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Follow on Google News | Appraiser Woody Fincham Interview and His Tips To Help Navigate 2010!Virginia Real Estate Appraiser, Woody Fincham, Interview and His Tips To Help Appraisers Navigate 2010 In A Post HVCC World!
1.) Tell us about Woody Fincham and about your family? I am a certified residential appraiser in the Norfolk/Virginia Beach MSA. I have just left the fee world full time, and now work of the City of Newport News as an appraiser in the Assessor’s office. I also work in the Labs group at a la mode software. I am married to Laurie, have one 15 year old son and we have custody of my great-niece and nephew, (16 month old twins). 2.) Tell us about your local Appraisal Business in VA? My fee business is run by a former employee, to whom I sold the business in 2009, after taking a position with another firm in the Knoxville, TN market. We do mostly mortgage use work, with some personal and litigation use work. Your specialty? My forte is unusual property types, custom and waterfront homes. I also am developing a low level USPAP compliant report utilizing real world appraisal expertise and statistical applications. 3.) With the advent of HVCC, what was 2009 like for you business wise? I have an unusual perspective on this, as I left my well established company to take a position with a larger shop in another state. The shop that I went to work for has been around for over 25 years, and did all property types (residential and commercial). Their residential work fell off and I came in to help re-establish the shop as a market leader. This means that I was left to essentially begin anew in a world that was turned on it’s head by the HVCC. New start ups in this industry suffer from the inability to network in a traditional sense. The only way to get put onto lists with lenders and AMCs is to offer services lower than the rest of the market. I also had to struggle with the reputation my employer had. In this case he runs an ethical and moral company that was slowly but surely taken off of major lender’s lists due to not hitting numbers. The year was also one that I used to develop myself professionally. I completed my demo report requirement for my SRA designation, as well as knocked another few classes off the list for the designation. I am just short a class and my experience log to apllying for my designation.While it was not my best year financially, I consider it a success as I made a living and improved my professional tools. 4.) How have you survived the Mortgage Meltdown and Virtual Housing Market Collapse Since 2008? There is still work to be had, but it is more difficult to gain new clients. AMCs have made it hard to scratch out a living for many of us. Most AMCs, regardless of what Trice and that lot have to say, select appraisers on fee amount first. The sad fact of the matter is that many under qualified appraisers are competing with us, and we can’t reduce our scope of work to the level these appraisers do. The AQB changes in 2008, while merited, will take a long time to weed out the bad guys. I know that one of the local real estate colleges here in Hampton Roads was pushing new appraisers through like a factory. A previous instructor for that school, before leaving to start a new school, had been sanctioned twice by the state board. He now has been sanctioned a third time. As of the third hearing with the state board he still had his USPAP instructor’s certification. Additionally: The point of this story is, just using my backyard as an example: a lot of poorly trained appraisers are out there. These same appraisers are populating many of the lists that used by the local banks, and the AMCs. Regardless of the quality of an appraiser’s education, the litmus test for being on a roster is: does the appraiser have a license/certification. With all of that said, had I stayed in my own company, I would have existed on my established network. I would have needed to take some discounted work to make ends meet. Diversification? I think diversity is the buzz word for well qualified appraisers. I know many appraisers do not see the benefit of receiving designation form the various organizations out there, but it does show you to be an expert in your field. When I was in TN, my employer received a good majority of work because he is both a MAI and SRA with the Appraisal Institute. Another peer I met in that market was also designated with NAIFA, and was well respected for it. In order to stand out to attorneys, trustees, government agencies and executors designation is key. Mortgage companies do not really care. I think if left to make a distinction between the two, most mortgage companies would chose a non-designated appraiser. I think designated appraisers do too thorough of a job, resulting in higher fees, thus mitigating their use. Most mortgage companies want someone to appease a transaction, not appraise the property. Don’t get me wrong, there are plenty of good non-designated appraisers out there. The problem is that too many good, non-designated appraisers are virtually lumped together with the poorly trained ones, too. If nothing else, I would think that non-designated appraisers should at least take as much upper-level residential, statistical and related education as possible. Your resume should be full of advanced classes. 5.) What percentage of your business is mortgage lender related and non-lender related? I have the advantage now of being selective of who my mortgage use clients are. Meaning I can now work with people I want to work with, as the majority of my time is spent working at the assessor’s office. I am looking to make my fee work made up of about 50% mortgage use, and 50% other types of use. I have some great attorney clients, as well as many agents that like to use me for listing use reports and analysis. 6.) Is it possible for most appraisers to survive on just non-lender related clients? I think so, but it will take a special kind of appraiser. Designation and specialization would be the key for it. 7.) What advice would you offer to appraisers nationwide accepting $130 for a full FNMA 1004 with MC struggling to feed their families? In all honesty, turn it down. Even if you reduce your scope of work, you can’t make a living like that. You are just going broke slower than if you weren’t working. Find something else to do, as appraisers that only do that fee level of work, are making it bad for the industry. I know that sounds cold, but the reality is that the industry suffers every time an appraisal is accepted at such a low fee. If there weren’t so many appraisers accepting the low fees, then the fees would have to go up. The Richmond area of appraisers refused to do work for BB& T through FISERV as they were requiring fees to be that low. One of my mentors, Pat Turner, led a group of appraisers to refuse the fee. This resulted in BB & T raising the fee. I do know that FISEV in my area is still at that low of a fee. The reason is no one will stand up to them and say no. I simply will not take an assignment for a fee that low. This is where membership with a large organization such as the AI or NAIFA benefits an appraiser. If you network and interact with the other local members, you can get a pulse of the market. Most members care about the industry, and are more than willing to discuss things like this. Friendly competition is possible. 8.) Besides your appraisal business, where else do you focus your efforts and time? Appraisal wise, I like tinkering with software, and ways to improve my analysis. Personally, I play the guitar and write music. I also read, coach soccer, play soccer and travel some. 9.) How can appraisers get in touch with you? fmava dot com # # # http://www.realestateappraisertips.info/ End
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