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What Generates The Most Business?

Discussion in 'Marketing' started by Keith, Mar 16, 2005.

What generates the most business?

  1. Web appraiser directories

    74 vote(s)
    10.3%
  2. Your appraisal website

    35 vote(s)
    4.9%
  3. Yellow Pages

    23 vote(s)
    3.2%
  4. Word of mouth

    476 vote(s)
    66.2%
  5. Direct mailings

    11 vote(s)
    1.5%
  6. "Cold Calling" clients

    89 vote(s)
    12.4%
  7. Newspaper

    6 vote(s)
    0.8%
  8. Local real estate catalog

    5 vote(s)
    0.7%
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  1. Keith

    Keith Sophomore Member

    0
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Since things have slowed down a bit, I have started a website and increased advertising. I think I know what advertising doesn't work now :redface: I was hoping to get some ideas of what works best for you.

    I am trying to stay away from AMC's, deadbeat brokers and other vultures.

    I was advertising in the local newspaper, but it didn't generate even one lead. I was taken aback. I think it generated 5 hits to my website. I could have went on vacation with that money, and do I need one!
     
  2. Jeff Horton

    Jeff Horton Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Alabama
    I have to pretty much agree with the poll results. There is no great way to advertise. Two things that work best for me and this will vary greatly in your market, yellow pages has worked well and Internet yellow page listings and appraiser web sites like Waynes.

    As for a web site, I find mine very useful once I get a phone call. I steer people to it for additional information. Especially my Home Inspection side.
     
  3. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    14
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    I have found that my marketing works best by focusing on real estate brokers:

    I teach seminars (2 hrs of continuing education) to real estate brokers on such subject as 1-4 family income properties, Qualifying the property for FHA insurance, and Market Conditions. These classes are usually well-attended and establish the appraiser as a local market authority. There are many other topics you could teach that would be USEFUL to realtors. Depending on your market area, once or twice a year gives you good exposure. In a larger market, you might want to hold seminars more often.

    Incidentally, I never pay to put these classes on. My classes are sponsored by a local title company. The company does it all. It provides the venue, the snacks and refreshments, the advertising, the continuing education vouchers, and copies of any written class materials. All I have to do is show up.

    In addition, I print and distribute real estate market statistics with commentary. No, not just plain old MLS statistics, but analyses of the overall market. I look at permit activity, rates of value appreciation based on resales of the same homes over a relatively short period of time, analyze mean price per square foot of new homes year by year, comment on the adequacy or inadequacy of supply, infer shifts in demand by observing shifts in sales volume by price segment, report shifts in the percentage of terms of sale such as cash, conventional, VA, FHA, and trust deeds, comment on the prevalence or absence of sales concessions depending on the price segment, etc.

    The latter is not appraisal. It is market analysis. This is an extension of the appraiser's job, and I consider it crucial not only for me to do my job properly, but also for keeping me in the minds of realtors and bankers in my market area.

    By extension, I get recommended for appraisal work by many people, including attorneys and builders.

    This I have found is the best marketing: to share your insights into the local market with those who might find this information useful. You provide it for free while teaching them something. They respect you for it.

    This is the secret to my success.

    Let me add that I didn't mention mortgage brokers anywhere. That's because I do very little work for them (accepting orders only as a result of referralls) and also because they wouldn't care about the data because they're not in the real estate business per se.
     
  4. DTB

    DTB Elite Member

    82
    Jun 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Tawfik,

    Since you're targeting brokers where does the business come from. I'm not following the connection. Thanks.
     
  5. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    14
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    They recommend me for appraisals to lenders I haven't worked with before, like one-shot out-of-town mortgage brokers. These referrals add up fast. This is a very indirect way of marketing to lenders (which I also do directly), but it helps me scoop up appraisal work that would otherwise miss. I like to appraise purchases most since I can and likely will be using them as comps in my small market area.

    I hope that helps to establish the connection.
     
  6. bobby jones

    bobby jones Junior Member

    0
    Oct 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    Tawfik,

    Could I please get a copy,(example), of your real estate market statistics with commentary letter. I'm in the process of instructor training at a locale school and the info would help greatly.

    Thank you.
     
  7. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    They are pertty much pissed at me for not reaching the numbers needed in the area or needing me to look the other way on some walk throughs.

    To many skippies in the area that will hit the numbers needed.
     
  8. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    14
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    They know not to ask. It's just a matter of training them.

    They know I know more than they do, and that I WILL talk to the brokerage owner if they make any improper request.

    It actually attesst to the professionalism of the real estate bokers I market that they have only asked a handful of times in my 12-year career.

    I've just shot down a deal. The broker knows the vacant site is substantially overpriced. I'm just confirming by how much.
     
  9. Deb Wear

    Deb Wear New Member

    0
    Apr 14, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Tawfik,

    I would like to do what you are doing eventually, with the classes, market analysis, etc. I know I need more experience. I am a few months away from being certified. I have only 2.5 years in the appriasal feild. I know I have lots more to learn and I am constantly taking classes. Any advice, tips, feedback, etc for me? I am all ears!

    Thanks!
     
  10. Don Clark

    Don Clark Elite Member

    46
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    B) I have had my own appraisal business now for 15 years. I never advertise, I do not take people out to lunch, I do not mail out flyers, and I even pulled my yellow page 2"x2" ad this year. I have alwasy received business by word of mout, doing a good job, and being better than others at what I do. I once had a student who moved from Ohio to a small town in North carolina. After the first year in the small town he had over 50% of the business there and close to tyhat amount for the county. Why I asked? He said it was because he was the only appraiser with a computer, able to send appraisals PDF(this was mid 1990's), and the only one with a full set of flood maps, and he did a better job than everyone else.

    But hey, that is just my experience and his. You'res may be different.
     
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