In The Weeds

When I was researching this topic, our chief appraiser gave me a couple stories to illustrate it. I’ll use these stories as we go along.

Advisory Opinion 37, Computer Assisted Valuation Tools was originally included in the 2018-2019 version of the Uniform Standards of Professional Appraisal Practice (USPAP). So, what does it mean for you? AO-37 clarifies the scope of computer-assisted valuation tools related to appraisers and their responsibilities. These tools gather and analyze market data, and when used correctly, can add credibility to completed appraisals. AO-37 also reminds appraisers of their responsibility for the entire valuation process. Appraisers cannot use software or valuation tools to shield themselves from scrutiny.

As appraisers, we don’t often talk about delighting our clients and customers. We rely on our businesses to let us know whether our clients are satisfied through the number of orders we receive. We also rely on underwriters to give us feedback by suggesting additional comps (which we’ve probably already considered) or accepting the valuation without question.

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.

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.

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?

Last week, Jared Preisler, SRA, DataMaster’s Chief Appraiser and I held an hour-long webinar/podcast to address how you can build your appraisal business to withstand changes in the real estate market. We are in the midst of a technological revolution in appraising involving artificial intelligence (AI) and automation. These changes present unique challenges for appraisers. With our 5 Ways to Future-Proof Your Appraisal Business, we came up with a short list of recommendations to help you prepare for the future.

He stood before the three men and one woman with a bead of sweat creeping down his left temple.  It was not that their presence was particularly ominous in appearance. After all, they were seated on metal folding chairs behind a plastic banquet table.  No, his trepidation was more about what they represented and even more so, about what their decision could do to him and his career.