Appraisers

GAMco Advantage

Unlike most AMCs, GAMco only approves as many appraisers as it needs for its present work load. As such, if you are approved, you will likely receive Requests for Bid. Receiving Requests for Bid is however contingent upon your formal education, appraiser education, years of experience, designations(s), area of geographical competence and specific areas of appraisal expertise.

If you have been approved by GAMco, you are in good company;

GAMco recognizes its appraisers’ qualifications when selecting bidders, and recognizes its appraisers’ qualifications in our fee splits.

Where some AMCs have an assignment rotation, GAMco has an appraiser ranking system. Requests for Bid are sent to the most highly qualified, geographically competent appraisers, when they are available (based on the number of open orders that appraiser has). GAMco has no fee schedules,, so the fee bid is at the discretion of the appraiser. Five to seven appraisers are asked to bid. Upon receipt of five bids or after 24 hours, bidding is automatically closed, the client is advised and the client selects the bid that addresses their order specific requirements. If, for example, time is limited, the client may select the shortest turn-time. If however the subject is unique or high valued, the client may select the most qualified appraiser with the lowest fee. GAMco never selects bids. As to maintain appraiser independence, your bid fee, turn-around time and designation are declared to GAMco’s client, but your identity is not known to the client until the final appraisal report is submitted.

While each appraiser is at liberty to bid any fee they want, their final compensation is based upon the appraisers fee split. The fee split for the top ranked, Senior Appraisers and appraisers that have earned a designation from a nationally recognized appraisal organization (AI, ASA, ASFMRA or NAIFA) is 100%. The fee split for the second level appraiser (an appraiser that is well educated, has significant experience, is an Associate Member of one of the above noted appraisal organizations and is working toward a designation but has not yet earned that designation is 85%. The differentiation in the fee splits rewards those appraisers that have earned the recognition of a national appraisal organization or are uniquely qualified, while encouraging Associate Members to continue their appraisal education and earn a designation. The lowest fee split recognizes that the appraiser exposes GAMco’s Guarantee to claim and is intended to encourage that appraiser to join an appraisal organization and take classes to improve their professional skills.

Finally, appraiser E&O insurance premiums are as high as they are because of the cost to defend. To protect our GAMco approved appraisers, GAMco has entered into an agreement with its clients concerning the means by which a dispute over a valuation will be resolved. In this regard, the client agrees to forego filing an E&O claim and filing a formal complaint against the appraiser with the state appraiser regulator, in lieu of binding arbitration. If the client prevails, GAMco shall pay its client the difference between the correct value and the appraiser’s value plus the cost of arbitration.