When it comes to your appraisal business, there are a number of things you can do to make yourself stand out. Although they probably won’t work overnight, they can help you establish a culture of grown and to home in on what’s important to you. I’d encourage you to experiment where you feel comfortable and find out what works for you. Here is a list of 6 ways to Grow your Appraisal Business:
Become Internet-savvy
Use the Internet – we are lucky to have a tool that connects us to other people. One key to running a successful appraisal business is to have a presence on the Internet. If you don’t have a website, it’s time to build one. Make sure potential customers have a place to contact your appraisal business on your website. Make sure to describe your services so customers know exactly what to expect. Another way to grow your appraisal business online is to start a blog. I know what you’re thinking: I don’t have any ideas to write about and even if I did, I don’t have time to sit down and write. I understand, but blogging doesn’t need to be onerous. You can write short posts about the trends you’re seeing in the real estate market and about things homeowners can do to raise the value of their properties. Need more proof that blogging is useful, check out this graph from Internet-marketing company ___ on how many more leads companies get from blogging and not-blogging. The time you take to write your blog can increase the number of customers that find you, and they’re more likely to share what they know about your company if they’ve read and trusted your work. One last thing before moving on – if your appraisal business doesn’t have its own URL and email address, create one now. It’s better for business if your customers send an email to ralph@firstchoiceappraisals.com than everybodyralphs@gmail.com.
Keep Track of EVERYTHING! – There are probably some things you don’t like to do while you’re working. That’s not really a problem, it’s human nature. Some of us are better at detail work than others or doing paperwork or any number of things. When I say Keep Track of Everything, what I mean is to keep data on everything and make decisions based on data. I know that you don’t have time to sit down and write out your expenses and/or processes all the time, but your appraisal business needs to be run using the most efficient methods. Create a schedule where you take a few minutes to go over your processes, especially your business processes. This is one way to strengthen your appraisal business and stay consistent. And that will please the regulators.
Hit the Pavement – as the business owner, you’re in a unique position to grow your appraisal business because it’s your livelihood. If you’re not willing to put yourself out there to potential clients, you can’t expect your assistant to do it, either. Join the local chamber of commerce or business group (or organize a meeting, if your area doesn’t have a group that meets regularly) or simply visit the businesses in your area. If you work from home, get in touch with businesses where you appraise and find out their needs. Once you become a resource for them, your appraisal business will begin to grow. Before you start hitting the pavement work on your elevator pitch. Make sure that you know how to differentiate yourself from other appraisers and that you can state it in 30 seconds or less.
Increase your Knowledge – as we talked about in the previous blog post, you need to sharpen your ax by gaining the knowledge and skills you need to be successful. If you don’t know how to market your business, you can search for small business marketing tips online. Find interesting courses to enrich your business outside of the continuing education courses you have to take. One valuable source of knowledge is your peers and the people you interact with. Which brings us to the next topic…
Stay in the Jet Stream
Seek Advice and Stay in the Jetstream – you already know other appraisers, underwriters, inspectors, etc. Think about who you already know – who could you grab a cup of coffee with and pick their brain on things happening in the industry or ways you can increase your business? Think about people you’ve heard of but haven’t met. Is there anyone you could reach out to for advice? Then stay in their jetstream. If you’re lucky enough to snag a mentor you can trust, make frequent contact with him or her. Most successful people leave a trail of success in their wake – if you can position yourself correctly – you can stay in the jetstream and make everything a little easier for yourself. Just make sure to be grateful. Don’t take advantage of people or expect them to create value for you if you’re not willing to put forth the effort. It may seem intimidating to get out there and find a mentor and it’s not something to be taken lightly. What if the person you reach out to doesn’t have the time or interest? Why would someone more experienced want to help you out? Here’s a story to illustrate why you can feel confident talking to people who may not be in your regular peer group. In the movie Bambi, there’s a scene where a young buck looks across the meadow and sees an older buck standing there with large antlers and a weathered look. The young buck says that the old buck is someone who has probably been through a lot and could teach him how to fend for himself. But he relents because he doesn’t think the old buck would want to talk to him. Meanwhile, the old buck looks across the same meadow at the young buck and says ‘There’s a young buck, I wonder what he knows about how things are changing, I bet I could learn a lot from him.” He relents as well stating that he probably doesn’t have anything that would interest the young buck. Both bucks defeated themselves by imagining what the other deer might be thinking.
Tend to Every Aspect – this is kind of the rapid-fire section of building your appraisal business. There are a lot of ways to grow your business, there are probably some that you don’t feel have to do with an appraisal business, but thinking about them can help you become more successful. Your content – show the public what you’re doing, do you specialize
Marketing – what methods are you using to reach out and what messages are you using?
Tech – are you up to date with new products in the market, have you tested any of them to see if they would fit your workflow
Legal – do you know the rules and regulations you have to follow?
Your team – how are you helping those who you work with reach their goals? do they know they’re appreciated?
These are just a few of the ways you can work on your own appraisal business, although there are many more. What do you do to build your business? Has anything been effective for you? Let us know in the comments.
When I think of self-improvement, the first thing I think of is the story of the Woodcutter. As the story goes, there once was a strong woodcutter who needed a job and he asked a local timber merchant for a job. The merchant had heard good things about the woodcutter and gave him a good job with a good salary and good benefits. The working conditions weren’t bad for a woodcutter, either.
The woodcutter was grateful for a steady paycheck. And he knew he would be able to take care of himself and his small family. He decided to work hard for the boss who was giving him this chance.
On his first day, his boss gave him an ax and a plot of forest to work in. The woodcutter worked all day and was able to bring down 15 trees. When he brought the chopped wood and proudly gave it to his boss, his boss was pleased and said “Nice work. Well done.”
With some success under his belt, the woodcutter was even more motivated the next day and decided to try to beat his first day’s haul. He cut down 15 trees again the next day. The third day he wanted to pick up the slack from the second day and furiously worked. He only cut down 12 trees the third day. Each day, he felt he was trying harder, but each day he felled fewer and fewer trees. Feeling discouraged the axman thought to himself that he must be losing strength. He continued to work hard but each day he brought his boss less and less lumber.
Feeling defeated, he went to his boss and told him he tried harder and harder each day, but was bringing back less wood. He was worried that he was on the chopping block (sorry, couldn’t help myself) until his boss asked a simple question.
“Oh, this? Just thought I’d pose with my ax.”
“When was the last time you sharpened your ax?” asked the boss.
“Sharpen my ax? I don’t have time to do that, I’ve been too busy in the forest bringing you lumber as you asked.” replied the woodcutter.
The axman’s boss told him that he needed to take care of himself and his tools to optimize his work. Together, they came up with a schedule that included dedicated time for sharpening the ax.
The woodcutter started on the program they agreed on: sharpening his ax for 15 minutes a day before he started cutting. As he followed the plan, he began to chop down at least 15 trees a day. He felt better about himself as he used the sharp ax and kept it sharp each day. And his boss was happy to have the resources he needed to grow his business.
I’m sure many of you have read or heard a story like this. By now you know that sharpening your ax is a metaphor for taking time to learn and improve yourself, and not to only focus on your day-to-day tasks.
Abraham Lincoln – Woodcutter, President
One notable woodcutter emphasized the importance of keeping your ax sharp when he stated.
“Give me six hours to chop down a tree and I will spend the first four sharpening the ax.”
Abraham Lincoln
In the U.S., it has become a badge of honor to be busy. We’re often rewarded for how much we get done, or how many hours we spend at the office. We often overlook the need for self-improvement and taking time to hone our skills outside of everything we do each day.
Which of the 7 do you like the best?
Stephen Covey, the author of 7 Habits of Highly Effective People, stated that “increasing your personal production capacity by daily self-care and self-maintenance” is the key to self-improvement.
So, if self-improvement is sharpening your ax, what does that mean for those of us who don’t fell trees for a living?
Self-improvement may mean things as simple as setting up specific email filters in your email client, or mapping your processes, or even reading a book. Keeping up with industry news and trends is a way to sharpen your ax and improve your business and yourself. If you keep up with the industry you can recognize opportunities to differentiate yourself from your peers and competitors.
Here are some other you can sharpen your ax and continue in self-improvement.
Read a book every day
Get out of your comfort zone by trying something new
Interact with someone you find interesting but don’t know well
Start a new hobby – challenge yourself physically, mentally, or otherwise
Study something new
Try new processes and systems
Examine a fear or bad habit, make a plan to overcome it, and start working on it
Take part in a competition
Ask for feedback and get a mentor (also, make sure you plan how you’ll meet up with a mentor and use the time wisely)
Learn from others – look for a TED Talk that interests you, take a free course from an expert from the Khan Academy, or another online education provider
Self-improvement can mean different things to different people. When you sharpen your ax, you may become more efficient and more open to recognize challenges, weaknesses, or blind spots. If you step back and look at your routines, you may be surprised that small changes can make huge impacts.
How are your various business blades? Which ones are sharp, which ones could use some attention, and which ones need a lot of work? Make time each day for self-improvement and you will understand that dedicating time to yourself is valuable.
What are some of your favorite self-improvement tips? Let us know in the comments.
Who hasn’t been in a rut? It’s one of the most common things in life. You get into a groove in your life and then that groove gets deeper, and you’re in a rut. It kind of seems unfair. But, as I tell my children, life isn’t always fair.
Now what?
Are you going to stay in there forever?
What steps can you take to get out it? Where do you start?
In the olden days, your covered wagon would follow worn paths. Your wagon wheel would often drop into a rut worn into the path, and you’d be forced to follow the rut until it became shallow enough to roll out of it. Otherwise, you were stuck.
First, let’s define what a rut is. According to Lindsay Tulchin, Ph.D., a clinical psychologist specializing in life stressors, a rut is “a negative spiral of thoughts about yourself and your future that lead to avoidance of either actions that you know will help you feel better or actions that will help steer you in the right direction.” Basically, it’s when you start feeling cynical about your life and what you’re doing, and you can’t get it out of your head. And because you can’t get it out of your head, you get stuck. Sometimes, this pressure becomes so weighty you can’t get out on your own.
Read On For Tips on How to Break Out of a Rut
Work on the small stuff. Sometimes all you need to break out of a rut is to do something, even if it’s something small. Have you been meaning to get your office in order? Check. Do it. Reply to your backlog of [non-order] emails. Generate some positive momentum in your life, and it often spreads into other areas. Plus, you’ll see things start to change, and that can shake things up enough to get you going. And, how long have those papers been sitting on your desk, anyway?
Take time to learn something new. Go to that CE class and talk to other people. Pick up some new computer skills. Take up cooking. Improvements you make in your life will act as steps to get you out of your rut and onto something else. Need some ideas? Here are 42 things you can do to improve yourself.
Talk to your friends. This one’s all about perspective. Do you have someone you can be honest with about being in a rut? Your friends have probably been through some valleys before. Let them tell you what they did to get out of it. Because you’ve been thinking about it for a while, you’re probably in your head. Your friends can see your problems objectively and give you some ideas.
Read a book. Most of us have a favorite book or author. Pick up a well-worn copy (or your tablet) and start reading. You’ll be shocked at the insights you get while you read. You could also peruse a blog or listen to a podcast. There’s no shortage of content out there. Choose something that catches your interest.
Remind yourself why you work so hard. You’re probably not appraising just for the heck of it. What are some of the factors that make your work important? Once you can identify p recisely the things that are important to you, you’ll be able to lift yourself out of it. List names, items, hobbies, etc. in a notebook or a card and put it where you’ll be able to see it every day. The visual reminder will help you find the determination you need.
Break out of your comfort zone. Another name for your comfort zone might as well be your rut. And you’ve probably spent years building it and getting it ready to hang out in. One of the biggest rut-busters is to do something different than you usually do. Maybe you’ve heard of someone trying new things to drum up business. Try some of those techniques, especially if it makes you uncomfortable. You’ll thank yourself later. (Probably not until your heart slows down.)
As you try some of these steps to shake things up, find out what works for you and how you can recognize a rut when you feel one coming on. If you can stop it before it starts, you can avoid it. And you’ll avoid getting stuck altogether.
We all do things that make us less efficient than we could be. Most of us try to be as useful as possible, so we don’t waste time or energy. There are three categories of things we do that hinder our efficiency and effectiveness. First, there are things we know we could (and should) change. These are the things we do that make us comfortable but may inhibit our ability to get things done. Secondly, we have things we don’t know we’re doing, or not doing, that have become part of our processes. They may have begun as something that saved a little energy, but over time, they’ve crowded out other important parts of our operations. Third, methods we’ve purposefully put into place to make us more effective without measuring their effects.
No one is perfectly efficient or effective, so I’m not saying that I’m perfect and that’s why you should listen to me. You should read on because these five tips can get you started on the path to getting things done.
How Automobile Manufacturing Became More Efficient
One-hundred-five years ago, Henry Ford introduced the automated assembly line to the automotive world, and it changed how consumer products were assembled and sold. Ford began thinking about the assembly line differently when he realized some of the same principles used in Midwestern farms and slaughterhouses were adaptable in other operations.
He also realized that to achieve his dream of bringing automobiles to the masses; he had to manufacture them cheaply and efficiently. Ford’s concept of the car led to innovations such as the conveyor belt to move the chassis of cars from one station to another. It also led to broader changes, such as interchangeable parts that fit each car assembled on the factory floor. Before Ford, each car was made by hand and bore the hallmarks of handcrafted processes. Ford could have continued to make his cars one-by-one; however, he realized the ability to make his dream a reality by trying things that no one had done before.
The automated assembly line led to further changes in the manufacture of automobiles. Even leading to systems like the Toyota Just-In-Time model. The changes Ford pioneered have been applied to other industries and various products throughout the economy.
When you attempt to find opportunities to streamline your business, you should prepare to be uncomfortable. And realize there may be some short-term pain before you see the results you want.
Email
One of the worst enemies of efficiency is email. Rarely has something created to make users more effective become such a time-suck. Luckily, there are tools out there you can use to grow, and most of the tools are low-cost or free. The first tool you can adopt is Microsoft Outlook. This email client is unavoidable in large offices across the country, and Microsoft takes some of the ideas of smaller, more agile, email clients and incorporates them into their program. One feature of Outlook I can’t live without is folders. You can set rules for your email that route your messages to a specific folder automatically. You can keep your emails organized. Recently, Microsoft has incorporated the Focused Inbox to display essential messages in their particular section of the program. Another feature of Outlook is the ability to quickly and easily add multiple mailboxes. In addition to email clients, another tip for emails is to create a separate email for orders. You can accomplish a lot with a specific email for orders, such as communicating with clients, asking questions, or following up on completed assignments. If you have a website and URL, your web developer or hosting company can help you create additional email addresses. Then you can have them set up on your email client.
Bookkeeping
If you spend a lot of your time typing and retyping your invoices from your form vendors, you can find software that can quickly and correctly create invoices. Although costs are associated with bookkeeping software, you can automate your invoicing and record-keeping process. One software client you could use is Intuit Quickbooks. There are several different versions of Quickbooks that handle different sized companies. You can find one that meets your needs and keep your costs down.
Data Import Software
If you’re still typing data from your MLS and public records into your subject and comparables, there is a better way. With data import software, like DataMaster, you can save time and energy and worry less about typos and errors. As an appraiser, your valuation decisions are only as good as the data you use. Your data should be coming directly from the MLS and formatted correctly for your reports. Many sources of data use static, point-in-time datasets, rather than “live” data that is gathered when you need it. Using static data is like using parts for a discontinued car in a new vehicle. When you use data import software, small changes in data can have a significant effect on your reports. Don’t take chances with your data import software. Use the patented processes DataMaster has honed over the past 20 years to get a leg up on your reports.
Plan for Tomorrow Today
Have you heard that your ability to make good decisions gets weaker throughout the day? When you first wake up, you’re the most capable of making good choices like eating a healthy breakfast or exercising. As the day goes on, your willpower decreases and the number of decisions you make depletes your store. That’s why you never eat anything good after 10:00 pm and you’re less likely to work out when you’re tired. One way to fight the willpower lull is to make simple decisions the day before. That way you have fewer decisions the next day. Some things you can do the day before include deciding what you’ll wear the next day or planning your schedule, including driving routes, assignments, etc. You can also exercise There are several good Get-Things-Done (GTD) services out there, and many of them are free to use. If you use Microsoft 365®, you could use Microsoft Planner. If you’re looking for something online, look into Trello. Both of these GTD services utilize the card-and-list system to help you get more done. If you’re more comfortable with traditional to-do lists, Todoist and Wunderlist are two popular options that offer free services.
How you’ll feel after becoming more efficient
Communication
The final tip to make yourself more efficient is to audit your communication methods. Before the proliferation of mobile phone, everyone expected to receive phone calls throughout the day. We even ran to the answering machine at the end of the day to make sure we didn’t miss anything. But it’s 2018, and things have changed. We carry at least one communication device with us at all times, and we’re never disconnected from our contacts. Most of us don’t remember our friends’ and families’ phone numbers, and some of us don’t know our own phone numbers.The way we use our phones has changed too. For example, our Chief Appraiser, Jared Preisler, SRA, communicates with real estate agents for scheduling and verification using text message. He realized agents don’t always take phone calls. This simple change has helped him get the information he needs. You must familiarize yourself with the communication preferences of those with whom you work. It can foster increased understanding and productivity.
As you examine your business and operations, take a step back and take a broad view of how you do what you do. The act of critically observing your methods can open your eyes to the things you can do better. Although many of the efficiency methods won’t save you enormous amounts of time and energy (except using DataMaster, which can save you an hour per report), as a whole, they can make you more efficient and give you more flexibility. Any increase in efficiency will make your life easier. For more tips and tricks, check back here: www.datamasterusa.com/in-the-weeds.
When business is slow, the first thing anyone will tell you to do is go networking, as if it’s something fun that everyone enjoys. Whenever I hear people talking about networking like a fun event, I think of it as trick or treating, but instead of good candy, all you get are regular-sized Bit O’Honeys. I mean look at this picture. I searched for images of people networking, and every search came back with groups standing around smiling, having a great time while networking. One thing all of us know about networking is that almost no one likes to do it. So, what should you do if you don’t love, or even like, putting yourself out there in networking situations?
While you’re getting psyched up to go out networking, realize that nearly everyone else feels the same way about meeting new people and plugging them into their personal networks. It can be comforting to know that you’re not on your own and it can make networking a little easier. Now that you know no one likes networking, what can you do about it?
Try to make one-on-one connections while you’re networking. It’s difficult to walk up to an entire group and start talking. (No matter how much you think you look like the Fonz.) Scan the room for someone whom you already know. If you find a familiar face try to strike up a conversation with him. If he’s participating in a group, there’s nothing wrong with tapping him on the shoulder, so he sees you (just not if he’s the one talking). That can be an excellent way to join in a conversation and to be introduced to the people there.
If you don’t see anyone you know, look for someone who isn’t participating in a group or is talking to one or two other people. This is where remembering that everyone is networking (and uncomfortable) comes in handy. You’re well within your rights to walk up and introduce yourself and to talk about what you do.
Your Elevator Pitch
Whether you’re networking at a local small business event or an MLS or board event, have your personal elevator pitch ready. This is a 60 – 90-second mission statement. It helps whomever you’re talking to understand who you are and what makes you different. Check out the sidebar for some questions to help you think of summary of you and your business.
When you’re armed with a couple of talking points, the rest is up to you. Be confident in who you are and networking will become more natural. Remember, practice makes perfect, so the more you do, the more comfortable you’ll be.
And don’t forget your business cards. Even with electronics, the traditional business card is a good way for your networking contacts to remember what you talked about. If you don’t have your own business cards, you can have some created. Services like Vistaprint (vistaprint.com) offer 500 cards for $9.99, and a simple online search will show you other options. They’ll even help you design your cards.
As an appraiser, you may need to visit offices of attorneys, developers, and home builders. This kind of visit can be very intimidating. Before you go knocking, make contact, either by email or phone, so they’re expecting you. The advantage to using email is that you can include your elevator pitch and some examples of your work, depending on the type of work you’re after.
We’ll cover office visits in another post on networking because there are some tips specific to visiting offices. In the meantime, another thing you can do while your business is slow is to incorporate some new technology. If you haven’t tried DataMaster, now’s the time. Get your 14-day free trial by clicking here.
Read On For Tips on How to Break Out of a Rut
We all do things that make us less efficient than we could be. Most of us try to be as useful as possible, so we don’t waste time or energy. There are three categories of things we do that hinder our efficiency and effectiveness. First, there are things we know we could (and should) change. These are the things we do that make us comfortable but may inhibit our ability to get things done. Secondly, we have things we don’t know we’re doing, or not doing, that have become part of our processes. They may have begun as something that saved a little energy, but over time, they’ve crowded out other important parts of our operations. Third, methods we’ve purposefully put into place to make us more effective without measuring their effects.
