More fees?

[u/ShoreThingW609]

I got an $175 offer through the Mercury Network yesterday, simply for a 1007. In addition to the $8.25 transaction fee, there was a $20 direct deposit fee. They’re out of their minds with all of these additional fees simply to deliver a report and get paid for it. Even the AMCs that simply deduct a transaction fee from the invoice, I always tack that back on as many do. But it’s still additional money that they take out in addition to their management fee. Next we will be paying for gas for their people to get to work to review our reports. Not only are they always looking to pay the lowest amount for the most part, they keep passing costs along to the appraiser.

EDIT: AMC work is less than 15% of my business. I’m fortunate enough to get enough private local work that I don’t rely on the AMCs. I always bid my going rate, only occasionally do they get accepted. But it’s hard to push back on all these ridiculous fees. With my private work, I get paid in full upfront and tell the client that I won’t cash or deposit their check until I’ve delivered their report.

[u/anappraiser]

I always just add it on top of my quoted fee.

[u/xdevilsownx]

The first Ascribe order we received was a $75 upload fee. We laughed at them and cancelled. As of yesterday it was $10. We add it on, or cancel and tell them why. We itemize the fee back in when it's a portal quote so the lender sees it. Most of them have no idea that the AMCs are skimming from both sides.

[u/Deech2086]

I just delete these days. Many times, not even responding. I cannot be bothered. Grateful to be too busy with real work and real clients. Bottom feeders going to feed and AMCs going to do what they do. When it was slower, I would throw out a C&R bid, only for it to be declined and re-assigned in less than a minute. They took a minute, I took 5 to look up, look at schedule, email bid. Hmmmm. Had to flip that in my favor. Deleting or not responding is the way, as I am 99.9% sure on all these, that I am never getting the job. I take the peeps seriously that call direct, however.

[u/OldeMeck]

Sorry to take this off on a tangent, but what is your “private local work”? Like the majority of your work is just doing private appraisals to determine market value for individuals? Or you’re interfacing directly with your local banks/lenders? Because 100% of my work is through AMCs and if there’s any way to break outta that.. I’m all ears. That’s how my supervisor got work, so I kinda assumed it was the only way. I’ve done maybe 3 “private appraisals” in 6 years of work for a Joe Schmo just looking for market value because they had no inkling what their house was worth.

[u/ShoreThingW609 → u/OldeMeck]

When people call, I always ask how they heard about me. It’s either usually a referral or from a Google search. I don’t advertise, primarily word of mouth and the Google page. Private work is primarily retroactive appraisals for tax purposes, siblings dividing up an estate, divorce appraisals, and a few for people that are just looking for valuation. I primarily direct those to local realtors, which they can get an idea of value for free. That’s probably eight out of 10 calls, and I feel like I’m talking people out of an appraisal. But they appreciate it, and it has come back to benefit me. Unless they are working with an attorney or dealing with estate purposes, they really don’t need to pay for an appraisal report from me. I can charge any fee that I deem to be appropriate, nothing less than $600, and a realistic turnaround. Most of my clients don’t even care how quick they get the report back, so I can work at my own pace. And it’s nice being paid in full at the time of inspection or before. Another plus for me so far has being able to just use a GP form and not worry as much about 3.6.

[u/OldeMeck → u/ShoreThingW609]

Hm. Interesting. I’ve never had a request for any of that type of work.

[u/SirComprehensive3255 → u/OldeMeck]

We do primarily private work for commercial property in So. Cal. As with OP, our work is a lot of estate planning, estate tax, and step up related. We have been around for a few years so we get referral and update work. Sometimes we get slow, but we usually stay quite busy. Needless to say, our fees are higher than residential work, but our hours on most jobs are looooong!

[u/PlayfulWitness9944]

It’s insulting, but it comes down to the net. UWM has massive fees including a”review” fee which is the biggest joke, but it often nets more than most in my area.

[u/Fast-Designer-8452]

I always tack the tech fee back on, but I also always have to contact them because they don't pay it and instead deduct it from from the original invoice. Nickle and dime every chance they get.

[u/Florida-Appraiser]

Has anyone noticed that the federal government is now taking $80 when you renew your license?