Appraisal Articles

Specializing in complex appraisals is one way to diversify in this period of slow down. Another way is to expand your base with education or other skills. A successful appraiser is one who remembers that clients are the ones that keep us busy, so it is important to stay in contact with their changing needs and expectations.

I encourage appraisers to take continuing education, or go get a designation, or even get a real estate license. The more you know about your profession and the other professions that impact your profession, the more you will be prepared to handle the ups and downs of the business. A class in FHA appraising for example, may help shed light on a segment of appraisals that you currently don’t offer. Adding an FHA certification to your existing talents will not only get you more business, but will add to your perceived knowledge and experience; lenders looking at your qualifications may choose you over less experienced appraisers. By making yourself an expert in your field you not only separate yourself from the ‘rest of the pack’, but you also get the added benefit of knowledge and respect from peers/clients.

In the ten years I have been appraising, I have seen it go from boom to bust. Only the strong survive; those who saved money instead of spending every dime, those who didn't rest on their laurels, but went out and marketed their companies on a regular basis by putting a face in front of the clients rather than just an email, those who furthered their education so they could do other things when it got slow, and those who never forget that even though the ringing phone is annoying, it is much worse when the phone is not ringing.

Bringing a positive attitude to every task is tantamount to success. If you snarl and sneer on the phone, the listener hears it in your voice. I realize this is hard in light of the “Can you do a pre-comp?” phone calls that we get on a daily basis. It is difficult to walk the line between the rules of USPAP and the rules of maintaining a successful business, and not lose your mind doing it. You are completely normal when you have days that you say, “I can’t do this anymore…” We all have had those days.

But when I wake up and go to my computer in my pajamas and I am “at work”, when I can peek in on my sleeping 9 month old whenever I want, and when I can take that much needed vacation with the money I have saved; I know that it is all worth it. Being a successful appraiser is harder in times when it is slow and business is slacking off, but using this time wisely will not only help your business grow, but may improve your mental health as well. Take time for you. Take a course. Reconnect with clients. You never know how long the lulls will last; but it is better to be prepared and have a good attitude. Learning to enjoy the “downtime” as much as when it is busy will make you a much better appraiser.