In the midst of a slowdown, appraisers can leverage the opportunity to fine-tune their business operations. It's crucial to dedicate time to working on the business rather than in it. This strategic pause allows for the identification and rectification of inefficiencies in the assembly line—the systematic process from start to finish in an appraisal office.
The assembly line analogy underscores the importance of having streamlined and effective systems for routine tasks. Like a well-oiled machine, each component, from scheduling appointments to selecting comps, contributes to the overall efficiency of the operation. However, the relentless pace of recent years might have caused wear and tear, creating tears, rips, and stretches in the process.
As the industry experiences a slowdown, appraisers should take a step back and evaluate their business processes. This entails seeking feedback from staff working in the trenches, as they often have valuable insights into what is working well and what can be improved. In staff meetings, encourage open discussions about both positive and negative aspects of the workflow, fostering a collaborative effort to enhance the assembly line.
One key focus during this period should be marketing. While it is important to market to new clients, attention should also be given to marketing to existing clients, including Appraisal Management Companies (AMCs). Demonstrating your business acumen and professionalism can set you apart, even in a market saturated with appraisers.
In essence, the slowdown is an opportunity to fix the belts, addressing any weaknesses in the assembly line. Taking the time to refine systems and processes ensures that when the market picks up again, the appraisal business is primed for optimal performance. This strategic approach to working on the business during a lull can lead to long-term benefits, positioning the appraiser for success in a dynamic market.
Check out The Appraiser Coach Podcast for more info on this topic:
800 The Machine Has Slowed; Time to Fix the Belts VIDEO AUDIO
