Stress and pressure on the real estate appraiser
It is interesting how local and state governments are concerned for the police and fire departments and other professions that have stress. They are trying to help these people deal with their stress. There are the unions and local groups there to help them. It is important they have a place to turn to for help.
Below are just some of the typical particulars real estate appraisers have to work through:
- If you are a real estate appraiser, there are no unions, trade groups, or local groups there for you.
- The stress and pressure we are under are simple; we deal with the public. You have the homeowners demanding we be at the house at a certain time.
- The real estate agents want us to be there at specific times. For example, the home inspector will be at the house from 12 noon till 3 pm on Tuesday. It is expected of us to be there.
- The stress of trying to accommodate everyone’s schedule is not easy. The lender expects us to get the report back in 48 hours.
- If there is a value issue, and the property is under appraised, everyone starts to pressure you to raise the value. The homeowner tells you their property is worth more based on their needs.
- The real estate agent will provide you with additional comparables that are much larger and do not make sense. The lender is on your back to respond with the 50 sales their AVM (automatic value model) report provided.
All of this must be accomplished in 24 hours, or else you get reprimanded. As you can see, this is a perfect example of the kind of stress and pressure real estate appraisers can expect.
Recently I received a call from a real estate agent at 8:30 am on a Friday, and she wanted to go that morning and check the work was completed on the house. I explained to her I am in my office getting ready to go out for appointments. I will try to be there that afternoon. I was able to rearrange my schedule; I was there at 2 pm. I drove an hour out of my way to accommodate her and the buyer. I get there, and the buyer meets me and starts to give me a hard time about the repairs on the house. I explain that the lender requested it. Nothing I said was right; I was the one holding up the closing. I did not need this stress from them, and now I have the lender pressuring to sending in the report so they can close. They expect me and demand that I work through the weekend who needs this stress.
We are under the federal mandate, and every week they want to change the rules of this profession. They want us to work faster and harder for less money.
The profession is dying. The median age of appraisers is close to 60 years. New people do not want to enter to work long hours for low pay and no benefits. They are always coming up with new report types and raising the bar of excellence. It makes it very stressful, and stress in the profession never takes a holiday.