My phone often rings with appraisal inquiries from clients, Google searches, or referrals. However, more often than not, these requests fall outside my specialization, service area, or beyond my expertise level. Sometimes, they’re urgent assignments I can’t accommodate or simply I prefer not to take on for various reasons. So, what’s the best course of action for an appraiser in these situations? Do you just turn down the order and bid farewell to the potential client? Here’s what I decided to do.
When faced with these requests, I take the initiative to provide my clients with referrals to colleagues. For commercial assignments, I connect them with 2-3 appraisers I know in the area. If it’s an out-of-area request, I tap into forums or Facebook groups to locate an appraiser in their vicinity. And if all else fails, I guide them to utilize the Appraisal Institute website to find an appraiser locally. I do this because, for non-lending and private assignments, my primary objective is to serve as a valuable resource to my clients, even if I’m unable to take on the assignment myself. By offering this level of customer service, I ensure that they’ll consider me their go-to appraiser in the future.
Now, how can you earn extra passive income each month? Simply start referring clients to your fellow appraisers and collect a referral fee. It’s a win-win situation all around: the receiving appraiser secures the business, you earn a referral fee, and most importantly, the client’s needs are met. Referrals fees are permitted by USPAP and require a simple disclosure statement within your report. Personally I generate hundreds of dollars in additional passive income each month by referring assignments. How much could you add to your monthly income by sending out referrals?
This was the driving force behind creating ReferAppraisals.Com to facilitate connections among appraisers nationwide and exchange of non-lender and private referrals. Whether you’re new to the non-lender side or a seasoned appraiser, there’s something here for everyone. Newcomers can gain valuable insights into handling these types of assignments through real-world education and by receiving referrals from their peers. And for the the seasoned or retired appraisers, it’s an opportunity to boost revenue and earn passive income whenever the phone rings by sending out referrals to your peers.
Dan Lindeman
Appraisal Referral Network
ReferAppraisals.com
