Every year, I set goals and hold myself accountable to them throughout the year. For my financial goals, especially appraisal volume, I track progress weekly, monthly, quarterly, and annually. Each week, I jot down my gross volume on a notepad on my desk, breaking it down into week-to-date, month-to-date, and year-to-date totals. I also maintain detailed records in QuickBooks and Google Sheets. My advice? Know your numbers. Tracking your progress helps you identify growth opportunities and achieve your goals more effectively. If I notice I’m falling short of a monthly target, I push harder in the final week to close the gap.
Today, I’d like to share my 2024 appraisal results and invite you to share yours in the comments. This past year was both challenging and rewarding as I managed my appraisal business while launching the Appraisal Referral Network. I’m incredibly grateful for the support I’ve received from fellow appraisers throughout this journey. Reflecting on the numbers, I completed 365 appraisals in 2024—an 8% decrease from 396 in 2023. However, my average fee rose from $507 in 2023 to $555 in 2024, a 9% increase. Despite the dip in volume, my income remained nearly flat year-over-year. While 2024 didn’t surpass my busiest year, 2022, I’m proud of what I achieved, especially considering the work involved in growing ReferAppraisals.com.
Breaking Down the Numbers
Using QuickBooks and Google Sheets, I categorize my work by client, referral source, and assignment type—a process that’s been a game-changer for my business. Here’s the breakdown for 2024:
Assignment Types:
- 31% Divorce
- 22% Estate/Tax Purposes
- 21% Lending
- 16% Listings
- 10% Other Non-Lender Assignments
Referral Sources:
- 20% from Google searches
- 19% from BNI referrals
- 20% from real estate agents (no single agent contributed more than 3% of my gross income)
- 17% from three attorneys
- 10% from direct lenders (each contributing less than 5%)
My top sources—Google and BNI—highlight key risks. A change to Google’s algorithm could jeopardize 20% of my business, and scaling back my BNI contributions could similarly affect my volume.
How Does Your Business Compare?
I’m proud to have built a diverse, recession-proof, and interest rate-proof business model. Sharing these results is more than a reflection—it’s proof that building a sustainable non-lender business is within reach. Appraising becomes far more enjoyable without lender pressures, endless revision requests, or the need to bid for assignments. If you want to grow your non-lender business, I’d love to help. If you’re looking to grow your non-lender appraisal business, I’d love to help.
The Appraisal Referral Network at ReferAppraisals.com is designed to help appraisers connect, exchange referrals, and grow their businesses. With free and paid membership options, a Business Growth Library full of resources, and education lessons tailored to building a non-lender business, we provide the tools you need to succeed. Take the first step toward building a business you love—join today and unlock your potential!
