The appraisal process has historically been one of the slowest parts of getting a loan. A transformative mindset requires a status quo change. It requires a new focus.
Many commercial appraisers are stuck in word-processing-land, the manual copy/paste, rather than focusing on the valuation. Bank appraisers are distracted with juggling so many different tasks, bogged down managing the appraisal ordering process while responding to RMs.
Focus on the Experience
Successful appraisal firms and banks are focusing to become experienced driven organizations. A comp database and report writing software is key for fee appraisers. An appraisal management platform is key for appraisal departments. Both need to create a truly personalized experience for their clients.
Create an experience for internal staff, external vendors, and the C-Suite in your bank. Data is the connective tissue that synchronizes all these experiences.
Start with the experience and then work backwards with technology. Focus on the value for your customers and staff. The appraisal process requires meticulous attention to detail and a high level of accuracy.
Distractions that take you away from focusing attention and derail your productivity: constant notifications and checking email and social media, multitasking, a disorganized workspace and tech issues.
At Realwired, we realize that focusing on improving the experience doesn’t ever really stop because experience equals value. It’s hard to take out complexity of the business model, but meeting regulatory compliance and a happy customer experience is a winning combination.
Focus = Traction
- “What you stay focused on will grow.” Roy T. Bennett
- “Focusing is about saying No.” Steve Jobs
- “Always focus on the front windshield and not the review mirror.” Colin Powell
What does this mean for appraisal departments? It means that the C-Suite needs to focus more with their appraisal department as technologies continue to evolve through measuring customer satisfaction, improving the client experience and delivering a tangible business value.
Digital transformation is not just the automation, such as appraisal workflow. Rather, automation to experience can be established department wide. The automation and the back end drive that experience for your RMs/LOs, customers, vendors and staff.
5 Focus Rewards
- Reduce your exhaustive manual tasks.
- Attract and keep younger talent.
- Create a sellable appraisal business for fee appraisers.
- Provide your bank C-Suite management metrics.
- Easily handle more appraisal volume with existing staff.
Being commercial appraisers gave us the nuanced knowledge to create DataComp Suite, a commercial comp database, report writing and workflow application.
It also provides great insight working with financial institutions with YouConnect, our enterprise appraisal and environmental workflow platform. It’s rewarding to help our clients improve their internal processes and meet their SLAs.
It’s impactful to work with companies like Realwired to bridge between IT and the business of appraising. By staying focused, appraisers can better manage their time and workload, allowing them to provide high-quality service to their clients while achieving their own professional goals.
How do you find your focus?