Building And Sustaining Your Real Estate Appraisal Business In Uncertain Times


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Building And Sustaining Your Real Estate Appraisal Business In Uncertain Times

  1. 1. Building And Sustaining Your Real Estate Appraisal Business InUncertain TimesWhether or not you are currently satisfied with your level of appraisal business, the events of the pastyear should serve as a warning to all appraisers to always be planning ahead and take nothing forgranted. Diversifying ones practice as well as marketing ones appraisal practice should always be onan appraisers to-do list, no matter what the climate.Diversifying ones practice into non-lender appraisal business is important in keeping a steady flow ofappraisal business year round. Divorce and estate appraisals have no off-seasons or down years andother areas promise to increase substantially. Pending changes in bankruptcy laws in conjunctionwith the economic/housing crisis could lead to a significant increase in bankruptcy appraisals. Areport in Newsday on 2/2 stated that the National Bankruptcy Research Center in Burlingame,California reported a 33% increase in personal bankruptcy filings nationally in 2009 and if legislationpasses giving bankruptcy courts the power to modify mortgages, the number of bankruptcies willincrease tremendously.Demand for tax grievance appraisals is also growing substantially and appraisers would be wise toresearch the requirements for such appraisals within the jurisdictions in their market area as locallaws pertaining to such appraisals vary widely. The declining values nationwide along with theattention placed on over-assessed property in many areas make this a potentially huge revenuestream for many appraisers. Even better, these "pay-at-the-door" customers can help outsubstantially with cash flow.Signing up with an AMC (Appraisal Management Company) can be a big question for manyappraisers. The answer to that question is similar to many others; try it out on a limited scale, possiblylimiting the geographical area to the immediate area that you know best and in which you can performappraisals most efficiently. Dont be afraid to fire an AMC if you try them out and dont like them, asthere are plenty of AMCs out there and new ones are forming all the time. Dont let them intimidateyou! Also, dont let them owe you too much money for too long.When times are good, consider investing some of that new revenue into new media. Where are theprocurers of appraisal services looking when they need an appraiser? And how exactly are theymaking that search? These are important decisions for appraisers to make when allocating theiradvertising dollars. Try a number of approaches, including direct mail, print and online advertising.This can help to create steady income streams along with the possibility that the next phone call mayend up being your biggest account for the next five years!real estate burbank