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Clients Prefer Appraisal Consistency and Predictability
[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=””]A[/fusion_dropcap]ppraisal consistency and predictability are crucial for growing an appraisal business and delivering reports that are well received by your clients.
Have you recently taken time to visit with your clients about what is most important to them as appraisal consumers? If not, I encourage you to do so. Their answers might surprise you. The founders of realquantum surveyed numerous appraisal consumers before designing the realquantum application. Here’s what we found.
Client Preferences
Without exception, consumers preferred appraisal consistency and predictability in the form of a consistent standardized report. This assures clients that the information they seek can be found easily using a consistent format and order. Further, they would rather the report include as much information as possible within tables, limiting narrative discussion. Including a brief summary, analysis and conclusion in each section is sufficient. Appraisers attempting to differentiate their companies by making their reports “stand out” are not getting extra points. To stand out in this case is to be inconsistent. The lack of a consistent format between reports can make their job more difficult.
Among the chief complaints of reviewers is that information does not flow through the report consistently. For example:
- value conclusions in the transmittal letter that do not match value conclusions in other sections of the report
- site and improvement measurements
- presentation of comparable transactions
- incorrect calculations due to adding and/or changing comparables prior to the final draft
Even the best integrated systems that combine a separate database, word processor and spreadsheet can’t compete because there is too much room for error and inconsistency. A single, integrated, cloud-based solution offers so much more. It reflects the same data and analysis in the database, calculation engine and reporting functions.
As appraisers, our goal should be to make it as easy as possible for our clients to review and understand our reports. We can do that by delivering appraisals in a consistent and error-free report format. This not only makes their job easier, but it also improves their confidence in our abilities as appraisers. Moreover, you are likely to rise to the top of their list of preferred appraisal providers.
Why Appraisal Consistency and Predictability Matter More Than Ever
Due to the uncertain times we are in, it is very important to stay in close contact with your customers. Their inspection and reporting requirements are changing on a day to day basis. Take a few minutes to listen to their needs and discuss how you can make their lives easier. I am confident that sending them reports that are always consistent and predictable will be a top priority.
Lastly, the benefits of appraisal consistency and predictability apply to supervisors within appraisal companies as well. The time saved reviewing a report before it is sent to the client can be substantial. Another consideration is the increased collaboration with your associates and research assistants. Even if each person is working from a different location, they are able to work together without fear. No more worries about whether you are looking at the most current version of a report or if information has properly synced.
If you want to grow your business, consider the benefits of using realquantum as your appraisal platform.
About the Author
Dan Craig, MAI is an accomplished commercial real estate appraiser, investor, developer, and attorney.
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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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