Eight Strategies to Boost Your Appraisal Business and Stay Ahead in the Market

In an ever-evolving market, appraisers face both challenges and opportunities. Growing an appraisal business requires a combination of industry knowledge, strategic networking, and leveraging technology. Here are key strategies to help appraisers expand their business.

1. Leverage Technology

Embracing technological advancements can significantly enhance efficiency and accuracy. Utilizing modern appraisal software can streamline the valuation process, reduce human error, and ensure compliance with industry standards. Geographic Information Systems (GIS), automated valuation models (AVMs), and digital sketching tools are invaluable resources. Additionally, maintaining an up-to-date, user-friendly website and active social media presence can attract potential clients and showcase expertise.

TIP: Check out ASA’s Member Discount Program Partners for exclusive member access to leading technology solutions.

2. Expand Your Skill Set

Continuing education is vital. Appraisers should stay current with industry trends, market changes, and regulatory updates. Pursuing additional certifications or designations, such as the AM (Accredited Member) or ASA (Accredited Senior Appraiser), can enhance credibility and open doors to more complex and higher-paying assignments. Specializing in niche markets, such as appraisal review, intangible assets, gemology appraisal, aircraft valuation, going concern or ad valorem/mass appraisal can also differentiate an appraiser from competitors.

TIP: Check out ASA’s Professional Credentialing Program for the most recognized and respected credentials around the world.

3. Network and Build Relationships

Networking is crucial in the appraisal business. Building strong relationships with fellow appraisers, as well as with attorneys, financial service, insurance, and other industry professionals can lead to referrals and repeat business. Joining professional organizations like ASA, attending industry conferences like the upcoming 2024 ASA International Conference, and participating in local chapter events can expand an appraiser’s network. Offering to speak at seminars or contribute to industry publications like ASA’s ARM E-Journal, Business Valuation Review, or the MTS Journal, can further establish an appraiser as a thought leader.

TIP: Check out ASA’s Member Directory or ASAConnect to start making your referral connections.

4. Provide Excellent Customer Service

Exceptional customer service can set an appraiser apart in a competitive market. Prompt communication, meeting deadlines, and providing thorough and accurate reports build trust and reliability. Going the extra mile, such as offering post-appraisal consultations or explaining the appraisal process to clients, can enhance client satisfaction and encourage referrals.

5. Market Your Services

Effective marketing is essential. Developing a comprehensive marketing plan that includes both online and offline strategies can increase visibility. Search engine optimization (SEO) can improve a website’s ranking on search engines, making it easier for potential clients to find. Pay-per-click (PPC) advertising, email marketing, and content marketing, such as blogs or videos about appraisal topics, can attract a broader audience. Traditional methods, like distributing flyers, attending local business expos, or sponsoring community events, can also be beneficial.

TIP: Check out ASA’s Marketing Toolkit for exclusive access to materials that can be personalized.

6. Diversify Service Offerings

Expanding the range of services can create additional revenue streams. Offering appraisal services for various asset types can broaden the client base. Providing related services, such as appraisal review or litigation support, can further diversify an appraiser’s portfolio.

7. Utilize Data Analytics

Data analytics can provide insights into market trends, property values, and client needs. Utilizing data can help appraisers make informed decisions, identify emerging opportunities, and tailor services to meet market demands. Investing in analytics tools and training can enhance an appraiser’s ability to provide data-driven valuations and advice.

TIP: Check out ASA’s ASA’s Member Discount Program Partners for exclusive member access to leading databases/software solutions.

8. Enhance Online Presence

A strong online presence is crucial in today’s digital age. Regularly updating a professional website with valuable content, such as market analyses, appraisal tips, or case studies, can attract and engage visitors. Active engagement on social media platforms can increase brand awareness and foster connections with potential clients.

TIP: Participate in ASA’s Find an Appraiser online search tool, as well as connect with ASA on its social media platforms: X, Facebook, LinkedIn, and Instagram.

Conclusion

Growing an appraisal business requires a multifaceted approach. By leveraging technology, expanding skill sets, networking, providing excellent customer service, effective marketing, diversifying service offerings, utilizing data analytics, and enhancing online presence appraisers can position themselves for sustained growth and success in a competitive industry. Consistent effort and adaptability to market changes, as well as partnering with a valuation professional organization like ASA, will ensure long-term viability and profitability.