I gotta say, my accounting class really did a number on me. Thanks, Adam Smith and your Wealth of Nations for teaching me how the Invisible Hand works in the world of appraisals. I mean, it's Economy 101, right? Supply and demand, baby!
Yes, I have lowered my fees slightly when demand falls. Hear me out, my friends. While strikes may wake people up, they rarely make the difference we're hoping for. It's like when you're out there with a picket sign, shouting for change, and the only thing that changes is the sunburn you get from standing outside for hours. Trust me, I've been there.
Don't get me wrong, I know appraisers want to stick to their guns and say, "Hey, I'm not lowering my prices at all!" But here's the deal, some appraisers will, and that's just the reality of the market. I mean, the Invisible Hand is real, folks. When there's a high demand, you can ask for a higher fee, and when there's a lower demand, you may need to reconsider your prices if you want to keep busy.
Now, I'm not saying you should go out there and drop your fees to $300, but sometimes you gotta lower your prices slightly to stay in the game. It's just the economy, baby. And let's be real, AMC's are trying to make a living just like us, so they're going to care about their bottom line. But if they're only choosing appraisers that bid the lowest, then that's not the kind of company you want to work for, my friends.
Here's a little piece of advice, know your worth! And no, I'm not talking about some cheesy self-help book, I'm talking about figuring out how much you're worth per hour. When you know your worth, you can bid based on that, taking into account the economy around you and the supply and demand of appraisers and volume. And trust me, there's a way to figure that out, it's not rocket science, my friends.
So, let's say you figure out the absolute lowest fee you could accept for appraisals and still make money. Great! Now, don't ever charge that fee, that's the WCS, my friends, the worst-case scenario. This is the fee you have in your head so you can sleep better at night. When you're lying in bed, tossing and turning, worried about volume, you can think of that number and say to yourself, "Okay, I'm well above my lowest number, I have a long way to go before I have to start worrying."
So, to sum it up, don't boycott or strike, don't drop your fees to $300, know your worth, and never charge your WCS fee. And remember, appraising is a balancing act between quality and efficiency. Speed is important, but quality reports are key to staying in the game. Alright, folks, that's all for today. Thanks for listening to my ramblings, and let's keep appraising like the rock stars we are!
Check out The Appraiser Coach Podcast for more info on this topic:
