DataComp Newsletter - October 28, 2010

October 28, 2010

Volume 6 - Newsletter 13

Streamlining the Business of Commercial Real Estate for Appraisers

In This Issue

DataComp Tip

EDGE Tip

Backup Your DataComp Data

Past Newsletters

Commercial Appraisal Productivity Seminar

Do you know what you make an hour? Many appraisers just complete the reports on their desk, not setting and obtaining their production potential.

The top appraisers in the country out produce 80% of the "typical" appraisers (by a wide margin) and retain high quality report product. Find out how.

Join us for our 3-Hour Productivity Seminar and learn the production secrets of the best commercial appraisers. Time management, office efficiency tips, internal systems, leveraging applications and technology solutions.

Isn't your appraisal career worth it?

For more information, contact Adam@realwired.com.

No. 1 Selling Comp
Database Software

DataComp© 30 Day Trial

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Are You Current?

DataComp Version 6 is now available. Please contact 813.221.0703 or Sarah for further details.

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Additional Services Available

Need more custom fields in DataComp© but don't have the time to set them up? We now offer service to set up your Custom Tabs for you. The price varies depending on how many fields you want configured.

Don't forget...you can also contact us about setting up your DataComp© Custom Outputs for both Word and Excel.

Interested? Please contact Sarah Razai at 813.221.0703. She will be happy to help.

YouConnect© is a web-based Appraisal and Vendor Management solution enabling institutions to automate and steamline this part of their business, while satisfying federal and state examination and auditing requirements.

For more information, please visit our website, call 813.349.2700, or email Sunda.

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Commercial Appraisal Report Generating Software

For more information;

View E-Learning Video

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Limited Time Only!

EDGE/DataComp

Bundle Pricing!

Save up to 30%

Contact Adam or call 813.349.2700.

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Additional Services Available

Too busy to create your own Custom Templates? We're here to help.

View Template Samples

We now offer services to create your Custom Templates for use with our appraisal writing software, EDGE.

Interested? Please contact Sarah Razai at 813.221.0703. She will be happy to help.

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For more information on RealWired!© Products and Services, please visit our website, call 813.349.2700, or email Sunda.

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APPRAISAL BEST PRACTICES
by Jeff Hicks, President
The Dohring Group/realwired!

BUSINESS IS PERSONAL
Contrary to what many commercial appraisers think, appraising is a business. "Just hang out your shingle" is what appraisers used to say when starting their firms. No mention of business development, cold calls and the pressure to make it successful.

For many appraisers, the fear and excitement of starting your own new appraisal firm is probably long gone. You have been up and running for a number of years. On the other hand, if you're currently working for an appraisal company you might hesitate to create your own "shingle" due to the up-and-down appraisal volume.

Don't forget that all business is personal whether it is your first day of business or your 30th year anniversary. Customers don't like getting voicemail when calling your firm. You need to pay someone or share the responsibility of answering your phones. Why would you EVER send a customer or prospect's initial inbound call to voicemail?

Our appraisal company often gets referrals from folks we don't know. I always ask, "Why did you decide to go with our appraisal firm?". Often I hear, "Because you return my phone calls and are easy to reach". I find that surprising.

If an appraiser reviewer calls, don't be that guy (or girl) that doesn't return phone calls or is defensive/argumentative. Who do you think the reviewer works for? That's right - your customer. So be personable, professional and quick to address any review questions or concerns.

Do you remember the "cone of silence" from the 1960s sitcom Get Smart? The joke was that the cone provided secure communication, but the two people talking couldn't hear one another. To me that's a great analogous reference to a banks' "Chinese wall" between appraisers and loan officers. I understand that appraisers need to be impartial and not influenced. However, you cannot legislate ethics. You could tattoo "USPAP" to unscrupulous appraisers' foreheads and it wouldn't help. Moreover, borrowers are way more bias than loan officers.

The real-world fall out of these policies is that many commercial appraisers are working in the dark without the benefit of personal communication with those most knowledgeable about the property or transaction. I asked a national bank customer of mine what percentage of their commercial appraisals were substantively flawed due to lack of information. His response was a whopping 30%! Wow - that's a ton of appraisals either being sent back for modification or tweaked internally by the bank. Either way the lack of communication is not creating better appraisal product...the opposite actually, not to mention significant delays and upset borrowers.

Don't rely solely on e-mail. Continue to personally reach out and communicate with your customers and "people of influence" - credit folks, bank administrative staff, loan officers (people that actually generate revenue for banks) and other appraisers in your community. I often get referrals from other appraisers that I compete with, so be friendly and courteous to your competition. In the end, business is always personal.

If you have an appraisal "best practice" you would like to share, please forward to Jeff.

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