When clients are looking for an appraisal management company (AMC) there are several critical factors to consider. An appraisal management company is a bridge between clients and appraisers and the quality of work provided is of most importance. Here at Valuation Management Group, an AMC that manages appraisal orders and technical reviews for 42 of the 50 states, we take the responsibility, trust and confidentiality of our clients very seriously.
When looking for an AMC, what are the critical factors to consider and why?
Responsibility covers several aspects of an appraisal management company. For one, does the AMC have an adequate number of appraisers? How is the quality of work, the turnaround time and professionalism? What is the AMC’s urgency when it comes to assigning out an order? When it comes to a client trusting an AMC to assign an appraisal out and get that appraisal back in a reasonable amount of time, responsibility is important.
Once an order is placed with an appraisal management company, clients deserve to hear status frequently. The AMC’s website should always provide real time status. It is important to provide follow-up on an order daily; allowing a client to know the status of an order will develop trust and an open line of communication. The follow-up also shows a client that they are not just a number or a fee. There is an important bond to create between the AMC and the client. Responsibility will help develop the trust that is needed that an appraisal will be handled in a timely manner.
In order for an AMC to be able to do their job of assigning out orders to appraisers and assuring a quality report and quick turnaround time, there must be a certain level of trust. Does the appraisal management company offer timely assistance when assigning out an order? How are technical reviews completed? If there is ever a question on an order, does the AMC reach out to the client to clarify?
An appraisal management company should be able to provide great service to clients throughout the appraisal process. When looking for an AMC, always ask for testimonials, details of the process, and make sure they are willing to provide the assistance that is needed and expected.
At VMG, we understand each client’s individual underwriting expectations and customize our review process to the client’s expectations.
How seriously does the appraisal management company take confidentiality? Does the AMC follow the ethics and laws in place on how appraisals are handled, do they keep client information confidential and do they keep information on an appraisal confidential? The answer to all of these questions should be YES. If an AMC cannot provide responsibility and trust for a client, then where is the guarantee that they will follow confidentiality guidelines?
At VMG, confidentiality is very important; all ethics and laws are followed and establishing trust with a client is key. Never will confidential information be disclosed.
Valuation Management Group is an appraisal management company that possesses all of the above characteristics and has the goal of making the appraisal process extraordinary. When looking for an AMC, look for the company that is willing to get the job done, and takes that responsibility and your trust seriously.