When running your business, especially an appraisal business, you want the same thing everyone wants. You want your costs low to give you a large margin for pricing, you want to produce high-quality work that increases referrals, and you want to appraise properties promptly. This elusive trifecta can seem unattainable. In the appraisal process, you have systems and techniques that you cannot rush or avoid. So without costing yourself the quality, how can you maximize price and speed?
The Unattainable Triangle
As the saying goes, you can have it good, fast, or cheap— but not all three. Most business owners are aware of the evasive trilogy for good service offerings:
- You want to maximize your price, but not to the point where you miss out on opportunities.
- Quality should be standardized and increase referrals, but should not increase your cost or time.
- You should be able to scale your business and decrease the amount of time you spend on appraisals.
This triangle is said to be unattainable by almost any industry; this is due to the fact that most businesses feel that the juggling act of each is too heavy on one individual or company. This leaves us to question, which two would you choose?
A Losing Battle: Choose Two
When it comes to appraisals, every lender who has enlisted your help wants a reasonably priced, high-quality, and timely commercial appraisal. Unfortunately, since the processes involved in appraisals cannot be missed, timeliness is not usually something you have much control over. So if you can only have two items on our list, which would you choose if you had to? If you are running your own appraisal business, you are likely already only reaching two of the triangle corners.
Since the appraisal process is mostly manual, this automatically influences time and cost. If you are trying to keep your cost down and deliver a fast turnaround, you will likely sacrifice quality. If you are trying to deliver quality work, it will likely take longer and cost more to produce. Which two are you currently focusing on in your business?
Don’t Sacrifice Quality, Price, or Speed.
After reading about the unattainable triangle, it can be discouraging. However, there is a secret to success: fill your arsenal with other experts and support your appraisals with a team dedicated to helping you with the menial tasks so that you can scale your appraisals. Leverage a team to expand your success. At Archstone Group, we have a network for valuers and appraisers that provide new opportunities for your business without costing you quality, price, or speed.
Archstone Group provides a safe place for valuation professionals to connect and offer
services and products to one another, brings appraisal technology and project management tools that provide a new level of control and transparency over workflow management even amongst different business entities; and enable industry professionals to effectively provide a profoundly richer perspective on local market activity on every assignment.
Archstone Group is an appraisal company that works to fight these career obstacles for appraisers. By teaming with industry leaders and independent businesses, leveraging technology and data, and cultivating trust with our clients, Archstone is changing the industry of commercial appraisals.
Archstone Appraisal Group has U.S. offices in Washington D.C., Boston, West Virginia, and Idaho. Additionally, we maintain a network of over 200 experts devoted exclusively to valuation and consulting services in more than 40 countries. The services we provide are:
• Commercial Property Appraisals
• Market Studies
• Financial Reporting
• Litigation Support
• Purchase Price Allocation
• ARGUS assistance
• Feasibility Studies
• Insurance Valuation
• Lease vs. Purchase
• Portfolio Management
• Appraisal Management
Our clients choose us for:
• Our local presence
• Technical capabilities
• Customer Service
• English and Spanish fluency
At Archstone group, we provide the tools to accomplish appraisals with ease. With our highly skilled and efficient centralized production team committed to streamlining the appraisal process, we can grow your business exponentially. While you think about transitioning into retirement, selling your business, or looking for a strategic partner, consider Archstone Group. We work with Global Companies, Portfolio Managers, Equity LPs, GPs, CFOs or Accounting departments, Attorneys, Property Owners, Lenders, Government Entities, and Nonprofits.