I recently came across some eye-opening stats from the FHFA: a staggering 73% of U.S. mortgage borrowers have an interest rate below 5%, and 55% have a rate below 3.99%. As of mid-February 2025, Freddie Mac reports the average 30-year mortgage rate at 6.87%. With decreasing sales volume and an uptick in appraisal waivers, the result is a perfect storm of dwindling lender work for appraisers. What’s left is a small pool of orders that appraisers are scrambling over, undercutting each other for lower fees.
So, what’s an appraiser to do? Sit around complaining about the lack of volume with peers? Or, better yet, take action and do something about it?
January 2025 was one of my best months in years. My single-appraiser office grossed over $20,000—and 80% of that came from private work. I can already hear the naysayers: “We don’t have enough private work in my area. It’s impossible to survive without lending work.” To that, I say—nonsense.
Sure, I live in a densely populated area, which means more homes and more people needing appraisals. But that also means more competition. No matter where you are, people still pass away, requiring estate, probate, guardianship, and trust appraisals. Couples still get divorced, needing valuations for marital homes and pre-marital properties. Unmarried couples buy homes together, only to end up in partition litigation. Natural disasters strike, requiring before-and-after property valuations. Attorneys need appraisers as expert witnesses for a variety of litigation cases. Property taxes keep rising, leading to more tax appeal appraisals. Real estate agents, especially in slow markets, need help setting listing prices. The demand for private appraisal work is everywhere—you just have to tap into it.
No more excuses. If you want to keep working as an appraiser, you have to pivot from lender work to private work. That shift requires a new mindset, but I’m here to help—so is the Appraisal Referral Network.
By signing up as a free member, you’ll receive a 10-step guide to kick-start your non-lender journey and an engagement letter template. Plus, you’ll gain access to nearly a thousand other appraisers across the country, providing a space to exchange referrals. Accept a referral and quote your own fee. Send a referral to a peer and earn up to 12% of the appraisal fee. It’s the first referral network of its kind—helping appraisers generate passive income on assignments they’d otherwise turn down due to expertise, location, or time constraints.
Have a non-lender question or need appraisal help from a peer? Our free Q&A forum is here for you. Want even more resources? Our Elite membership includes training videos, a business growth library, preferred partner discounts, and—best of all—when your phone starts ringing with extra referrals, you’ll earn 12% on each successful one.
Join nearly 1,000 of your peers today at ReferAppraisals.com and start building your private appraisal business!
