This is the third installment of the series “How to Make More Money as an Appraiser.” I’ve already addressed:
Browse through the first two installments and be sure to watch for the remaining articles over the next few weeks!
Human Capital
“Alone we can do so little; together we can do so much.”
Helen Keller
It might seem like the benefits of hiring some assistants are outweighed by the costs of paying the assistants wages, benefits, and taxes. In most cases, this is not true. An extra pair of hands that can complete the office work, make phone calls, and help with other errands, allows an appraiser to focus on the more lucrative part that they are trained for, appraising.
An Appraiser’s Experience
Gentry Lawson, an appraiser at Lifferth-Lawson Appraisal in Layton, Utah, filled me in on his experience with making more money by hiring office staff.
Gentry relates:
On my own I am limited to what I can accomplish during the day. I can only complete so many appraisals before I run out of daylight (and I might add steam). It’s easy to get burned out by churning out appraisals late into the evening.
I’ve found that employees can greatly assist with capacity and workload. By leveraging a trainee and/or an office assistant, I can turn over the more mundane and time-consuming tasks so that I can focus on being an appraiser.
With the assistance of employees, I’ve found I can accommodate significantly more appraisals during a given week than I could otherwise accomplish on my own. This business model is more managerial based whereas the typical appraiser is a sole proprietor working out of his or her basement.
Gentry continues:
Moreover, I get the added benefit of knowing I’m giving back to my profession. Many appraisers have the misconception that bringing on a trainee is like training their competition. This is a misnomer that in the long run will only hurt our industry since capacity has not kept up with demand. I get great satisfaction in helping employees learn the trade and setting them up for success so they can support their families. So human capital has dividends beyond just monetary value.
Conclusion
Wondering if there are more pros and even some cons of group work? Check out this article by Indeed: What Are the Pros and Cons of Group Work? Keep in mind that the dynamics will be different depending on the various personalities in your group and your leadership skills.
Ultimately, we think that you’ll find that working with an assistant or two will benefit you and your business, not to mention that you’ll be helping someone else get into the field of real estate appraising!
Happy Appraising!
