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Old 09-28-2004, 01:59 PM
Doug in NC's Avatar
Doug in NC Doug in NC is offline
 
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If only every week were like the past one. Got in nearly $4k worth of orders this week, but only 2 were lender jobs. Granted, this is a very unlikely scenario for us, but gets me to thinking which way to take the business, since I can't stand doing lender work anymore.

One assignment was for a divorce and another was for an estate settlement. The best part about these two assignments is that we are able to charge at least 43% more than a standard lender appraisal for essentially the same amount of work (this sector of the business isn't overwhelmed with appraisers so that prices haven't been held to pre-1990 levels). I was thinking if this were the only work that I did: I could be working 3 days a week (instead of 5+), getting paid substantially more for the same amount of work, and making more money every year. Other bonuses: fees are collected at time of inspection or prior to, clients respect our professional opinion of value, and assignments are not nearly as time-sensitive as lender jobs.

I wish I had gotten my start in a more diversified appraisal office. I would have shifted my focus long ago. There are quality assignments available for us in the marketplace, we just need to find them and get our names out so that those clients can find us.
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Old 09-29-2004, 06:22 AM
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USPAP Compliant USPAP Compliant is offline
 
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Doug,


I have a CE class (Appraising in Noth Carolina) that I have been able to get approved for CE credit for Lawyers, Mortgage Brokers, Real Estate sales people and of course appraisers. Maybe this course will enlighten some lawyers on what we do and why.
  #3  
Old 09-29-2004, 07:45 AM
Doug in NC's Avatar
Doug in NC Doug in NC is offline
 
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Bob,

Email me some info on the course. Where is it being taught? I can use some more CE hours. Thanks.

Doug
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Old 09-29-2004, 10:11 AM
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Ryan Nyberg Ryan Nyberg is offline
 
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Good to hear about your diversification doug. I am just starting to consider diversifying. Mostly I am getting more and more into REO work. But now am considering getting into lawyer work. Will have to consider on how best to approach this. Did you knock on doors of lawyers? Also considering getting into ERC work but will be looking through the archives on the ERC council see if it is worth while of joing that group.
  #5  
Old 09-29-2004, 01:06 PM
Doug in NC's Avatar
Doug in NC Doug in NC is offline
 
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Ryan, I have been an ERC member for years and I question the usefulness of the $250+ yearly fees. I decided to drop it after this year. Once a relocation company finds you and you do good work, they will add you to their list and will likely use you again and again. Realtors work closely with transferees so they are the most likely source of referral business for you.

I get divorce & estate work as a result of phone book advertising and internet searches. I honestly don't get much of this work because of my advertising. My understanding is that you need to develop a good relationship with attorneys to get this work consistently. Like any business, you will have to put some time and effort into it before you are likely to see some positive results. It's going to take some time, but better to start sooner rather than later. IMO the lending business isn't going to improve but will only get worse as appraisers compete for a dwindling number of available assignments (thanks to avms, amcs, and stream-lined lending methods).
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Old 09-30-2004, 09:54 AM
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Ryan Nyberg Ryan Nyberg is offline
 
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Thanks Doug for the information. I'll just keep plugging away. Sooner or later I am going to move out of this area where there is to many appraisers. Then move to an area that has at last count 4-5 appraisers.
  #7  
Old 10-01-2004, 07:19 PM
Mike Simpson Mike Simpson is offline
 
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"I get divorce & estate work as a result of phone book advertising and internet searches."

I've been target marketing for quite sometime. I utilize post cards & brochures.

I've sent brochures w/a few business cards to RE/Divorce/Estate attorneys & follow up w/a phone call. 1/3rd of our business was attorney related @ one time...resulting from marketing during a slow cycle.

* Note: Call early in the AM w/follow up phone calls...before the Secretary (read screener) arrives for work. Try to catch the Big Kahuna early in the day...while they're still in a good mood & amping up over coffee & donuts.

It may sound morbid but, read the obit's...survivors & heirs often need the services of a good appraiser. Postcards work in this case. * No mention of death--sell your services.

People take out notices in the newspaper when going through divorce...marketing to them could be worthwhile.

Finally, (I'm gonna keep beating this drum) consider real estate sales/Brokers License & investing. The earning potential in this field far exceeds anything I've run across thusfar, and you can build upon your appraising foundation.

-Mike
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