Appraisers - How To Increase Your Annual Income By $12,000

The North Carolina Professional Appraisers Coalition's ( NCPAC ) latest newsletter "The Scope" had an interesting lead article on appraisers fees by one of their members, Bert of Alamance My father explained to me a long time ago that there were essentially two ways of increasing sales. One is to increase your volume and the other way is to increase your fees. As real estate appraisers we can increase our volume only up to a point. However, this usually requires more staffing which in turn leads to more hours, paperwork, headaches, and hassles. I think the smarter alternative is to increase our appraisal fees without increasing our workload. Increasing my fees by $50, last November when we changed forms, has allowed me to increase my annual income by an estimated $12,000 for 2006. For example, if you do just 20 appraisals a month (or 5 a week), then you will make an extra $1,000 a month, or $12,000 a year. Take it from me, a $50 fee increase will not price yourself out of the market. As Baldy has stated a number of times, the faster we can complete an appraisal, the faster the lender is able to close a loan. Having said this, most lenders will not think twice about paying you $50 more if they are confident you can get the appraisal back as a quality product within a couple of days. Too often I am hearing stories that appraisers are taking 2 weeks to complete an appraisal. If this is your case, you may want to consider increasing your fees by $100. Your time is worth money isn’t it? If it takes you longer, conversely you should charge more… We aren’t here to price fix, or tell you what to charge. But with gas and other expenses increasing, it is a simple case of keeping up with the times. And if it has the added benefit of increasing your annual income then that’s a good thing too! Click here for the full newsletter.

The NCPAC has been organized for the purpose of serving and protecting the collective interest of all professional appraisers in North Carolina. To this end, it encourages professional appraisal practice and promotes professional appraisal services by providing a number of services to its members.

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