The mortgage industry has undergone significant changes, particularly in its increased utilization of technology. These changes were prompted by the restrictions imposed during the pandemic, and the order volume for property valuation spiked. The imposed restrictions and SOPs created many hurdles for appraisers to physically visit a property and manually manage orders. That’s where technology played its role and ensured the industry continued to thrive.
While those restrictions have since been lifted, the industry has recognized the benefits of incorporating technology that was once optional. Such adoption benefits Appraisal Management Companies (AMCs) and lenders and assists appraisers in managing their workload more efficiently, which is increasingly important due to a decline in the number of appraisers.
With order volumes below average, appraisers need to readily adapt to technological advancements to grow their appraisal business.
Best Practices for Appraisal Business Growth
1. Adopting The Latest Technology
Adopting the latest technology will help appraisers have a competitive edge, stay on top of technology and build relations with industry peers. A well-equipped, modern platform will enable appraisers to connect with more AMCs and Lenders, efficiently manage and track orders, and operate their entire appraisal business from within a single platform.
2. Digitization Of Property Dimensions
Learning to sketch property dimensions and make floorplans is essential these days. Now you can digitally measure and sketch the dimensions of the property through a smartphone based on the given directions. This eliminates paper sketches and saves time when recreating an appraisal report later.
3. Be Open to Networks / Increase Visibility
Networking is the key to success for an appraiser. The better the relationship with AMCs and lenders, the more business is expected. Having a good relationship not only helps to work with a specific client but increases the overall rating and score of the appraiser, which helps them to get more business in the long run
- Connect to more AMCs and lenders in the industry.
- Build viable relationships through events and PR
4. Automated and Advance Reporting
Building reports is the most time-consuming task of the appraisal process and the most critical one as well. Using a platform capable of building reports and crosschecking the report score helps appraisers to complete orders in one go with minimal chances of errors and revision requests.
5. Mobile App
Be sure that your appraisal software provider has a mobile app and that you are active in that app. Being active on the mobile app helps you to stay connected with your office even while you are out in the field doing inspections or out for a holiday. Mobile app helps you take action while you’re on the go and away from your desk so that you don’t miss out on a chance at getting more business
ValueLink has always been at the forefront of providing its user with the simplest and most efficient technology. Our ValueLink Connect platform, is designed specifically for appraisers so that they can manage and grow their appraisal business. It is an easy-to-use platform built on the latest technology that incorporates all advanced features required by appraisers. Moreover, the platform gives appraisers a competitive edge to grow their network and increase visibility with Lenders and AMCs.