“Good neighborhood”, “student” and “family room” are risible unacceptable words for appraisals.
But what other phrases should truly be deemed unacceptable?
My biggest (by far) pet peeve for our valuation space is…
Unacceptable Phrase #1: “We’ve Always Done It This Way”
This phrase reflects resistance to change.
This sentence is uttered by those who choose to not put in the work.
Reluctance to embrace new technology slows your bank’s or firm’s progress and hinders your ability to compete effectively.
Unacceptable Phrase #2: “We Don’t Need Automation”
Automation is the lifeblood of well-run appraisal departments and appraisal firms.
Ignoring technology investment and automation is equivalent to giving your staff pencils and notepads.
Automated platforms like YouConnect can streamline bidding, vendor management, reporting and facilitate meeting your SLAs.
DataComp Suite simplifies commercial report creation for fee appraisers with a database and report writing.
“Automate the things you can’t afford to” from Pierre Naude, CEO of nCino provides a bank strategic roadmap in a time of acquire or be acquired in 2024.
Unacceptable Phrase #3: “It’s Too Expensive”
Investing in technology and efficient processes may seem costly initially, but consider hiring people and watching their collective salaries wasted on lack of tools.
The upfront investment pales in comparison to the long-term benefits of attracting new talent, reduced operational costs and staying competitive in the market.
Failure to make these investments often equals fatigued staff, employee churn and work-life imbalances.
Unacceptable Phrase #4: “We Don’t Have the Resources”
Appraisal departments have real budget constraints. That said, not having the resources to modernize your appraisal department is a headwind to digital transformation.
It’s unacceptable to let your appraisal department be the bottleneck that slows down your bank’s progress.
Being competitive is real, educate your C-suite why a well-run appraisal department matters.
Unacceptable Phrase #5: “If I Keep My Head Down I’m Safe”
Losing your job seems a better outcome than living in fear of losing your job.
Move through the Comfort – Fear – Learning – Growth Zones.
Embrace technology, automate processes and invest in the right resources to ensure that your appraisal department or firm propels you toward success.
Five unacceptable phrases to think about.