The ABC’s of E&O Insurance
Author's Note: This article is written to help real estate appraisers better understand errors and omissions insurance. It should not be used as a substitute for reading the particular provisions of their policy. Claims made coverage. Prior acts coverage. Retroactive...
Sweat the Small Stuff (So You Don’t End Up With Big Problems)
Check, recheck, document, and supervise; these simple tasks can be crucial to your reputation and opportunities. Proofreading. Ugh! It probably conjures up images of college term papers or maybe that fussy eighth grade English teacher who valiantly tried to teach you...
Lessons from Litigation
Differences of opinion. Disagreements. Mediation. Lawsuits. Litigation. Even if you are vigilant in taking all of the necessary precautions to manage your risk of being sued, sometimes events and circumstances are aligned in such a way that a claim or lawsuit is...
Help—I’ve Been Sued! What To Do (& Not Do) If It Happens to You
The sheriff, process server, or maybe the mail carrier with a certified letter has just exited your office, leaving you with a thick sheaf of papers labeled: ABC Bank vs. Mary Q. Appraiser. What do you do next? First, let’s talk about what you should not do: 1. Don’t...
Document, Document, Document!
The buzzword for the real estate industry might be “Location, Location, Location,” but to help prevent and mitigate a potential Errors & Omission claim, the motto should be: “Document, Document, Document!” If followed religiously without fail, this motto can save...
4 Things To Keep In Mind When Appraising New Construction
New construction can be difficult to appraise, especially when the home hasn’t been built yet. It can be made more difficult with your client asking tough questions about your recent appraisal on the subject. How do you problem solve when it feels like there is...
Tech Software is Changing the Appraiser Profession
As we all know, the whole appraisal industry has been changing with technology (whether we like to or not). Now more than ever, the increase in technology has a huge impact on the future of appraisers. With a proposal pending approval and new ways to appraise rapidly...
How Natural Disasters Affect the Appraisal Industry
There seems to be an uprise in natural disasters in recent years, from hurricanes to flooding, tornadoes, wildfires and earthquakes. Damage is guaranteed to follow these events, bringing catastrophe to people and their homes. When a home hit by a disaster needs to be...
Should I Work with AMCs or Ride Solo?
On your journey to becoming the most successful appraiser you can be, you’ve probably asked yourself at least once, “should I work with an AMC?” AMCs (Appraisal Management Companies) aren’t everyone’s favorite, but they can be helpful to your success. It’s all about...
Common Appraisal Violations & How to Avoid Them
Everybody makes mistakes. Sometimes it’s hard to catch yourself in the act, so we’re here to remind you of common violations that occur in the appraisal world, and tips on how to avoid them. A mistake here and there is understandable, but continuing to make them will...
Tips for Protecting Your Appraisal Business
There are many risks in running a business, so it’s better to be safe than sorry. Anything could happen. Take for example, what happened at CoesterVMS. An appraiser at the company had his private email hacked by his own boss, Brian Coester himself. To avoid situations...
We Watched the Committee Hearing about Appraisals, So You Don’t Have To
On June 20, 2019, Congress held a hearing under the U.S. House Committee on Financial Services called “What’s Your Home Worth? A Review of the Appraisal Industry.” The hearing was supposed to discuss solutions on topics such as: De Minimis Threshold for FRTs,...
Best and Worst Places to Live: How Location Affects Home Value
We’ve all seen those lists of “Best and Worst Places to Live”, and while we may have our own opinions, there are several factors that go into determining these lists. Things like crime, income, education, job market, and more can all play a part in where is to be...
How Are Airbnbs Affecting Home Value?
Short-Term Rentals (STRs) are growing more and more popular. The rental business that used to be limited to commercial properties like hotels is now spreading to residential homes. With sites like Airbnb and other home sharing services, it is relatively easy to either...
5 Things Realtors Should Consider When Listing Property for a Flipper
Flipping houses isn't as easy as it seems on TV, and there are several problems one could run into. Partnering up with someone who knows what they’re doing and cares about doing a good job on a home can make the flipping process a lot less risky.What You Should Know...
What Happens Here Stays Here: How a Dark History Impacts Home Value
It’s already hard enough to come up with an appraisal for unique homes. How do you even tackle one that has a “reputation” or is just undesirable? It’s probably not something we usually think about when we think about real estate, but they are out there. Today we are...
New Home Trends: How Are DIY Renovations Affecting Appraisals
With DIY projects becoming popular—thanks in part to sites like Pinterest and YouTube videos—there is no shortage of ideas on how to convert one aspect of a home into something completely different and relatively cheap. Sometimes we think we don’t need to hire a...
Start Up Series #6: How to Start Marketing & Branding Yourself as an Appraiser!
Long gone are the days of paper ads and word-of-mouth as your primary forms of growing a business. Nowadays it is all about the internet. How many times do you search for a company or individual before doing business with them? Everyone goes to the web to find...
Avoid These 3 Pitfalls as a Real Estate Appraiser
Regardless of the line of work you do, everyone experiences some type of risk associated with their business. This is no different for real estate appraisers. There are steps you can take to avoid potential hazardous situations before they even occur, which at the end...
Real Estate Appraising: Eco-Friendliness and You
A more simple home means saving money on bills, operating in a more eco-friendly way, and being able to focus more on life than the upkeep of a home. As newer generations deviate more from the idea of the “nuclear family”, white picket fence style, we begin to focus...