Survey: Appraisers Have More Experience Than Previously Thought

A survey conducted of more than 5,000 licensed appraisers across the country by the Rockville, Maryland-based appraisal management company ""Coester Appraisal"":http://www.CoesterAppraisals.com reveals that only 3 percent of appraiser respondents have less than five years of experience.
[IMAGE] It's a result that contradicts lenders' and independent appraisers' claims that appraisal management companies (AMCs) are employing inexperienced appraisers. More than half of the AMC appraiser respondents have been in the business for 15 years or more.

Brian Coester, CEO of Coester Appraisal Group, reports that almost two-thirds of appraisers earn $250 to $350 per

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appraisals assigned through an AMC, well above the rumored $180 to $220 fees that appraisal management companies are thought to pay appraisers.

""Quite a few negative misconceptions about AMCs have been getting a lot of media coverage, which is fueling undue distress among lenders and appraisers,"" Coester said. ""As an AMC, we knew those claims were unfounded, but just to be absolutely sure appraisers felt the same way, we set up a survey to get their feedback first-hand.""

The survey, which was completed in August 2010, tracked the responses of 5,384 licensed appraisers throughout the country.

Nearly 78 percent of respondents stated that the typical fees they were receiving were enough for them to do their highest quality of work, and more than 82 percent felt that appraisal management companies should keep a percentage of 15 percent or less.

According to Coester Appraisals, since AMC usage increased in May 2009, lenders and independent appraisers have accused AMCs of taking an unfair percentage of appraisal fees while also producing lower quality appraisals at higher prices compared to their independent counterparts.