How to Effectively Manage Appraisal Practice Performance

How great data can help you manage your appraisal practice.
How to Manage Appraisal Practice Performance
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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Just like associates, bosses need good data

How do we effectively manage appraisal practice performance without taking excessive time on spreadsheets and reporting?

I recently blogged about running a successful appraisal practice, discussing three key challenges and some possible solutions. Here’s a deeper dive into one of those challenges: our industry lacks decent data for performance evaluation.

Getting Good Data is Hard

As a supervisor, each month I review our performance and compare it to the prior period and to our budget. Unfortunately, the matrixes are limited. Our team could compile some additional data manually, but that’s a pain and we’re busy.

Like most bosses, I know each associate’s performance in terms of raw data and have an overall idea of quality, based on direct knowledge as a reviewer and from comments of other reviewers and clients. But it would be nice to have easier access to real-time data that we could use to supplement this information. It would also be useful to compare our performance with our peers.

So, I asked the Appraisal Institute (AI) for recent articles about best practices in the field and specifically, if there are articles profiling income and expenses and performance of appraisal firms. As appraisers we are used to seeing performance profiles, whether it be for car washes, mini-storages, or hotels/motels. That’s what we do.

Can you believe the most recent publication from the AI was from 1991?

Granted, the publication has some helpful information about creating a company, basic accounting, and legal questions, but AI published it 26 years ago.

The good news is the AI is seeking proposals for business best practices for their upcoming 2018 AI Annual Conference. Wouldn’t it be helpful if they also included a membership performance survey? I emailed Mr. Jim Amorin, the AI president with this suggestion.

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Resources on the Web

In the meantime, I looked elsewhere and found links to other industries. Unfortunately, most of these require a purchase and I’d rather spend it on the Holiday Party. If you’d like to purchase, here are a couple related to our field. I am sure you can find more:

Looking Ahead

What our industry needs is an easier way to management appraisal practice performance and overall productivity. We need to evaluate which projects are most profitable and which associate more efficient by market and or property type.

What are you doing to measure company productivity?

Tim Keller, MAI

About the Author

Tim is CFO at realquantum and the president of Keller Craig and Associates, a commercial real estate appraisal firm with offices in Overland Park, Lawrence and Topeka, Kansas.  Read his bio here.

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