Pulling in the same direction
Create an engaging culture Most commercial fee and bank appraisers operate solo. Many work from home. The lack of interaction with others diminishes the long-term happiness of working on the valuation side. Talking with your co-workers can significantly increase job satisfaction leading to ideation. It’s maximized when you understand the different personalities that people bring to the […]
Evaluations explained
Commercial evaluations are like alpacas. No one really knows for sure what to do with them. Do they produce eggs or milk? Are they yummy to eat? Can they move heavy things like camels? The real answer is they’re fiber animals for annual shearing. So, what’s the bottom line for; “When should banks use evaluations?” The […]
Sell your appraisal judgment
As a commercial fee appraiser or chief appraiser in a bank, what’s the answer to the question, “What value do appraisals provide? Some might answer, “Because we have to order them.” But there’s a reason “you have to.” Usually the reasons include words like “real estate bubble”, “foreclosures” or the catch-all phrase, “financial crisis.” It’s a lot of legal heartache when real estate loans go sideways. It’s […]
Smartest people in the room
Those in the bank appraisal departments are the smartest people in the room when it comes to real estate. Problem is they don’t have a seat at the C suite table. Chief appraisers, chief credit officers, job managers, reviewers and staff have a lot of untapped capability. Your day is overwhelming just keeping up with ordering and reviewing appraisals. You’re swamped. “My team is just […]
Learn to let go
When the topic of commercial valuation comes up, it’s mostly negative. Words like “declining number of appraisers,” “silver tsunami of retirement” and “relevancy”. How about we change that. Let’s start hearing about entrepreneurism, enthusiasm and optimism. Commercial fee appraisers and those in appraisal departments in banks struggle to hire new appraisers. Why is that? Some […]
Why appraisers struggle with engagement letters
Bank: “Why don’t my appraisers read the entire engagement letter?” Appraisers: “It’s hard to find bank specific requirements in lengthy engagement letters.” Both side are correct. Appraisers should read the entire engagement letter. However, they struggle trying to find requirements that aren’t the “typical” stuff every appraisal needs. Improving the engagement letter format would significantly […]
