Do You Need AMC – Appraisal Management Companies?

The new 2009 HVCC rules state that all appraisal transactions backed by federal funds must be ordered through AMC appraisal management companies. Most appraisers know this, as well as the fact that FHA is soon to follow beginning in 2010.

What can an AMC appraisal management company do for you?

While there has been many bad experiences with AMC appraisal management companies, there are many appraisers that have great experiences, too. AMC’s are as varied as the number of them out there. Do some homework and put in the effort to sign up with as many as possible. I have heard a group of appraisers try out the same management company with completely different results. The only way you can truly know how an AMC is going to work is by giving them a chance. For me personally, I know AMC’s can give you the bulk of your work and then you are able to supplement with other types of appraisals.

What work can you get outside of an AMC appraisal management company?

While the bulk of your work will come from AMC’s, other work can be obtained through CPA’s, attorneys and personal estate appraisals. If you are one of those appraisers that had work coming to your door and you never had to market, this part of the process can seem daunting at first. Marketing your appraisal business would encompass a website that is ranking in the top ten for your area, email and snail mail campaigns and door to door marketing. If you don’t like the idea of cold calling, join some organizations that were established for just that purpose, such as your local chamber of commerce. People like to know who they are dealing with, and a timely introduction can bring in a significant amount of work just through word of mouth.