Appraisal Report Deadlines – 4 Ways to Meet Them

Keller, Craig & Associates principal and realquantum CFO Tim Keller shares the best practices to meet appraisal report deadlines he coaches with appraisers in his 3-office business in the Kansas City metro.
appraisal report deadlines
Jeff Weiner

Jeff Weiner

CEO & Co-Founder | Transforming Commercial Real Estate Valuation | B2B SaaS Product Innovator | Creating Amazing Software from Zero to Scale | Longevity Enthusiast

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How to Meet Your Report Deadlines

Time Crunch

Now as delivery times are compressed, it is more important than ever to have a plan in place to meet your client deadlines. What was once four weeks delivery time is now three weeks or less in most markets. While there is not just one strategy that works the best, there are some common themes to every successful one.

1. Be Organized

Being organized is key. Fortunately, there are many tools available that can assist us, especially when it comes to organizing our time.

One major tool we use is a shared calendar system, specifically Office 365, where we list our due dates and have the option of setting reminders for specific tasks. Another calendar management option is Google. One of our associates combines all her calendars into one and manages them from her phone including everything from dentist appointments for her children, PTO meetings, property inspections and due dates for appraisals. The reality of managing our time is acknowledging that there are far more things on our to-do lists than we can possibly memorize. The days of writing everything in a planner are gone and for appraisers, the importance of utilizing software with a built-in management system, like realquantum, is crucial. Realquantum is our appraisal software that allows us to track progress, eliminate oversights, meet appraisal report deadlines and most importantly, meet expectations.

2. Stay Focused!

This may be the most important tip. The key to a successful project is to be focused from the start. Waiting or procrastinating increases pressure and creates opportunities for errors. To eliminate the likelihood of those errors:

  • Call the client as soon as you receive the order and schedule the inspection
  • Read the engagement letter
  • Review the property and determine the scope of work
  • Call the client and send out the request for the information needed. We recommend that you send this in an email so there is a trail.
  • Add it on your calendar and schedule reminders, interim due dates and the appraisal report deadline to keep the information flowing.

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3. Communicate, Communicate

If you use a trainee, assistant or research analyst, give them clear expectations and deadlines. Have them notify you immediately if they are missing any information and be sure to set up an easy and secure way to share information among the team. For example, we create a folder for each project on the cloud service Box. The folder has all the information we have accumulated in our assignment and will become part of our work file when we are done. Other options for sharing information include services like Google DocsOneDrive, or Dropbox. The key is to have your sharing method be cloud-based so it can be accessed from any location by any of your team members who are given permission.

4. Get Your Head in the Cloud

We find that cloud-based system solutions work best for our company on any application. The flexibility, safety and security of the cloud is far superior to any private server or desktop application. If you haven’t moved to the cloud yet, it’s time to do so.

  • For general document storage, we’ve used Box.com for a few years now and it works well. One added advantage of using cloud storage is if you need to send a file (document, photo, etc.), you can send a link from Box rather than attach the file to an email.  It’s both easier and more secure.
  • For appraisal reports and comps, we use realquantum. The all-web-based app means we have complete access from anywhere and the mobile app for property inspections ensures that pictures and notes go straight to the assignment.

Having a plan in place will ease stress and reduce errors while meeting that appraisal report deadline. It will allow you to get more work done and may even give you a little more time to spend with family and friends.

Learn more about how realquantum can help your business meet those ever-tighter deadlines.

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