Those responsible for appraisals in banks are busy. Very busy. Long hours for many. A typically week might include different people wanting different things from you. They’re asking lots of questions.
- Lenders – “Why did the value come in so low?”
- Reviewers – “The appraiser is being uncooperative, what do you want me to do?”
- Auditors – “Can you provide me with the following documentation for our review?”
- Regulators – “How many hotel and restaurant appraisals did you handle in the last 12 months?”
- Upper Management – “Why did the value drop so much since the last appraisal?”
Even if you answer the above, you might get even more questions. Your lender might ask, “My borrower wants a lower cost, can you bid it out again?” The reviewer might ask, “Should I take this appraiser off our approved list?” Upper management might query you for, “What’s the cap rate for large flex industrial buildings in [insert city]?” It goes on and on.
What, more questions?
Just when you think you’ve answered everyone’s questions, you might get more. “We’re selling off three branch banks in [insert metro area], can you do a quick appraisal and tell me what they’re worth?” Other questions fall in the compliance bucket, “Can you confirm that all our vendors have an appropriate level of access to our appraisal workflow platform?” Or maybe, “Can you fill out our department internal operations efficiency survey, there’s only 48 questions?”
Buy back your time
It’s all about saving time. Being able to access and retrieve documents and tracking communication is key. If you analyze your day, most of it is searching for something and then communicating something. “Where’s that appraisal? Did we do a review on that property? Did the lender provide the job manager with the building plans for the proposed shopping center so we can engage the appraiser?”
Having instant access helps you determine what the actual issue is, and figure out how to resolve it. Save time by being able to access and retrieve documents and records of communications faster and more efficiently.
One huge timer saver, avoid errors during the appraisal engagement process. Another, vendor management that identifies appraisers with up to date license and E&O insurance. No one wants to find out after the report is complete that the appraiser’s license expired six months ago, E&O not renewed or they’re not even on the approved appraiser list.
Get ahead of problems
An appraisal workflow platform, if designed well, can buy back your time. It should make your life better, a lot better. These might include day-to-day things that you need to answer questions.
- Ongoing training for your appraisal department post-launch to ensure maximum potential.
- Specific reports that you need for upper management.
- Real-time notifications of system improvements to specific problems.
- Menu pull-downs, engagement letters and processes specific to the way you do business.
- Access to client success people that you can pick up the phone and talk with.
Don’t be busy, be effective. Avoid wasting time, reduce stress and relieve potential heartburn. Expect your workflow to work the way you want to. Answer questions quickly and with confidence.