How to Choose an Asset Management Company (AMC)?
1. The first step involves finding and making the list of AMC. This can be done by checking websites, checking AMC directories, checking appraiser forums or blogs, and finally talking with the appraisers.
2. The second step is the analysis part and digging deeper into each AMCs. One needs to ask certain questions such as:
- Does the AMC have an excellent reputation and quality?
- Does it pay fairly and have convenient payment schedules?
- Does they have a professionally behavior with appraisers?
- Does the AMC expect a well done, credible appraise in return?
This step is the longest and crucial one as the customer has to investigate in deeper sense to understand and take the right decision in choosing the right AMC. Checking websites of each AMC is must considering facts like registration under the authorized board and check for any complaints. Read the following thoroughly: the policies and procedures, payment policies, appraiser program benefits, appraiser availability (reaching them in case of problem), appraiser bulletins and announcements, industry reference and training materials etc.
3. Narrow down the list, choose five to six AMCs who fits in the above criteria. As Tony Pistilli mentions “It’s better to get one to two appraisal orders per week from five or six clients vs. ten orders per week from just one AMC”. If one AMCs stops working in your area, you can still have other AMCs at hand to rely upon.
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