3 Tips for developing your approved appraiser list

 

Developing your approved appraiser panel can seem like a daunting task, but it doesn’t have to be. As one of the top appraisal management companies, we can provide appraisers based on criteria ranging from market area to expertise, but we know that not everyone is quite ready to take the appraisal management company plunge. That’s why today, we’re tackling how to create a list of top-notch, knowledgeable, certified appraisers whether you’re a current MountainSeed client or not. Once your list is complete, you’ll be reaping the rewards before you know it.

TIP 1: ALWAYS GO FOR QUALITY OVER QUANTITY.

While it might seem like a good idea to have an extensive list of real estate appraisers, brevity is key. Appraisers do not want to be on a panel with tons of other appraisers because it sets them up to compete against their peers, potentially lose bids, and rarely receive work which discourages them from bidding in the first place. Instead, it’s better to work with a manageable amount of appraisers. As an example, for residential orders, MountainSeed has a rotation for assigning work. For commercial appraisals, we bid out the work to the appraisers, then the bank chooses which appraiser they want to complete the order.

TIP 2: CHOOSE YOUR APPRAISERS WISELY.

As we all know, the appraisal process is full of compliance and regulation, so choosing the right team can make or break your daily grind. For our clients, choosing appraisers for their panel usually depends on state regulations as well as their intended volume. Truly vetting appraisers is one way to ensure that you’re limiting any potential headaches and are getting the best of the best in both appraiser and appraisal quality. Remember, if an appraiser is part of a panel, legally he/she cannot be removed unless there is a specific violation. By vetting appraisers and only seeking those with real estate certifications and other designations, you’re setting yourself – and your bank – up for success.

TIP 3: USE APPRAISER PANEL SCORECARDS TO YOUR BENEFIT.

At MountainSeed, appraisers receive scorecards based off of each completed order. While we aren’t able to share nitty-gritty details, we can help you still score appraisers as great, mediocre, or needs improvement. We can also provide our clients with information regarding errors made by the appraisers. Plus we monitor any probationary actions and make sure licenses are up to date for your entire panel. We know each of these items can be regulation nightmares which is exactly why we strive to take them off of your plate. If our client needs to develop an approved appraiser panel, no matter what the reason, we can guide them every step of the way. Not to mention, by partnering with MountainSeed, your bank’s process manager will have access to reports, licenses, and errors and omissions insurance (E&O), all of which can provide valuable insights about your team.

As you prepare your own approved appraiser list, let us know if you have any questions. We’re always here to help.