Success is about being consistently good, not occasionally great. Based on that definition, appraisers have succeeded. Problem is, the “public” doesn’t really understand the consistent effort that goes into solid valuation. It’s A LOT of work.
Appraiser work hard to not make mistakes. Always doing the right thing. Quietly going about our business, protecting collateral. Pretty sure Hollywood won’t make Guardians of the Galaxy – Appraiser Edition, but we deserve to be recognized.
So, what do commercial appraisers do?
- Keep up with regulatory changes: The industry is heavily regulated and appraisers must stay up-to-date on changes to laws and regulations that affect appraisal practices.
- Ensure appraisal accuracy: appraisers are responsible for ensuring that appraisals performed are accurate, impartial, and in compliance with industry standards.
- Maintain independence and objectivity: appraisers must remain independent and objective in their evaluations, despite pressure from other departments or stakeholders.
- Manage limited time: Appraiser firms are often small that can bring challenges to ensure that each appraisal is thorough and meets all necessary requirements.
- Address conflicts of interest: A appraisers must be able to identify and manage conflicts of interest that may arise during the appraisal process.
- Implement technology: With advancements in technology and data analysis, appraisers must be able to adapt and integrate these tools into their appraisal processes.
Technology is key for appraisers to effectively do their job. A commercial comp database, report writing and appraisal workflow software like DataComp Suite can help appraisal firms in several ways:
- Comp database: The ability to share confirmed sales within your office increases the quality of the analysis and reduces searching through Word docs for comps. Print comps directly to your Excel adjustment grid and make comp maps reduces errors and avoids the manual copy/paste.
- Report writing: Commercial firms that have not implemented a report writing solution are at a significant disadvantage. reduce bleed through errors of typing over old appraisals while keeping your format 100% the same.
- Automation of routine tasks: Software can automate many routine tasks, such as appraisal bidding, ordering appraisals, tracking the status of appraisals and managing appraisal reports. This can help save time and reduce errors.
- Improve appraiser attraction and retention: The appraisal industry struggles to attract new talent. But once they get there, if your firm lacks software to make their job easier, they will leave. It’s likely they’ll go to a national firm that has the tools they need.
- Improved communication and collaboration: technology is great but they are only tools to be leveraged by your staff. Meet consistently with your staff communicating the mission of your appraisal firm. Use metrics and KPI’s to determine how you can improve your productivity and meet your financial goals.
By using commercial appraisal productivity software, commercial appraisers can improve the efficiency and accuracy of their appraisal processes. Reducing the risk of mistakes, late report deliveries while ensuring the impartiality and independence of appraisals is achieved.
Commitment to the process
It’s executing incredibly well on the basics. Setting goals, measuring progress, and following through on commitments. It’s the little things done well, not the latest hack.
The excitement and motivation will come and go but your commitment to the process has to be unwavering.
So, as you begin your week, stay focused on doing the work, day in and day out. Avoid the start-and-stop cycle and stay committed to your goals.
Appraisers, take a second and (yes, physically) pat yourself on the back.
Continue your work as the guardians of real estate equity.
Celebrate your amazing job!