What’s the true cost to your appraisal department if your appraisal and environmental platform lacks the reporting you need? If your bank was being acquired, would they keep your current platform? If your department lacks any platform, would managing your appraisal pipeline with Microsoft Outlook and Excel be adequate?
Cost of Failed Activity
The general rule of thumb is a bad hire is 30% of employee’s first year earnings. This doesn’t really take into consideration other intangibles like damaged reputation with clients, decreased teamwork, drop in productivity and lost supervision time. Same thing for software, make sure it works the way you want to work. Not the other way around.
It’s a bad decision to make a decision and then not go through with that decision. This results in wasted time, spinning wheels, low velocity and poor results. When viewed through this lens, not investing in yourself and your department is shortsighted. Work towards a client-centric culture that facilitates productivity, professionalism and just a fun place to work.
Give Your Appraisers a Reason to Stay
We created FIVA – Financial Institution Valuation Advisors, a not-for-profit organization promoting valuation departments in financial institutions throughout the US.
FIVA’s goal is to elevate, communicate and educate chief appraisers, valuation managers, reviewers and credit officers. We aim to educate and provide resources to ensure our members are the best equipped professionals in the market.
On February 17, 2022, employment gurus will present the best hiring strategy for your appraisal department. The topics will include staffing initiatives for appraisal/credit departments (both permanent and temporary employees) across residential, new construction and commercial properties. Zoom Sign-Up Here
Crazy Expensive
I get it, as commercial appraisers in banks, you can work around platforms that don’t align with your internal processes. It’s “good enough.” Those departments that lack any system try to not drop too many balls with Outlook and an Excel spreadsheet. However, both may result in RM and LO conflict.
Know your numbers
Does your platform provide you reporting to achieve your service level agreements (SLA)?
Download the rule of thumb for appraisal department SLAs for residential and commercial properties. The steps are delineated from loan officer to job manager, job manager to bids ordered, ordered to appraisal complete and review complete.
See how you compare to other appraisal departments.
Get a Coach
Getting a new framework for your appraisal department takes two things: patience and zero ego. I recommend getting a coach. The ROI will be a 10x improvement. Huge progress. Move beyond the fatigue of just reacting to appraisal volume problems. Proactively communicate with your RMs and LOs providing transparency.
The key to productivity is feedback from your coach. Somebody that will honestly tell you if you’re making progress. If you get stuck, push the reset button and investigate the why. It’s your bank, your department, your employees so why not make it a great place to work?
If you create this culture, you can find people performing at the top of their game at the highest level. In order to do this, you will have to get creative, be flexible and find the budget.
Is it time?
Start the process to success, implement a platform like YouConnect, the trusted industry standard for appraisal and environmental workflow. Make a significant positive impact on your appraisal department. Having the appropriate tech stack is a big idea for transformation of your appraisal department. Is it time to stop spinning your wheels?
