Commercial Appraisal Productivity Seminar

Commercial Appraisal
Productivity Seminar
 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
WHO WE ARE
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.
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OBJECTIVE
The Productivity Seminar will help you…
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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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SECRETS OF APPRAISING
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
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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
 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?
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GOAL SETTING
Before you pick up the next appraisal file, consider the following questions:
 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?
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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
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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 VS. NON PAID ACTIVITIES
Paid Activities
Non-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
 Checking Email
 Being your own IT Person
 Learning new
programs/software
 Returning
voicemails/messages
 Delivering Reports
 Office Meetings
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TIME MANAGEMENT
Weekly To-Do Log
Daily Time Log
Incremental Daily Time Log
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CONCEPTS
CONCEPT 3: PRIORITIZATION
Goal:
Do the things that are the most important first
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EASY PRIORITIZATION
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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EASY PRIORITIZATION
Call client about changes to report
Clean up and file Outlook Inbox
1
Prospect for new business
Set up this week’s inspections
Review Commission Schedule
3
Speak with accountant
Review report for Jesse
2
3
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CONCEPTS
CONCEPT 4:
GOAL: Track the important stuff
 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
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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
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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
Appraisers around the country tell us….
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 halfhazard.
 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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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.
 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.
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SECRETS OF APPRAISING
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
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Commercial Appraisal
Productivity Seminar
For More Information Contact:
Brenda: [email protected]
Jeff: [email protected]
813-349-2700
www.RealWired.com