September 26th, 2008 11:42 AM

The down turn in the economy and the utilization of management companies by lenders have drastically slowed orders for most appraisers. Many of us are experiencing appraisal volume that it the lowest it has been in the past 10 years. In these tough times we might need to look at other sources of appraisal income to help sustain our businesses. I have a few suggestions that might be of help. These suggestions will not replace the income from lender orders but might help keep the wolf from the door. Consider “good” real estate agents. Many top agents prepare very good competitive market analysis and in some cases rely on appraisers for unique or difficult assignments. Associate yourself with these agents and let them know you are available if needed. Another group to consider would be financial planners. Financial planners often need real estate appraisals for estate settlements or estate planning. Attorneys are another good source of potential income. Divorce is up! Take advantage of it. An overlooked source of appraisal income is religious organizations. Members often will or exchange their estates to their respective religious organization for gifts or retirement purposes. Appraisals are needed for these transactions. Insurance companies rely on appraisals when homes are destroyed by fire or natural disasters. Establish a good relationship with your local agents. Their suggestions for an appraiser can go along way with the powers that be when an appraisal is needed. Finally, if you have though about hiring a trainee now is the perfect time. I know this might seem a little out there given what is going on with our industry. But think about it. You probably have more time for training and with demonstration appraisals being use for points is all makes good sense. I recently hired a new trainee. We have an agreement. I will provide the training in exchange for time she will spend working in the office. I am out no money just my time and I will have a well trained appraiser when things pick up. Hopefully, you can use these ideas. I encourage all of you to view these bad times with a positive outlook. Our profession has had down turns before and has survived. I have no doubt it will do it again.

Dale Smathers

Vice President NCPAC

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