Appraisal departments are “fighting huge fires internally.” The workload is “killing us right now.”
Did you think at this point in your career you’d be working this hard?
In a word, exhausted.
I get it, working in the appraisal department in your bank, you can work around platforms that don’t align with your internal processes. It’s “good enough.”
Those departments that lack any system try to not drop the ball with Outlook and Excel spreadsheets. However, both may result in RM and LO conflict.
Hamsters on the wheel
Appraisal departments are generally understaffed, overwhelmed, don’t have the time, doing a job that’s meant for two people, working weekends…in a word, buried.
An appraisal workflow platform, if designed well, can buy back your time. It should make your life better, a lot better.
Trifecta of fatigue.
- High appraisal volume.
- Reviewers leaving, short staffed.
- Lack of best-in-class workflow software.
Metrics don’t lie
“I’m going to get my MAI.” No you’re not.
“I plan to” or “will” or “should” are nowhere words. They lead to lack-of-execution land. Nowheresville. It took me forever to get designated. The reason? I didn’t have a metric mindset to nail a specific time frame for success.
Have you found yourself saying things like, “I want to lose weight, make more money or handle more appraisal volume? It’s meaningless without metrics.
Words matter. Try these.
“I will get my MAI by the end of 2023.”
“I will lose 10 lbs. by the end of March.”
“I will hire a new reviewer no later than 2Q 2022.”
Where resolutions go to die
Right now you need to wait at least 3 weeks for a residential appraisal. Commercial is 6-8 weeks or more.
Senior management needs the confidence to know if your department is performing at peak efficiency. Identify bottlenecks. Highlight areas to improve profit and performance. Appraisal departments don’t always have to be a cost center.
Having your metrics is step No. 1. This allows you to create specific meaningful projects that can reduce the long hours. Metrics are the outline for defining your success. Take the time to write down the successful outcome of a specific project. Resist the urge to just give it a quick thought and not actually take pen to paper.
Give the project a name and define the success criteria. Identify the best and worst results, this will help visualize the upside and the downside, the latter of which is what you’ll experience if you do nothing different.
“Kicking the can down the road and not
changing will keep you chained to your desk.
Time management constraints
Hesitant to change.
As a commercial appraiser, I felt an emotional connection to Times New Roman font. It was in my reports for decades. When I moved to the easier-to-read Calibri, it was a “Who moved my cheese?” moment. Dumb I know, real it was.
This highlighted my lack of openness to change my mindset that allowed for massive productivity improvement.
Be stronger than your excuses
Defined outcome. Measure performance. Lead and coach to success.
As a chief appraiser, appraisal manager or chief credit officer, you’re the leader of your department. Your team includes job managers, SVPs, VPs and credit.
Utilizing an appraisal workflow and vendor management platform like YouConnect can help appraisal volume peaks, internal inefficiencies, tedious manual processes and duplicative work.
The platform is a tool to facilitate meeting your service level agreements (SLAs). Hitting your metrics will leverage powerful automation.
1. YouConnect. An appraisal and environmental workflow platform that automates your appraisal department’s process.
2. Custom reporting that allows you to track your metrics. (Credit Department Reporting Templates – Free Download).
3. Custom configuration – get things the way you want them: engagement letters, vendor controls and communication tracking.
Is it after 7:00 PM and you’re still working? Do you have to work this weekend? Ugh.
Buy back your time for the things you love to do.