commercial appraisal productivity seminarthe first women in the state of florida to achieve the mai...
TRANSCRIPT
Spend less time in the office
Put more money in your pocket
Handle more work
Increase production levels
Deliver more accurate reports
Provide quicker turnaround times
Commercial Appraisal Productivity Seminar
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Brenda Dohring Hicks, MAI Brenda Dohring Hicks, MAI, is CEO of The Dohring Group, a downtown Tampa based, commercial real estate appraisal, brokerage, development and technology company, and is also CEO of The Dohring Group’s affiliate company RealWired!, a technology firm providing software solutions to the commercial real estate market since 1995. As one of the first women in the State of Florida to achieve the MAI designation from the Appraisal Institute, she has been active in appraisal, brokerage and development in the Tampa Bay area for more than 20 years. She served as Special Master Ad-Valorem Tax for the Valuation Adjustment Board of Hillsborough County for seven years and as the National Chair of Public Relations for the Appraisal Institute. She is a frequent speaker on real estate, business process and technology.
Jeff Hicks, MAI R. Jeffrey Hicks, MAI is President of The Dohring Group, a commercial real estate appraisal, brokerage, development and technology company headquartered in Tampa, Florida. Mr. Hicks has appraised and supervised appraisers on a wide variety of property types including office buildings, shopping centers, apartment complexes, hotels and industrial. Other valuation specialties include eminent domain, and environmentally sensitive lands. He has worked with various condemning authorities such as the Florida Department of Transportation, Hillsborough County, Pinellas County and the city of Tampa and has also represented property owners. Mr. Hicks is a certified general appraiser in the state of Florida with 23 years of experience. He holds a Bachelor of Science in Real Estate from Florida State University and is an Member of the Appraisal Institute.
WHO WE ARE
The Productivity Seminar will help you… Think more like a businessperson and not a technician Compensate for declining fees due to increased regulation Increase your entrepreneurial skills Improve the look and content of your reports Substantively increase your productivity Change the way you do day-to-day things Increase your hourly wage Increase the value of your business Challenge your organizational skills Think like you're the owner even if you're not
The Productivity Seminar will not… Help you appraise property Mention USPAP Discuss capitalization rates
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OBJECTIVE
SECRETS OF APPRAISING
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1. SPIOT- Sustainable Process Improvement Over Time 2. Get the number right 3. Have the best data, best presentation (no stupid
errors) and best analysis possible
DO A GUT CHECK
DETERMINE IF YOU, AS AN APPRAISER OR OWNER OF THE FIRM, HAVE AN OPEN ATTITUDE FOR
POSITIVE CHANGE.
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CONCEPTS
CONCEPT 1:
TRACKING PRODUCTION, VOLUME, HOURLY RATE AND GOAL SETTING
Metrics and tracking of # of appraisers, # of reports to hit goals, etc.
Production Charts and Metrics (beginning, intermediate, advanced)
Accounts Receivable Policies – 50% Retainer Mandatory – “One
Off’s”
Accountability Traps
One Page Business Plan
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TODAY’S APPRAISAL WORLD
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How has your appraisal practice been doing in the past year?
How is your workload?
What are your fees like?
How you been letting staff go, retaining, or bringing more people in?
Do you feel pessimistic or optimistic about the coming year?
If you were the president and could wave a magic wand on this
industry, what would you do to make things improve?
GOAL SETTING
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What was my appraisal production this week, this month and this year?
Which client provided the majority of work this year and what dollar amount?
What percentage of my reports last year were restricted use, summary and self-contained?
What is my profit margin with the three reporting styles? (Hint: the highest $/hour is not
self-contained)
What percentage of jobs turned into engaged assignments (or probably more interesting,
what percentage of jobs did you lose?)
Based on your direct competition, where is your pricing (hopefully it is at the high end of
the range)?
What percentage of jobs are delivered early or on time?
What percentage of jobs are delivered late?
What has been the trend of your appraisal volume and pricing - downward, upward or
static?
Before you pick up the next appraisal file, consider the following questions:
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Production Tracking
Reviewing the numbers in the following area helps build a better understanding of the impact of these ideas: Appraisal Group Production
Company Assessment
Hourly Wage Calculations
Average Fee Schedule
HAPPINESS PRIORITY LIST
Money
Time
Education
Auto Pilot
Implementation
Networking
Life/Work Balance
Give Back
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CONCEPTS
CONCEPT 2:
PAID VS NON-PAID TIME GOAL: Make as much money as possible in as few hours possible.
Paid vs Non-Paid Time
Daily Time Log
Web Based Tracking
Daily Log Chart
How to Avoid Unpaid Consulting
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Paid Activities
Inspections
Putting Sales in Comp Database
Research & Searching for Comp Data
Confirming Comp Data
Bidding on Jobs and Managing Workflow
Dictating and Writing Reports
Reviewing Reports
Business Development
Non-Paid Activities
Checking Email
Being your own IT Person
Learning new programs/software
Returning voicemails/messages
Delivering Reports
Office Meetings
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PAID VS. NON PAID ACTIVITIES
Weekly To-Do Log
Daily Time Log
Incremental Daily Time Log
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TIME MANAGEMENT
CONCEPTS
CONCEPT 3: PRIORITIZATION Goal: Do the things that are the most important first
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EASY PRIORITIZATION
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Call client about changes to report
Clean up and file Outlook Inbox
Prospect for new business
Set up this week’s inspections
Review Commission Schedule
Speak with accountant
Review report for Jesse
EASY PRIORITIZATION
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Call client about changes to report
Clean up and file Outlook Inbox
Prospect for new business
Set up this week’s inspections
Review Commission Schedule
Speak with accountant
Review report for Jesse
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2 3
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CONCEPTS
CONCEPT 4:
GOAL: Track the important stuff
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CRM (Live, Dashboard, Tasking)
Appraisal Ordering Data form
How do you track who does what and when it gets done?
Pricing Strategies
Appraisal Bidding Process
Automated Appraisal Management System
WHAT YOU DO
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MANAGER
Appraisal Office Buckets
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MANAGER
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MANAGER
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MANAGER
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MANAGER
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MANAGER
CONCEPTS CONCEPT 5: GOAL: Have reliable, repeatable processes
OFFICE SYSTEMS/PC MAINTENANCE
Back-up PC’s(Data)
Back-up fully functioning workstations
Exchange(E-mails)
Managed Services
3-4 Computers Screens
Dragon
Uniformity of equipment
Cell phone, Computers, Headsets
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CONCEPTS
CONCEPT 6: GOAL: Move through the report generating process smoothly
APPRAISAL PROCESS TIPS
Upfront discussions with appraiser. Go over issues, expectations
Inspection Tips (deferred maintenance, new valuation issues)
Communicate with clients during process, review if complex appraisal
Google subject and all comps
Communicate new market research, valuation issues with all appraisers
Outsource opportunities
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CONCEPTS CONCEPT 7:
GOAL: Run a practice like a business Introduce E-MYTH
Stop just working in the business and work on the business. It's an important distinction. Can you see it? It's right in front of you.
E-Myth Overview Chart
Dohring Companies Processes
Employment Position Statements
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STRATEGICALLY THINKING
Here are a few questions to ask yourself:
How many more years will I appraise?
Do I have an appraisal business successor?
Does my appraisal practice have any real value?
Do I have a business plan and do I update it?
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STRATEGIC PLAN TEMPLATE
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CONCEPTS
CONCEPT 8:
GOAL: DATA ORGANIZATION
Productive File Structures
Establishing new job process and tracking
Template and component parts
How much time does it take you to find and confirm sales/comps
Internet, CoStar, Loopnet, Commercial IQ, Corporation Look up
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WHAT WE HEAR
Appraisal Firm Owners
My appraisers slow down when they have less work on their desk.
My appraisers refuse to take the time to consistently update neighborhoods, market data and zoning descriptions.
My appraisers do not embrace technology and are unwilling to change how they produce reports.
Staff Appraisers
Office procedures and production goals are not written down and are half-hazard.
The owner and/or reviewer is inaccessible which makes gaining experience difficult.
The owner does not embrace technology and is unwilling to change how they produce reports.
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Appraisers around the country tell us….
DATACOMP Run search for Comps and print to an adjustment grid
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DATACOMP DataComp Improved Sales Summary Template in Excel before and after data is merged
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DATACOMP DataComp Sample Summary Table output in Word for 5 comparables
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DATACOMP DataComp Sample Word output with picture
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CONCEPTS
CONCEPT 9:
REPORT WRITING – Exploring & Implementing Appraisal Report Process and Automation Pitfalls: What are some objections to Report Writing Software?
EDGE
Cut and Paste
Templates
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EDGE EDGE set up showing how you create a project and select your Input Template (Excel) and Output Temple (Word). Once you have selected your Input Template and specific Output Template (Restricted, Summary or Self Contained) you then create a New Project.
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EDGE EDGE Input screen with Tabs at the bottom. Tab 1
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EDGE EDGE Input Screen Tab 2
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EDGE EDGE Drop Down Field Type
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EDGE EDGE Multi Text Field Type
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EDGE EDGE Link Field Type
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EDGE EDGE Output Screen in Word. Cover Letter with keywords before and after data is merged
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EDGE Summary Table before and after data is merged
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EDGE Intended Use/Client and Intended Users Page before and after data is merged
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FINAL THOUGHTS
Risk: A state of uncertainty where some of the possibilities
involve a loss, catastrophe or other undesirable outcome.
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Do not stop working on getting more business and networking when busy.
Continue to improve your internal systems.
Purchase and implement software solutions to increase appraisal production.
Define production goals, then track your appraisers' production.
Return phone calls and emails promptly.
Communicate with your clients quickly when appraisal issues arise.
SECRETS OF APPRAISING
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1. SPIOT- Sustainable Process Improvement Over Time 2. Get the number right 3. Have the best data, best presentation (no stupid
errors) and best analysis possible
For More Information Contact:
Brenda: [email protected]
Jeff: [email protected]
813-349-2700
www.RealWired.com
Commercial Appraisal Productivity Seminar