Given the recent, ongoing, and forthcoming changes in the real estate appraisal profession, are you feeling the pinch when it comes to making ends meet as an appraiser? What if I told you there’s a hassle-free way to boost your income without draining your savings or diving into another round of learning curves? Enter the Appraisal Referral Network – potentially your ticket to a passive income stream, additional non-lender volume, alongside your existing appraisal business!

 

ReferAppraisals.com offers a straightforward solution for earning extra passive income by referring assignments you might otherwise turn down to your peers. The platform simplifies sending and receiving referrals, ensuring transparency, and clarity about your earnings. Now, you might be wondering, is sending and receiving referrals USPAP compliant? The short answer is yes, it is.

 

Enrolling in the membership site doesn’t require any USPAP disclosure. When you refer an assignment to another appraiser, there’s still no need for USPAP disclosure since you’re not receiving the assignment yourself; you’re simply passing it along to another appraiser. Essentially, in this scenario, you haven’t taken on a client or an assignment, so there’s nothing for you to disclose.

 

If another appraiser refers an evaluation assignment to you and you choose to accept it, then you’ll disclose that you accepted the assignment on a referral fee basis from another appraiser through ReferAppraisals.com, to which you subscribe monthly. Disclosing the specific amount of the referral fee or the monthly subscription fee isn’t necessary.

 

However, if you opt not to accept the referral for any reason, there’s no need for disclosure since you haven’t accepted the assignment and therefore haven’t received a referral fee.

 

Consider this scenario: How frequently do clients reach out, asking if you know an appraiser in a different market or if you specialize in a specific type of property? It’s a common occurrence, isn’t it? But here’s the beauty of referring an assignment to another appraiser within the same network – no uncomfortable questions about referral fees. Since you’re directing the assignment to another appraiser who is also part of the website, all revenue splits are disclosed upfront, and the platform seamlessly handles the collection of the referral fee. Simply put, everyone is on the same page. Exploring the Appraisal Referral Network further is a wise move.

 

TIMOTHY C. ANDERSEN, MAI, MSc., CDEI, MNAA

The Appraiser’s Advocate!

 

I hear it from appraisers all the time: it’s feast or famine in this business.  Most appraisers are at the mercy of interest rates. When rates are low, people buy, sell, and refinance, creating lots of volume for appraisers—times are great. When rates are high, volume drops, and appraisers are slow and desperate. I’m here to tell you that this doesn’t have to be the case for your business. My business doesn’t blink at interest rate changes; it has been consistent year over year with a mix of non-lender clients.

 

It hurts to see so many appraisers moving into other careers or retiring due to a lack of volume. Concerns about new UAD forms from Fannie/Freddie and the new appraisal basis claims add to the stress. But when you move away from lender-based assignments, you take control of your appraisal business and are not at the mercy of anyone but yourself.

 

I won’t lie, transitioning to non-lender assignments isn’t easy. But the benefits are well worth it. It requires hard work and consistency. You’ll need to take off your appraiser hat and put on your business owner cap. Remember, your appraiser license is a business and should be treated as such.

 

So, how do you get started?

 

1. Network, Network, Network.

  • Attend events where you can meet attorneys, agents, and other appraisers to build your database.
  • Join the chamber of commerce, a networking group, Rotary Club.
  • Speak at Realtor offices or your board of realtors.
  • Mention your profession at church, your kids’ school functions, and other circles of influence.
  • Schedule a lunch or coffee each week with a potential referral source.

2. Market Your Business.

  • Create a killer website as this is your first impression to potential clients.
  • Build a social media presence on Facebook, Instagram, X (Twitter), and LinkedIn, and post consistently.
  • Add clients to your email database and send weekly emails to stay in front of them.
  • Update your Google My Business page. Many business profiles lack a website or phone number, wasting potential assignments.

3. Provide Excellent Customer Service.

  • Offer friendly and helpful service to everyone who reaches out to you.
  • Be a resource to attorneys, agents, and homeowners.
  • Share as much information as possible for free.
  • Spend time on phone calls, even if they don’t turn into assignments; that generosity will come back to you.

 

All these things take time. Structure your business to make time for networking and marketing. This will help you break free from lender-based assignments and create a recession-proof and interest rate-proof appraisal business. Take your career into your own hands and start growing your non-lender business today.

 

Dan Lindeman

Appraisal Referral Network

ReferAppraisals.com