Appraisal Management

5 Signs Your Property Appraisal Process is Outdated

By October 4, 2018 July 31st, 2019 No Comments
property appraisal process

If you find yourself frustrated over your property appraisal process, noticing a few too many inefficiencies, or feel buried under a mountain of paperwork, you might be dealing with an outdated appraisal process. We get it. The real estate appraisal process can be cumbersome. There’s a lot of red tape to sort through and changing regulations are just the beginning. However, one of the ways to improve your day-to-day appraisal experience is to evaluate your process to determine if it’s antiquated. Truly, the best way to improve your process is to keep it up to date and under control. Just how do you know if your appraisal process is outdated? Look to the signs below to know it’s time for a change.

Sign 1: Your property appraisal process lacks automation.

Automation can be a scary thing to implement, but it doesn’t have to be. Our industry is becoming more and more digitally focused. Instead of falling behind with automation, do what you can to be the leader of the pack. Soon, you’ll stand out due to your competitive advantage. If that’s not enough to convince you, think about it this way: automation allows your appraisal staff time to focus on what they do best: connecting with customers and completing reports. By alleviating back-and-forth emails, your staff is no longer burdened with mundane tasks.

Sign 2: Your staff is drowning.

This goes hand in hand with lacking automation, but if you notice your staff is enveloped in paperwork, you might have an outdated property appraisal process. A team that is overworked can sometimes go unnoticed or be pushed to the wayside. Take a good, hard look at whether your staff has reached their breaking point. We’ve identified six signs to make it easy to spot if your staff is stretched too thin. Take a look at our guide, and then take a look at your team.

Sign 3: Your appraiser network is shrinking.

In a world in which appraisers are already scarce, a shrinking appraiser network can be a major problem. Take inventory of your appraisers to see how your department is stacking up against other appraisers in your area. Developing a network of reliable, knowledgeable, experienced, and thorough appraisers will help you improve your turn times, your client satisfaction, and your commercial and home appraisal process. Consider how to make your appraiser network even stronger — Hint: automation could be a piece of that puzzle too.

Sign 4: You’re not learning from previous practices.

How often do you sit down and evaluate your real estate appraisal process? If you can’t remember the last time you did some inward reflecting, it’s been too long. Think about it like this: you can’t improve what you don’t measure. Instead of relying on manual internal processes, consider setting up a software system to keep track of every part of the appraisal process from lender appraisals to reporting. Identifying accurate data will show crucial feedback on problem areas while pointing out where you can improve.

Sign 5: You have too much on your plate.

Taking on too much responsibility is often a weakness that we don’t want to face. However, nothing can help you improve your property appraisal process more than admitting when you have too much on your plate. While internal teams can handle appraisal reviews, you might be lagging on compliance and regulations. At MountainSeed, we have a compliance officer, a Chief Appraiser, and a senior review staff, so you don’t have to. Maybe you just want that extra set of eyes or extra boost of support? We can provide that too. Whether you’re looking to supplement your current staff or place your full trust in our hands, we’re here as a partner.

If you need help evaluating your appraisal process, don’t hesitate to reach out. We’re always happy to help you improve your practices and your bottom line.