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.
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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:
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Assignment Types:
- 31% Divorce
- 22% Estate/Tax Purposes
- 21% Lending
- 16% Listings
- 10% Other Non-Lender Assignments
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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%)
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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.
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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!
