How Appraisers Diversify Their Work
October 4, 2018 |
Most residential appraisers rely on appraisal assignments from a limited pool of lending clients from banks and orders from appraisal management companies. While complaining about a constant stream of “revisions requests” and unreasonable turn-times, you may find yourself ready for something new. But how do you go about spicing-up your work week?
Consider Your Current Skillset
Taking on work from other sources will result in less daily pressure to stay on the URAR treadmill. It’s also a welcome respite from the daily grind.
The main reason appraisers are reluctant to take on a different genre of work is fear. They fear they will have nothing to offer. But that could not be farther from the truth! You have a valuable tool-belt of education, knowledge, and experience that is needed in today’s market.
Let’s look at some sources of non-lender work:
The current economy has many homeowners trying to sell their homes themselves. With access to real estate websites like Zillow, where real estate postings are free, they can link up with buyers unaided by agents.
Sellers need to know what they can expect for a sale price, and buyers want to know how much to offer. With computer driven models calculating Zestimates and tax assessment numbers, today’s savvy consumer needs you. They need your expertise as an independent valuation expert – and will pay for this opinion.
- Real Estate Agents…Yes, Seriously
Yes, those same agents that you speak with to schedule appointments are the ones who need your expertise. Real estate agents need your services to correctly price homes for listings. You can also help them resolve negotiation disputes between sellers and buyers. They can use your services to advise buyers of how much to offer, or know when they got a good deal.
Attorneys are a constant stream of valuation needs – from estate and divorce settlement, to estate planning and partnership buy-outs. Whether you provide residential services or other types of value opinions, you’ll be in demand.
Consumers need valuation services to plan their estates, gift land to children, and appeal their tax valuations on their real estate.
- Government Land Acquisition Work
Villages, cities, townships, counties, and states require qualified appraisers to determine fair compensation to consumers for public needs. City and county engineers’ offices are often the starting point for ordering appraisal services. And departments of transportation in each state have a steady stream of appraisal work.
So How Do You Get Non-Lender Work?
Getting new clients is easier than you might think. You are undoubtedly known in your community as a trusted professional, so take advantage of those contacts to get other types of work.
- Contact your business associates – tell them that you are expanding your services.
- Network with your competitors – share the range of your services while asking for their referrals.
- Hand out business cards with up-to-date details on your services.
- Attend Chamber of Commerce and non-profit events in your appraisal territory and network with their members.
- Send well-designed letters to attorneys on a regular basis, with an attractive resume attached.
- Change your email signature to include the types of work you hope to attract.
- Contact your state’s department of transportation – ask them how to get approved for land acquisition/eminent domain work.
Fulfill the goal you keep talking about. Be less reliant on the ebb and flow of a lender-driven workload. This diversification will stabilize your income and make you less vulnerable to economic downturns. Do yourself a favor and take on the challenge of working with new clients by making some contacts today.