Pick up the pace
Who loves burpee’s? No one. Absolutely no one. Shaun T, creator of Insanity workouts highlights the movement, “you have to go down to the get up.” You might be having thoughts of your company cash flow going down, PPP applications filed too late and potential loss of talent. I recommend you feed your mental bucket with zen-like advice of musician Jack Johnson, “In times like these, and times like those, what will be will be, and so it goes.”
Zen-like doesn’t mean you don’t react to what’s going on. Quite the opposite, you react effectively with focus. Now’s not the time to slow down your work pace. First, it’s important to calmly view what’s going on economically. Mentally, do you imagine a 12-ton triceratops, that scary dinosaur with a gigantic three-pronged horn head? The reality is this creature was herbivorous and wasn’t looking to feast on your femur. In other words, take the economic halt and its impact as a real threat, but don’t freak out.
The key is to not reflexively cut cost to the bone. It’s very short sighted. Instead, the commercial appraisal firms that will survive this huge “economic mulligan” (cost ultimately borne by everyone) will be those that focus on growth. I suggest you start with, The Success Cadence, a book that focuses on unleashing your company’s rapid growth culture.
The book highlights that a great product on its own is no guarantee of success. If you think you have the best appraisal in the world, it doesn’t matter since there are many underperforming firms with great reports and lousy processes. The poor process is what stops scalable revenue growth. Key to the success cadences is moving outside the familiar comfort zone of what’s always worked sufficient in the past. It requires a commitment with your appraisal firm to create a culture driven, talent driven and data driven approach to leadership.
Four typical responses to implement change at your appraisal firm include: denial, resistance, exploration and commitment. It’s imperative that you consciously design a clear daily, weekly, monthly and quarterly operational cadence for your appraisal firm. How often do you talk about strategic projects and metrics with your appraisers? I suggest the frequency of communication should double what you’ve done in the past.
Kicking the can down the road will work for some appraisers, but things are changing. Just a few days ago, the Board of Governors of the Federal Reserve System announced that banks can postpone appraisals on residential and commercial property for 120 days after the loan is closed. There’s some exceptions such as acquisitions, development and construction projects. Regardless, this will impact your firm in the next quarter(s), some good, some bad.
One thing that some long distance runners do to avoid mental fatigue is not look up to see how far they have to go to the finish line. Rather, they narrow their focus to what’s in front of them, perhaps 15 feet. Working on their pace, determining their cadence of when to coast and when to “empty the tank” as they go. You have to go down to get up. Pick up your pace.