Even in Slower Housing Market, Sarasota Appraiser Carves Unique Path
After more than a decade in the home appraisal industry, Bill Samuels decided to branch out on his own. Leaving a large Sarasota appraisal firm in order to bring a more personal touch to clients, Samuels planned on starting small - just him in fact.
It cost only $7,500 to get up and running due to knowledge and resources Samuels had acquired through the years, but less than a month in, he needed help.
“Day one I opened the doors up and the fax machine went crazy,” Samuels said.
Where Samuels had figured he would be doing 30-40 home appraisals a month, the first month netted 80. That’s when he decided to get in another appraiser he had known to ease the burden.
The appraisal company focuses on Southwest Florida housing market property in all price ranges. Samuels is certified by both the state and the Florida Housing Authority.
Samuels & Associates faced a new cost in its first year as the company went from being an office-based operation to a mobile, home-based operation.
Computer upgrades that allow the appraisers to work virtually through a secure server cost about $10,000. The conversion to remote working actually has ended up saving the company money in rent costs as well as fuel costs.
The company covers Manatee County, Sarasota County and Charlotte County. Although Samuels had once considered going north to Pinellas, he enjoys things the way they are, for now.
“It probably could grow even more but I don’t want it to turn into the company I came from,” Samuels said.
Now, with slower Florida mortgage demand and fewer home sales, Samuels is finding ways to diversify.
In addition to assessing homes being purchased or undergoing Florida mortgage refinancing, Samuels & Associates agents do work for probate cases, divorce cases and estate work.
Samuels, who personally handles all multimillion dollar homes regardless of location, recently worked on behalf of a man who wanted his down payment back on a multimillion dollar home he felt wasn’t being built at the level of quality he was promised.
“We got him his money back,” Samuels said.
Another service that is gaining popularity is an appraisal on a home before the owner renews his or her insurance policy.
The hurricane season of 2004 came during the real estate boom and many of those whose homes were damaged found that their homes were underinsured.
“In some areas home values tripled and people kept renewing the same policies, thinking their home would be fully covered only to find out too late that it wasn’t,” Samuels said.
Competing with the big companies doesn’t bother Samuels.
Repeat business and word of mouth keep him and his home appraisers busy. From checking on the quality and progress of construction for clients building a home while located elsewhere to the traditional duties of an appraiser, Samuels doesn’t deny there is possible growth in the company’s future but wants to keep the level of personal service the company has the way it is.
That level of personal service and Samuels’ integrity are what inspired appraiser Chip Edwards to join Samuels & Associates.
“Obviously, because I knew Bill before, I knew his style,” Edwards said.
Once a Florida real estate agent, Edwards shifted to appraisals in 2000 and joined Samuels & Associates just a few months after the company opened.
“His integrity, that’s why I like working for him,” Edwards said of Samuels.
SOURCE: Bradenton Herald
