[fusion_builder_container admin_label=”Video header” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”yes” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” background_color=”#f7941d” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”30px” padding_left=””][fusion_builder_row][fusion_builder_column type=”1_2″ layout=”1_2″ spacing=”” center_content=”yes” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_image_id=”” background_color=”” background_image=”” background_position=”left top” undefined=”” background_repeat=”no-repeat” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=””]
BLOG | TIM KELLER, MAI
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The Trouble with Templates
[/fusion_title][/fusion_builder_column][fusion_builder_column type=”1_2″ layout=”1_2″ spacing=”” center_content=”yes” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_image_id=”” background_color=”” background_image=”” background_position=”left top” undefined=”” background_repeat=”no-repeat” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_youtube id=”https://www.youtube.com/watch?v=BR_Er98VWKk” alignment=”center” width=”” height=”” autoplay=”false” api_params=”&rel=0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” css_id=”” /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” border_style=”solid” padding_top=”20px” padding_bottom=”20px” admin_toggled=”no” admin_label=”Blog”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ spacing=”” center_content=”yes” hover_type=”none” link=”” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”left top” undefined=”” background_repeat=”no-repeat” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding_top=”0px” padding_right=”50px” padding_bottom=”0px” padding_left=”50px” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=””][fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=””]A[/fusion_dropcap]ppraisers are very familiar with commercial appraisal templates. We use them all the time. Most of us have word processor and spreadsheet templates for our commercial appraisal reports. The “template” could simply be the last report we created that was similar to the current assignment at hand. Offices also use some common set of templates either made for us by an outside party or created by someone in our office. It’s a pretty common situation, so there is a tendency to overlook the problems that arise from this model simply because we’ve all been doing things this way for so long. Yet, there are probably hundreds of CRE appraisal offices that have decided to create repeatable process in this manner.
The Situation with Spreadsheets
In 2017, the Wall Street Journal featured an article on why many large companies were moving away from using Excel. Guess what? Larger companies face the same issues we see in our appraisal practice.
These issues include:
- Collaboration is Difficult: Most older versions of Excel don’t allow multiple users to work together in one document,
- Increased administration tasks: Most data comes from another source and has to be re-entered into Excel, and
- Greater potential for errors: A spreadsheet is often used for many financial tasks, yet, it creates a big trap for people to fall into. Enterprises find that the stakes are too high to trust that every formula is correct. Complex spreadsheets that are passed around among numerous people are an error waiting to happen.
A Specialized Tool is the Answer to Template Woes
I couldn’t have said it better. Realquantum was designed without the use of spreadsheet templates to solve the problems described in the above WSJ article.
- Collaboration is Enabled: The realquantum platform does not use a word processor or a spreadsheet like Excel. It runs completely in a browser so collaboration is easy. Whether it is with an associate down the hall or across the globe, there is no need to share files. Multiple team members can work on the same property at the same time. This eliminates the risk of two people “stepping on” each other’s changes.
- Enter Data Once: Appraisers save time and reduce errors.
- Eliminate Calculation Errors: Financial calculations are built into the product and adjustment grids are ready to use. The formula for each generated report is the same each time. There is no need to check calculations for possible errors or omissions. This saves time for more important tasks like analysis.
How Your Business Benefits
The ability for users to work simultaneously on the same assignment is crucial. For example, it means an appraiser and assistant can work together and get more done, regardless of their location. Turn-around times for reports are shorter with no loss of quality. There are fewer errors because users enter data one time. Again, appraisers complete more quality work in less time. There is also a lower risk of errors making it to the client, so there are more happy clients. All of which leads to more business for an appraisal office and its associates. Another factor worth noting is job enjoyment. Everyone (well, most people anyway) would prefer to avoid the tedium of checking math and would opt instead to spend their time on higher-value activities.
Scaling a Business
As the president of a mid-sized appraisal firm, I want my employees to follow a consistent process regardless of the appraiser or assignment. It’s important that I spend my time reviewing appraisal analysis and coaching my team. Template trouble for my commercial appraisal firm is now a thing of the past. Realquantum has helped my business generate more revenue per employee while either maintaining or improving the quality of our product.
Follow the “80/20 rule”. That is, focus on the practices that are potentially the most productive and make them a priority. An early mentor of mine was fond of saying “all appraisal problems can be reduced to three or less key issues and these issues needed to be clearly described and addressed in the report.” It’s much easier to focus on these key issues when I can eliminate the busy work and grind in producing a report. These are the issues our clients care about.
Now we are talking.
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About The Author:
Tim Keller, MAI, is President of Keller Craig and Associates, and CFO of realquantum. You can read his bio here.
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