People over profit

Last week a new DataComp Suite customer bought our software but then found out he couldn’t get out of his contract with a competing product. He missed the deadline to give notice. He signed our contract and we already ran his credit card. What should we do?

It was an easy decision to return his money since this situation fits squarely in our Fundamental 1; “Do what’s best for the customer.”

Returning his money does a few things: He avoids paying for two comparable products. He receives the feeling of being treated professionally. But most importantly, it’s the right thing to do.

Profit margins and bottom lines are important, but the company culture that follows Fundamental 1 is the foundation of a successful enterprise. Prioritizing short-term gains (profit over people) can result in reputational damage long-term.

The most impactful business culture is one that invests heavily in long-term relationships. The opposite culture leverages contractual control and punitive data capture techniques.

Prioritizing what’s right for the customer is not just good business practice but essential for sustained growth and reputation.

5 Reasons To Do What’s Right

Building Trust:

    • Trust is the currency of business relationships.
    • Satisfied customers become advocates, fostering loyalty and positive word-of-mouth.

Fostering Innovation:

    • Customer feedback provides insights for improvement and new opportunities.
    • Innovation driven by customer-centricity enhances competitiveness and relevance.

Promoting Ethical Business Practices:

    • Upholding integrity and transparency instills confidence and credibility in our valuation art.
    • Aligning actions with values attracts conscious clients and mitigates risks.

Enhancing Operational Efficiencies:

    • Streamlined customer experiences reduce friction points and save costs.
    • Investments in technology and systems optimize processes for convenience and transparency.

Cultivating Empathy and Success:

    • Employees who understand the importance of customer satisfaction are more engaged and motivated.
    • A culture of empathy empowers teams to deliver exceptional service and consistent quality.

Appraisers are all about fairness and keeping things balanced. They take their job seriously, making sure they nail the number to the best of their ability while sticking to ethical guidelines. That’s why the manufactured appraisal bias discussion is so offensive.

Valuation professionals are like the referees of the real estate game, keeping things legit and trustworthy. When it comes down to it, appraisers are all about doing right by everyone, making sure the whole process is on the level.

We all must do what’s right for the customer. Transcending profitability results in a commitment to excellence.

By prioritizing trust, innovation, ethics, efficiency and empathy, our valuation industry will continue to be integral to the real estate process.

It’s always the right time.

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