Your Ultimate Guide to Choosing the Right Appraisal Management Company
When selecting an Appraisal Management Company (AMC), the decision is not always as simple as it looks. To improve appraisal management, you need to ensure the AMC you’re considering follows proper protocols and can help you provide accurate appraisals for your client.
With increasing industry regulations and fluctuating prices, your AMC should be able to deliver on multiple fronts. Not only should it be trustworthy and with the right expertise, but it should also be able to simplify and improve appraisal management, to help ease your burden.
So, if you are picking an Appraisal Management Company to help you with your appraisals, we’re diving into the questions you should ask yourself.
Does your AMC have the right expertise and experience?
When considering the perfect AMC for your needs, you need to understand the most critical factors – expertise and experience. The AMC should have expertise and experience in the business areas you focus on, which could be residential properties, commercial properties, industrial properties, or farm/land deals.
Since the process and the facts differ as per the property you are evaluating, the AMC you choose can make a huge difference to the actual appraisal. Be sure to check on these factors and opt for an AMC you can trust with its standing in the industry.
Is your AMC responsive, and does it provide strong customer support?
An AMC’s customer support and responsiveness are often critical, because if the AMC is not available when you need them most, it will cost you time and money. To trust their services, ensure the AMC is transparent in their communication and provides proper updates on your requirements. If you are the one who has to keep track of what needs to be done, it is time to switch to a more professional service provider.
Does your AMC have the appropriate technology to deliver high-quality appraisals and reviews fast?
Technology plays a crucial role in ensuring appraisals are handled diligently with all the right data points being accessible. To evaluate the technology in use by your AMC, make sure it meets the following requirements:
- End-to-end data lineage on all your reports and files
- Easy to add references and well-organized reports
- Protected access controls to ensure sensitive data is not getting leaked or any third-party updates do not get introduced.
- Easy to use and feature-rich solution that provides real-time updates on the report and the files, ensuring you always get the latest information with complete transparency
What are their fees and policies?
Some standard costs and fees are added to the final appraisal costs, which need to be factored in when choosing an AMC. The AMC’s costs and fees should be communicated beforehand, and you should be aware of each cost that may get added, like fees, schedules, and payment processes.
It may even make sense to communicate the requirements up front and get a fixed payment option when you are quoting the appraisal fees to your customers.
Can they provide detailed reports in the format you require?
Be it commercial or residential appraisals; there are many data sources that are used to prepare a report. The range of sources needs to be factored in, as each point has to be professionally presented. If the AMC fails to provide the right details for each figure and record, there could be significant back-and-forth, thus wasting precious time. The ideal situation would be to outline the report you are looking for and ensure the AMC’s quality control meets your and the lender’s requirements.
The technology the AMC uses for appraisal reports will also matter. Traditional reporting solutions cannot be edited on the fly, meaning there will be multiple files and reports when the final report is created. Make sure there is a proper appraisal process and technology in place to get this done efficiently.
The Bottom Line: Get Technology to Work With Your AMC
Real Estate Appraisals require a combination of industry expertise and planning to create an efficient and orderly appraisal report. As customers need accurate information with the right data to back up each valuation, it takes an orderly report to help you stand out from the competition.
Anow’s appraisal tracking software is a great tool that gives you the ability to manage all your orders, clients, fees, and much more using a single, unified platform. You can create, edit, and submit your reports in one easy solution and ensure all the data points are recorded and revised as per customer needs without any hassle.
So, if you are looking for a collaborative appraisal report for your commercial, residential, or AMC requirements, Anow is the solution for you!