Suggestions for faster turn-around time

[Norman]

Hello all, I need some help on stream lining my appraisal process without losing quality. Currently it takes me 6 to 8 hours to complete your basic 1004 form w/1004mc attached. As we all know - time is money! I think my biggest problem is that I try to make evaluating markets/sales an exact science, over analysing the data which is extremely time consumming. Any suggestions on different methods/approaches I can try? Or maybe there's a course you can recommend!

Please help!

Thanks

[Brian Coester]

What market area are you in? I know some appraisers have had success with Data Masters which will essentially import all of the subject and comparable data automatically

[Nigel Mountbatten]

You may have answered your own question, if you're attempting to make it an exact science it will undoubtedly consume far more time. I can recall when I started in the business witnessing two extremes, there was an absolute slob in the shop and another guy who was such a perfectionist he took a couple of days to complete non-complex assignments. You may want to run the same question in detail by peers in your market, who knows you may discover you're analyzing far more than is necessary for most assignment. Now after just typing that, I just finished a report where I had previously done an assignment 2 months which should have been a breeze, but the market had changed significantly , I ended up spending twice the amount of time I normally would.

[Rick Daniel]

Most , if not all of the information needed for the 1004MC is available from your local MLS. I run the stats for each quarter needed , the period that includes 2 quarters and the current listings....So , four computer runs....the key is that you are filtering the sales for competitve properties.....

[Jeffrey A Patterson]

I hear you Norman, I am not sure I can reduce my turn time less than 6 to 8 hours. However there are only a few things that I have found that reduce mine.

One is a navigation system in the car, I had a portable and with my new vehicle I had one installed. This has saved me time, however my comparables are over 3 to 10 miles from the subject and I typically cover an area in a 40 miles radius. Since much of my area is rural in nature.

Two, I have reduced my fees only for a smaller radius 25 miles. Left the fee high for 25 to 40 miles.

Three, spending much more time pre-checking for comparables before I hit the road.

Four, I have reduced the depth of study into the market. When ever I feel I can get away from it.

Five, I have stopped doing a detailed cost analysis on each report, I provide rough estimates unless I feel I need to. Such as when I not going to make value, since these are the ones that typically will get me into trouble, and I want to be sure I am correct.

Six, Stop hounding real estate brokers for verification of sales. I send out emails as I review comparables with boiler plate questions to verify condition of sales, concessions and etc. If I don’t hear back I simple indicate the comparable was not verified.

Seven, I don’t check my comparable map, I let the program do it unless something seems obviously out of whack.

Eight, I put most of my comments about the market in the 1004MC from and refer to it in the neighborhood section of the URAR.

Lastly while it does not shorten the turn time, I constantly look for new clients, ones that will pay more. I eliminate companies like First American who are constantly reducing their fee. I look for lenders that directly order appraisals. So I spend some extra time marketing for companies that are willing to pay more.

[Joe The Appraiser]

I have an assistant who sets up appointments and checks email. she can do this from home or at her other appointments. very part time.
My GF types up page one, flood, fills in comps and other minor things on reports.
I try to do most of my inspections on Saturday, peeps are home, less traffic, phone never rings etc. I can get a lot done on Saturday. I know some people are totally opposed to working on Saturdays, but thats my choice. My GF works as a nurse on Friday and Saturday nights and makes about doubt for shift differential(holidays are even better for her). I have had 2 Saturdays off in the past 20 years.. When its busy we type on Sundays. Sometimes we take weds/thursday off, thats our weekend. These are my tips for improving turn times.

[Norman]

Thanks for your time and suggestion.

Sincerely,

Norman Chambliss

[Rick Foos]

Norman,

Where are you located where you complete your appraisals? If you are in the following areas (Southern California, Las Vegas, Phoenix, Salt Lake City, Dallas/Ft Worth, Cleveland/Akron, Washington DC, Northern Virginia or Maryland, you can use DataMaster to import your subject, comparables (including photos) and 1004 MC data into your appraisals, as well as graphs of the 1004 MC data. It also cross checks the subject and comparables data with public records and brings in the sales history and displays the listing history.

You can go download a free trial at www.datamasterusa.com if you are in the service areas.