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