Appraisal bottlenecks

The best real estate professionals focus on delivering an industry-leading customer experience. Shouldn’t that include your appraisal firm? 

Unless you’re an appraiser, I think many outside of our valuation world would be surprised to learn that we’re over-worked. Appraiser shortage is a known thing, but the day-to-day appraisal work volume is starting to get out of hand for some. The long hours and weekend work can cause long-term fatigue, diminished productivity and chronic stress.  

Considered a new goal for 2022: reduce operational bottlenecks and minimize bid to complete cycle-times. 

Shave weeks off the process 

It’s interesting that there are two types of commercial appraisal firms. Those quoting 2-3 weeks and others quoting 3-4 weeks. What’s the difference? Technology and processes

Consider comp database, report writing and appraisal workflow like DataComp Suite designed by commercial appraisers. Most commercial appraisers are masters using Word and Excel. So, we built Edge, our report writing solution, on Office products since there’s a reduced learning curve.  

Provide your firm significant cost savings with Manager, our workflow application. Improve your appraisal process, streamline and automate your repetitive processes. The Manager platform enhances transparency and visibility with a centralized awareness of reports in process. This serves to create consistency for your firm’s internal process and level of accountability with employees. 

Stop re-keying of data 

RealWired helps our clients on their journey to improve internal processes and transform its operations. Reduce operational bottlenecks, minimize report mistakes and improve deliverable times. This results in more accurate and quicker decisions with the ability to support a much higher volume of appraisals. 

Confidently meet increased appraisal demand with productivity reducing your reliance on duplicative work. Allow your appraisers to facilitate the valuation process quicker and efficiently than before. 

6 bottleneck busters 

  1. Meet your appraisal firm’s unique requirements. 
  1. Eliminate duplicative data entry. 
  1. Reduce time with organized library of market data. 
  1. Increase workflow efficiency. 
  1. Attract (and keep) young talent with technology tools. 
  1. Enable the capture and use of comp data in an effective manner. 

Lack of tech = you working unnecessarily harder 

Those firms quoting 3-4 weeks typically have some of the following: old servers in a closet, slow-ish Internet, old and varying Office and Windows versions, inconsistent report formats, yada yada. Appraisers opening and typing over old random reports can introduce lots of weird mistakes. 

The key to report consistency is your internal library organization. Provide all your appraisers access to consistently updated information. The lack of a well-organized and maintained library appears in many forms:   

  • Old boiler plate like “USPAP 2018-2019” 
  • Multiple versions of Covid discussions 
  • Super old property market data, like “1Q 2019 Office Overview” 
  • Neighborhoods still mentioning the 2007 market correction 
  • Inconsistent use of methodology, like how to value excess land 

Reviewer frustration 

Internal reviewers get frustrated when they spend more time fixing the report format than the valuation. The confidence level decreases when the reviewer realizes the appraiser just opened up some random old report and manually plowed through the doc.  

It’s also frustrating for internal reviewers to see inconsistent report quality from the same firm. Let’s say your firm typically produces a great comp write-up, a couple pages with lots of details in the remarks section. If you’re reviewing a report and you see a few great comps mixed with super skimpy comps lacking any detail, it makes the reviewer sad. 

Move away from half-hazard use of software and hardware in your office that diminishes your firm’s success. Make your internal reviewers happy with consistent report format, consistent comp write-ups, consistent market data and solid valuations. 

Is 2022 the year you focus on removing operational bottlenecks?