The valuation industry has reached a fork in the road. The appraiser shortage is happening right now. Those remaining in the field are struggling with the current workload, fee and bank appraisers alike.
It’s not getting easier.
No longer can we afford to stay in chronic busy mode. It’s time to help our industry succeed.
Future Focused Shape Your Culture Shape Your Future by Rose Gailey and Ian Johnston highlights the importance for systemic alignment and accountability. The authors discuss DBS, a Singapore based bank that was successful in digital transformation because of a pervasive culture of experimentation, agility and innovation.
The book provides an outline for the success of our valuation industry with its ABCDE concept. Senior leadership constantly was pushing for change. This allowed the bank to expand existing businesses with new areas of growth, redefining the future of work.
A – Have an audacious goal
B – Build on talent and develop people
C – Culture is the secret sauce
D – Discipline and execution across the entire organization
E – Employees are at the core of success
It’s go time
With some exceptions, there are few appraisal firms or appraisal departments with audacious goals. Most are too busy, just keeping their head above water trying to get their work done. But before we proceed through the alphabet, I do believe having an audacious goal is key to the success of our industry. So, what should it be?
Don’t get PAVED over
The bigger question is, why do people go into appraising? The larger question might be, why don’t they go into a valuation career? Sure, there’re headwinds, like the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) report that’s ironically biased against residential appraisers, but that’s for another blog.
I think an audacious goal would be to make appraising the best real estate career by 2025. Can we do this in three years? I don’t know. But why not try. Otherwise, we’re just kicking the can down the road and not creating an avenue for success.
Back to the future
Moving on to the letter B, appraisal education always comes up as a hurdle for new folks. Do you remember a time before state certification when there was less “education”? We just started working and hoped to get the attention of experienced appraisers to teach us. Maybe we should audaciously go back to a model that worked pretty well. Because what we have now is broken.
People who need people
Creating culture in your appraisal firm or appraisal department will help keep new folks engaged. Discipline and execution includes processes and technology to automate allowing more time for the important valuation work.
Hiring new employees takes time and effort, especially in today’s marketplace. I think our industry may be lacking critical role models that can lead the way. If you’re in a position of ownership or management, be that person to take a chance on someone coming into our field.
Take time to talk
Even If you’re not in a position to hire, talk to them anyway. Have coffee or Zoom meetings with those curious about what we do. Talk to them, ask them questions, encourage them.
At my niece’s graduation, I couldn’t help but notice the aspirational tone. Can we change our mindset like a beginner, go back and think like a graduate? All the possibilities of the future?
There was a Mother Teresa poster on the wall at graduation. What caught my eye was the “anyway” answers. The first sentence, “People are often unreasonable, irrational and self-centered, forgive them anyway. Other “anyway” answers included be kind anyway, succeed anyway, create anyway, be happy anyway, do good anyway, give your best anyway and finally, it was never between you and them anyway.
“I can do things you cannot, you can do things I cannot;
together we can do great things.”
Together we can do great things.
Where are we going?