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Appraiser Job Security: 4 Ways to Keep It
[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=””]H[/fusion_dropcap]ow do you stay competitive and drive appraiser job security? Are you fighting against the changes happening in the industry or adapting to thrive in the new environment? Commercial appraisal has had a fairly long run with a minimum of change. As a result, it can bring some people to the false conclusion that sticking with what worked in the past will always deliver success. Unfortunately, that’s not true anymore.
Today, the commercial appraiser’s world is changing. Fees are dropping, turn-times are shorter, and clients want more options. Lenders are successfully raising the minimums required to get an appraisal. All clients are asking for restricted appraisals, evals and more. The macro economy is in an aging economic cycle. In the US, it’s propped up by consumer spending, while many CEOs are pessimistic. As you look at your situation as both a business and an appraisal professional, do you feel secure? Do you feel confident for 2020? How about in five years? Here are four points to consider as a sort of year-end assessment.
Learning New Skills
All appraisers need to attend continuing education. Those that are learning and applying new skills are not just getting training to meet CE requirements. Instead, they’re really learning and adding those skills to their work. They don’t assume, “I learned everything I need.” It can be fun too. From drones for building inspections to big box fee simple issues and more, there’s lots to learn.
Specializing and Communicating Your Unique Offering
There are plenty of retail, office, and apartments out there, so not everyone needs to find a property-type niche. Instead, successful appraisers are true experts in a particular group of properties in a specific market. Or, it can be for a specific type of client. Whatever the choice, thriving long term means offering something unique in your market, not a commodity. Then, communicate that message through word of mouth, your LinkedIn profile and a quality website so people know it. Note: Your message can’t be something like, “…offering trust and credibility…” Everybody says that – even the ones that aren’t. Appraisers are expected to be trustworthy and (of course) you must deliver. The problem is simply, you can’t stand out with that message.
Offering New Appraisal Services
USPAP appraisal reports for lenders are the bread and butter of the industry. However, there are many more options. Some appraisers thrive consulting for developers or creating cap rate studies for local taxing jurisdictions. They increase the opportunities for new business and the potential client base. They are often higher margin as well. And…it’s a great way to be known as a specialist.
Becoming More Efficient
Getting more done in less time in business means making more money. Creating standard processes enables your business to hire help. For example, adding clerical support moves repeatable tasks off the appraiser’s to-do list to free up time for higher-level work. Storing files on a cloud service eliminates the upkeep and security risks of a local server. Replacing a word processor and spreadsheet with a report-writer like realquantum reduces errors and eliminates rekeying a ton of data. Additionally, realquantum provides a database so you are not just pulling comps out of your old reports.
Looking to 2020 and Beyond
A changing industry can be frustrating. Appraisers see what used to be clients who paid good money for quality and a reasonable timeframe. While lobbyists for the Appraisal Institute and other groups work to make sure regulations are smart and don’t undermine the important work appraisers do, the bottom line is that change is happening. Those that figure out how to operate in the new reality will thrive and find appraiser job security. The others? Well, capitalism is natural selection. So, as Charles Darwin said, “It is not the strongest or the most intelligent who will survive but those who can best manage change.”
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Ready to see how you can be more successful and efficient? realquantum was created by appraisers, for appraisers, to save them time and make them money. Sign up for a demo today.
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