In any business, working in a team is seen as a benefit. It is easy for all of us to charge forward and take control, but how much is the “lone wolf” mentality actually hurting you and your appraisal process? Similar to a dentist’s office, an efficient team can leverage the proven expertise to the maximum. Beyond productivity, it is proven that working in a team encourages healthy risk-taking, collaborative idea generation and improves workplace satisfaction. Each team member has their strengths and weaknesses, so it makes sense to lean into those strengths. You should be considering this in your appraisal development process.
Benefits & Pitfalls Of Handling Your Commercial Appraisal Alone
Many tools make it possible for appraisers to handle their own work alone from start to finish. Operating this independently allows you to have full control over:
- The full appraisal process
- Cutting Costs
- Staffing Flexibility
- Reduced Liability
As an independent contractor on an appraisal project, you manage and pay your own taxes. Even though you generally miss out on certain benefits of being part of a larger firm, you can cut costs and keep more of the profit you generate. You are also able to work with independent contractors, thus having greater flexibility in staffing. As a one-person team, you can manage your fluctuating workload throughout the appraisal process without assigning processes to other team members. You can also have absolute control over your liability, as it is only you or a few independent contractors working on the project.
The downsides, however, come down to two factors: time and expertise. On a generic commercial assignment, there are roughly 220 tasks that need to be considered on every assignment. However, less than 30 of them must be performed by the licensed appraiser. Working as a “lone wolf” means that you could be doing over 190 unnecessary tasks. This lowers your earning potential as well as leaves immense opportunities for missteps. Within these tasks, there are evolving rules and regulations to follow and an endless repertoire of niches. The difficulty of maintaining work quality control and having someone senior to you checking your methodology and execution is a significant hurdle for the lone wolf. Add to that the importance of sustaining communication with all parties involved, ensuring you will be thought of favorably when the next assignment comes up.
Strengths & Weaknesses Of A Team Of Appraisal Experts
We mentioned this before, but there are two key strengths of using a team of appraisal experts:
Remember those 220 tasks? What about the other 190 that do not need to be done by an appraiser? An admin team can easily do many of the other functions. At Archstone, we call that admin team the “Control Tower.” This process is similar to outsourcing your expertise and streamlining your timeline. What can administrative tasks during your commercial appraisal be done more efficiently by others? Where can you use this new, free time for your high value and expert work?
Similarly, a surgeon is not responsible for the tasks that go into surgery that they are not an expert in. Some nurses and administrators handle the pre-surgery prep, the facility clean up, billing, and paperwork. Working with a team of appraisers allows you time for the tasks where your talent is most utilized, saving you time for the processes you enjoy and opening up the opportunity to take on more projects and increase your income.
Working with a team also allows you to outsource to an expert. There are dozens of niches in the appraisal field, and you can’t expect to be an expert on each one. Get assistance on projects where you might not have expertise while not missing out on the payday. Working with a team also allows you access to internally review individuals and ensure that the product you deliver delights the client.
Is It Time To Put Your Commercial Appraisal In The Hands Of A Professional?
If you could have more time while increasing your business, why wouldn’t you? Archstone Group is a next-generation, leading expert real estate provider. We help clients make sound real estate decisions by providing the best market intelligence combined with elite, customized service. Our expert team brings an extensive network of affiliated professionals worldwide and specialty real estate knowledge. We regularly perform appraisal work for the following situations:
- Estate planning
- Conservation easements
- Donations for tax purposes
- Easement negotiation
- Lease negotiation
- Lending purposes
- Account reporting requirements
- Partnership or marital dissolutions
- Government condemnation
- Feasibility testing
- Highest and best use testing
- Strategy and decision making
Thanks to well-defined standards and qualifications, many other professions, such as attorneys, accountants, and realtors, lean on the appraisal profession as a source for independent and qualified value advice. Free up your time and rely on a team of experts who are dedicated to your success.
Schedule an appointment with Archstone Group today.