Sink or Swim??
Do you work in one of those areas where the real estate market is in the toilet? In my area of metro Atlanta it has become just short of a media frenzy. If you believe what you read and see on the nightly news, buyers are scarce and sellers are freaking out but is that really the case? A recent article said home sales were down over 30% from two years ago at the same time...so what. Two years ago we were in an overinflated market that had no chance of sustaining itself. Why is this such a shock to so many people especially real estate professionals (appraisers included)?
Could we realistically expect that kind of volume to continue? What did we do to prepare for the inevitable day that it slows down? By the way, that's just what this market has done. It is correcting itself...nothing more. It's the laws of economics, supply and demand and buy low/sell high all coming together. The sky is not falling but to listen to many of my customers you would think so.
This is the part where I say how much I love my clients however they expect me and they pay me to be frank with them. I'm candid and I make living telling people what I think so here goes...
It called MARKETING and it's a fundamental part of any business plan. Every small business does it to one degree or another. They plan for and even budget for marketing expenses. It's just something you do - except, for some reason, the average appraisal shop. Here's the way the conversation usually goes...
The client is going on about how business is in the tank and they don't know what to do. They may end up laying off staff and moving from their commercial space back to the home office. They ask me to check the fax machine to make sure it's working properly. I respond by asking what they are doing to actively market their services. Where is the marketing plan and how much have you budgeted? They respond by saying nothing but rather looking at me as if I have three heads. End of conversation.
Someone really famous once said, "These are the times that try mens souls.". These are trying times for most mortgage markets. It's time to step up and start selling your services. Trust me, if you do ANYTHING you're ahead of your competition. Even if what you do stinks, it will be well received because none of your clients have anything to compare it to. Sorry but those are just the facts. As a rule, appraisers don't market because they haven't had to - up until now.
Here are a few off the cuff suggestions:
1- Place your business card in the hand of EVERYONE you meet
2 -Dress you staff including yourself in shirts that display the company logo. Drop the t-shirt and jeans.
3- Have a sign made for your vehicle - nothing flashing just informative
4- Put together a marketing package including a brochure/flyer, business card, resume and (very important) client testimonials.
5 -Take donuts or pizza to your clients office. Let them see your face and remember to be nice.
6 -Learn to use XSellerate - it's one of the best products a la mode provides. It's inexpensive, easy to use and just a phenomenal marketing tool. Check it out at...(http://www.alamode.com/products/Appraiser/xsellerate/Default.aspx). If you are an Elite member, you already own it. This product could literally turn your business around.
6 - Customize your a la mode XSite to differentiate yourself from every other site out there. If you spent 15 minutes setting it up, trust me it looks like you spent 15 minutes setting it up: http://help.alamode.com/appraiser/xsites/default.htm?turl=searchenginetools1.htm
7 - Optimize your site for various search engines: http://help.alamode.com/appraiser/xsites/default.htm?turl=searchenginetools1.htm
8 - Take this time to expand your skill set. Get those certifications you've been putting off then update your resume.
9 - Get out of the office - network, knock on doors and tell people your story
10 - Get very familiar with this link: http://www.alamode.com/support/Appraiser/default.aspx.
Search for the word "marketing". It will return 5 pages of results all targeting appraisers!
Those are 10 that came to me in about 5 minutes. There are a lot more but you get the point. I'm not an a la mode employee. I don't care what you buy or what you renew. My goal is simply to help build your business and survive this market. No one can make you do it and no one is going to tell you that you have to. The market will be the ultimate motivator and unfortunately for some it's literally sink or swim.
Could we realistically expect that kind of volume to continue? What did we do to prepare for the inevitable day that it slows down? By the way, that's just what this market has done. It is correcting itself...nothing more. It's the laws of economics, supply and demand and buy low/sell high all coming together. The sky is not falling but to listen to many of my customers you would think so.
This is the part where I say how much I love my clients however they expect me and they pay me to be frank with them. I'm candid and I make living telling people what I think so here goes...
It called MARKETING and it's a fundamental part of any business plan. Every small business does it to one degree or another. They plan for and even budget for marketing expenses. It's just something you do - except, for some reason, the average appraisal shop. Here's the way the conversation usually goes...
The client is going on about how business is in the tank and they don't know what to do. They may end up laying off staff and moving from their commercial space back to the home office. They ask me to check the fax machine to make sure it's working properly. I respond by asking what they are doing to actively market their services. Where is the marketing plan and how much have you budgeted? They respond by saying nothing but rather looking at me as if I have three heads. End of conversation.
Someone really famous once said, "These are the times that try mens souls.". These are trying times for most mortgage markets. It's time to step up and start selling your services. Trust me, if you do ANYTHING you're ahead of your competition. Even if what you do stinks, it will be well received because none of your clients have anything to compare it to. Sorry but those are just the facts. As a rule, appraisers don't market because they haven't had to - up until now.
Here are a few off the cuff suggestions:
1- Place your business card in the hand of EVERYONE you meet
2 -Dress you staff including yourself in shirts that display the company logo. Drop the t-shirt and jeans.
3- Have a sign made for your vehicle - nothing flashing just informative
4- Put together a marketing package including a brochure/flyer, business card, resume and (very important) client testimonials.
5 -Take donuts or pizza to your clients office. Let them see your face and remember to be nice.
6 -Learn to use XSellerate - it's one of the best products a la mode provides. It's inexpensive, easy to use and just a phenomenal marketing tool. Check it out at...(http://www.alamode.com/products/Appraiser/xsellerate/Default.aspx). If you are an Elite member, you already own it. This product could literally turn your business around.
6 - Customize your a la mode XSite to differentiate yourself from every other site out there. If you spent 15 minutes setting it up, trust me it looks like you spent 15 minutes setting it up: http://help.alamode.com/appraiser/xsites/default.htm?turl=searchenginetools1.htm
7 - Optimize your site for various search engines: http://help.alamode.com/appraiser/xsites/default.htm?turl=searchenginetools1.htm
8 - Take this time to expand your skill set. Get those certifications you've been putting off then update your resume.
9 - Get out of the office - network, knock on doors and tell people your story
10 - Get very familiar with this link: http://www.alamode.com/support/Appraiser/default.aspx.
Search for the word "marketing". It will return 5 pages of results all targeting appraisers!
Those are 10 that came to me in about 5 minutes. There are a lot more but you get the point. I'm not an a la mode employee. I don't care what you buy or what you renew. My goal is simply to help build your business and survive this market. No one can make you do it and no one is going to tell you that you have to. The market will be the ultimate motivator and unfortunately for some it's literally sink or swim.
posted by Jeff Jones
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