The future is clear for those who care to look
Would your bank’s credit and risk side be happier if you:
Hit all your SLAs within your appraisal department.
Would your future be happier with your bank clients if you:
Create appraisals your client wants to read, fewer errors and on time.
If your people aren’t drafting behind you, are they exhausted?
As the lead “cyclist” of your appraisal department, are you helping pull your staff to success? Do you have YouConnect, the best appraisal and environmental workflow for your department? As a fee appraiser “cyclist”, do you have DataComp Suite, the best comp, report writing and workflow software?
Are you leading your appraisal department or firm to the future? Can you see where our valuation industry is headed? If you’re not out front, your visibility is limited.
Chief appraisers frustrated with inconsistent report quality
A chief appraiser asked me, “What percentage of commercial firms have truly embraced technology?” I thought 25% of firms fully embrace technology and process. That said, a high percentage (of this percentage) reflect national firms.
He was frustrated with inconsistent reports but didn’t want to just go with the national firms that produce consistency of product. He knows smaller local firms provide an excellent product, but he lamented at the phone book/kitchen sink/self-contained writing style of these reports.
“Funny thing, appraisers don’t want to make huge reports and reviewers don’t want to read them. So why do they continue to do it?”
Manual copy paste fatigues fee appraisers
I believe 15% of appraisers will ride out their careers not investing ANY time or money on productivity. That leaves a huge 65% of appraisers struggling to implement solutions. Many have tried various solutions but never got going with report writing. These firms want to move into the future but get stuck along the way.
They start, they stop, and ultimately shelf the software, resulting in frustration.
If you want to build a successful appraisal department or appraisal firm; you need to fall in love with:
1. Developing your people
2. Providing technology
No. 1 requires effort, but its ROI is amazing. Hire (or train) for talented and collaborative people. Appraisers tend not to be collaborative so it will take new leadership education, consistency and follow through.
The appraisal industry often focuses on the tactical – how to make or review an appraisal widget. It rarely spends time, money and focus on developing the people. As we look at our personal and professional lives, the goal isn’t to live forever but to create something that will.
Adequate performers bring down the performance of everyone on the team. Top performers see the adequate performers which tends to:
Bad outcomes ignoring people
- Lowers the team’s overall IQ
- Communicates that mediocrity is acceptable
- Top performers will leave
- Productive workers having to work around them
- Saps top performer’s energy
5 reasons to provide technology
- Handle appraisal volume spikes with current (happier) staff
- Transparency for the overall appraisal process
- Increases trust with your staff, RMs and the C-suite
- Releases productivity hand break
- Creates a better more consistent product and process
Too busy to change anything
Appraisal departments and fee appraisers are absolutely swamped, understaffed, not enough people on the team, overwhelmed, don’t have the time, doing a job that’s meant for two people, working the weekends…in a word, buried.
Get on your bike, get up to the head of the pack, work hard to pull your staff forward. Being in front, you can see clearly where you need to go. As a lead cyclist, pedal hard, lead your team to success.
The future is clear for those who care to look.