Recently, we sent a survey to the realquantum community asking about plans, goals and concerns on their minds for 2020. Much of the results confirmed our theories but others were surprising.
We asked about the goals everyone had for 2020 and most had business expansion on their minds. A total of 81.3% plan to grow their businesses or add people to the team. 9.3% of responders plan to break out on their own. The remainder were in maintenance mode. It’s clear the realquantum community of appraisers and assessors are a confident, driven bunch.
A significant 75% of responders said that they prioritized being more efficient in 2020. Combined with the majority that also want to grow, that could indicate our readers understand that growing profitably means improving business processes to support greater scale. Ad hoc processes waste time and make it harder to train new people. That all means lower profits. Check out the realquantum blogs Is Your Technology Holding You Back and 3 Keys to Running a Successful Appraisal Practice for more information.
Furthermore, 50% want to earn more money (who doesn’t like that, right?). Significantly, 47.7% plan to get more informed by reading, attending webinars and signing up for training. Maintaining certifications keeps continuing education top of mind for commercial real estate valuation professionals. However, it could be easy to just show up to the classes and not be a self-driven learner. That’s not the case with survey respondents. This group makes it clear that reading more is important to them. Another myth that could be busted is in marketing. Most view appraisers as uninterested in the marketing side of business but 29.5% of responders plan to create or expand their online presence. This is critical to staying competitive. Check out Commercial Appraiser Website Beginners’ Approach and Commercial Appraiser Branding – 3 Things to Consider blogs.
Commercial appraiser survey respondents also shared their resource needs. Not surprisingly, 54.5% said, “I have some” of the resources they need. After all, economics is a reality of unlimited wants and limited resources. Curiously though, a full third (36.4%) said they had all the resources they needed to achieve 2020 goals. That’s pretty impressive. Dipping into the details a bit, the most popular needs were:
When looking into the future, the realquantum community responded with three major challenges. First, being spread too thin. 61.4% of the respondents felt this was a problem. With so many small businesses and sole proprietorships, it’s easy for a business leader to have too much to do and too little time. That challenge is ongoing but consider The E-Myth Appraiser blog by Dan Craig and Work Optimization of Appraisers and Admins blog as ways to think about dividing up the workload. The second largest response was increasing competition at 15.9%. Today, large firms are working at scale and now accounting firms are getting into the appraisal and consulting business in greater numbers. The competition brings lower fees and faster turn times in the commercial appraisal business. However, that is the natural order of things in capitalism! The third most common challenge sited was regulatory change at 11.4%. Fortunately, this group is dedicated to being well-informed so it’s fair to say that while it’s a concern, it’s one that commercial appraisers and assessors will understand well and make the best decisions.
Overall, the Commercial Appraiser Survey respondents are a positive group, driven to grow their businesses, while being realistic about their needs and challenges. Some other surveys of the appraiser population seem to indicate some cynicism but that does not appear to be the attitude of the realquantum community.
Best of luck in 2020!
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