Appraising, like any other business, can go through slow periods. If you primarily depend on lending assignments, you’ve likely felt the impact of the current interest rate environment, with many weeks of reduced activity. So, what should an appraiser do during these slow times? What strategies do you use? How can you stay productive and focus on growth when business is slow?
It’s tough when business slows down, and it’s easy to start thinking the worst: Did my clients switch to another appraiser? Am I on a “do not use” list? Did an AMC find a cheaper option? How will I pay my bills? Will I need to find a different career? I’ve had these thoughts many times over the years. My goal was to build a consistent business with fewer of these slow periods. I believed diversifying into non-lender clients would achieve that, but I was wrong—I still experience slow periods sometimes.
This past week, the week of 8/5/24, was one of those slower weeks. I completed only three appraisals: a 1/1 condo appraisal for a cash buyer negotiating with an unrealistic seller, an update on a divorce appraisal I did earlier this year, and an appraisal for an agent who regularly hires me to help set accurate listing prices. In total, just three appraisals—well below my weekly goal! So, how did I spend my time outside of those three assignments?
– I worked on continuing education, as my license renewal is due on November 30.
– I volunteered with the middle school music board, spending a day picking up furniture from Ikea and assembling it in the music office.
– I focused on marketing through Constant Contact.
– I scheduled a coffee meeting with a new estate/probate attorney contact and booked a lunch with a marketing professional from my BNI chapter.
– For ReferAppraisals.com, I had a great hour-long conversation with a California appraiser who reached out to connect. It turned out to be an excellent conversation and a valuable resource for the platform.
– I caught up on a lot of emails and industry publications that I hadn’t had time to read.
Although it wasn’t a high-revenue week, it was still productive in many other ways. Slow periods always come to an end, and the busy times return. During these slow weeks, I remind myself that this phase will pass. I could choose to be frustrated and complain, but that wouldn’t accomplish anything. Instead, I use these slower periods to catch up on tasks, explore new business opportunities, work on marketing, recharge, and strengthen both new and existing connections.
As always, the slow week eventually ended. Monday brought 9 calls and appraisal requests, including a client from the Appraisal Referral Network looking to place over 100 appraisals for an estate across the country. This opportunity will make for an incredible week and year for another appraiser on the platform.
So, the next time you have a slow week, how will you spend it?
Dan Lindeman
Appraisal Referral Network
