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Tim Page's Blog

By Tim Page | Appraiser in 99037

How the music left Real Estate professionals

I appraised a doctor’s home today. He retired a few years ago. He told me he used to work when the nurses would pour coffee for him. Then he laughed.  Now, nurses don’t do these sorts of things. Before I left his home, he told me something very interesting.


He said that, now, a secretary fills out the information about the client via a questionnaire. This informal method of collecting information “has taken the music out of being a doctor.” He said. Make no mistake about it. Patients and doctors that had the time and the ability to talk to each other made music. It’s sort of a dance. So how does this relate to real estate? 


Do you know what?  He couldn’t have said it any better. This is what has happened to the real estate industry. The old system may have been partially broken, but this old business model was closer to the real world than what the new system is. 



Could you imagine if I wanted to recommend your donut shop to a friend?  Once my friend showed up to buy a donut, you’d have to tell him NO, you can’t order a donut this way. You must first sign up and be approved to eat my donuts via a donut manager. Once you are approved, the donut manager must select you to eat my donut. You do not get to choose. 


And guess what. You will have to pay double to the donut manager which will pay your friend (if it is his turn to get selected) ½ of what he/she normally gets for making the donuts the old way.  Communications to each other, not any more, you will not have any contact with the donut maker, owner or the store.  You must give your money to the donut manager. They will, in return, keep the money, make the donut maker provide the product, and pay the donut maker, not immediately and not even within a month, but how about up to two months and sometimes four months. This is what is happening in the appraisal industry between the appraisal management companies and the appraisers.  


Crazy, absurd, isn’t it. And to think, I was secretly one of the ones who wanted something to change. I figured I’d have a better chance of “making it” because I was sure I was loosing lots of money to dishonest appraisers and the like, because they would bid higher than me and lie about the values of homes. Who knows?


I used to be able to get extra work when times are busy, and I’d be paid a fair value for my work.  Now, I must go through this system, only to be made a commodity that is not valued.


The other day, my brother-in-law recommended my appraisal service to one of his friends. Guess what? I had to tell him you can’t use my appraise service unless you do this and this and this. And then maybe you’ll get my appraisal service, but it is not likely. Sorry. I can’t help you. And this doesn’t even cover the communications between the parties.


The lack of communications between loan officers, Realtors, appraisers and home owners and the new systems put in place by government seemed to be a good idea at the time. Now, most professionals realize it is one of the worst things that could have happened. 


The moral of the story is be careful what you wish for. It could come true. And this is why the music left Real Estate. Please comment about what new job you plan on getting. I might need some ideas pretty soon.  www.increasehomevalue.org



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