the process can seem daunting at first. Marketing your appraisal business would include a website that ranks in the top ten for your area, email and postal mail campaigns, and door-to-door marketing. If you don’t like the idea of cold calling, join a few organizations that were established just for that purpose, like your local chamber of commerce. People like to know who they’re dealing with, and a timely introduction can generate a significant amount of work just by word of mouth.