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Editor’s
Note: Here is valuable end-of-the-year advice from inspector David
Roche that applies easily to appraisers and anyone running
a small business. You will find additional tips on fine-tuning your
business in “Spring Cleaning: A Business Refresher,” by long-time
appraiser Lloyd R. Manning (link below). The next print issue of
Working RE mails in late January/early February (in case you've grown
tired of looking at the green Sumo above).
The staff of Working RE and OREP wish you a healthy and prosperous New
Year!
Creating
Next Year's Business Today
by David Roche, CRI
Winter
is here and with it the prospect of having more time on your hands as business slows. It is a time of the year when you start thinking
about watching TV, renting videos, eating big dinners and going to bed
early with a good book. It’s the time of year when inspecting or
appraising only
the inside of a dry, warm house sounds like a good idea- even if it is
impractical.
But most of all, this is the time of year for appraisers and home
inspectors to work hard for next year’s business. When the busy times
start again it will be too late, so don’t procrastinate- do it now!
Inspecting
Your Report
It’s time to pull out a few of your old inspection reports to see if
they make sense. Are they well worded? Do any of the comments contradict
each other? Reading completed reports is a great way to see how others
perceive you and your report and to compare what you wrote with what you
think you wrote. (Appraisers can use the time to also catch up on the new Fannie Mae forms. See links below.)
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Meet
Aurora, the fifth generation of WinTOTAL. Now you don't have
to choose between simplistic appraisal software or complicated
solutions just to get what you need. Since Aurora is the
first appraisal software designed from the ground up in this
millennium, it has a clean, easy interface on top of the most
powerful tools for solving today’s problems. It’s the best of
both worlds. It’s powerful yet intuitive, comprehensive yet
streamlined and affordable yet cutting edge. You'll wonder
how you ever lived without it. |
(story
continued)
Have
you looked at the report forms of your peers? Have you looked at the palm-sized computers versus
the larger laptops? A well-written report will generate referral business
from satisfied clients. A badly written report is a liability.
Home
inspectors rarely get in trouble for what they write; more often it’s
what they fail to identify, explain or fully elaborate on that causes
problems. For example, say the property you inspect does not have the water turned
on. You know it and so does the buyer. But if you fail to note it in the
report, you are leaving yourself exposed to future litigation if there is
some plumbing problem when water service is restored. Appraisers face
increased challenges and liability issues with the new Fannie forms.
It is
time to begin implementing the changes to your report that you have been
thinking about for the last two years. Have you updated your contract?
Every inspection should begin with your client signing and understanding
that the inspection is governed by your contract. No signed contract
should mean no inspection. (Many appraisers find the use of "engagement
letters" very valuable to define issues such fees and delivery and
payment dates.)
Do you use national inspection standards? Are
they the current version? More to the point, does every client get a copy
of them before the inspection? No signed contract and no standards equal
unrestricted liability.
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Real
Estate Exchange Depot is a cutting edge, online
appraisal office management system
that allows you to significantly reduce the time you spend performing
mundane but necessary appraisal office management tasks
(accounting, order management, payroll, etc.). "You’ll
find our system so easy to use that we offer a full money back
guarantee if you don’t agree," said appraiser & owner
Steve Smith. "See why appraisers are switching from their
present system to our system." |
| Go to www.rex-depot.com and try it today! | (OREP members & Affiliates save 25% when you pay for a year’s membership at sign up.) |
(story continued)
E&O
Oh!
It’s time to review your insurance: is your liability insurance paid
up? That’s the insurance that pays for the SUV your ladder falls on or
the vase you tip over during a walk through. Do you have additional coverage for your tools - ladder, moisture meter, gas and CO detectors, flashlights,
etc? As well as the desktop computer, fax machine and other stuff you
write off on your taxes. Do you realize that your homeowner’s insurance
does not cover any of these items because they are used for
business?
Think about where your liability is. Should you carry errors and omission
insurance? E&O or professional liability covers you if you are sued for something related to
the report. This is a big question today as claims are rising. Can you afford
not to have it? If you own nothing: no house, no truck, no mutual funds,
no assets, then you may not need it. If you have any net worth you should
consider insurance.
Marketing
It’s time to think about your marketing/advertising. Does it work or
is it just a tax write off that makes you feel good? It
is hard to know what level of advertising you should adopt and what type
of advertising you should spend your money on. You may not want to stop
advertising this year but you should track where clients get your name and aim your advertising at those
sources next year. Putting large ads in the
phone book and real estate magazines can be very expensive and is often
very unrewarding.
Networking
It’s time to get out and about, meeting faithful agents and other sources of referrals. Give out bundles
of business cards, thousands of them over the next few months (on-line
printers can be very inexpensive) and don’t be shy about giving out
brochures (you should have stands to put them in). Do you have your
credentials and affiliations on your cards?
Education
It’s
time to attend one or more continuing education seminars. Typically, they
last two to four days. Most courses are very informative and talking with
other inspectors and appraisers can be quite beneficial. Seminars are held in
numerous locations throughout the country and are designed to improve your
knowledge.
Increasing your knowledge is another way of
reducing your liability exposure. You can use the fact in your advertising
that you attend
conferences on an ongoing basis to keep up with the industry, highlighting the point that you
do so to give your
clients a better inspection.
It’s
time to start attending appraiser and home inspector meetings too. Most states
have chapters of the national organizations. These meetings are not only
for the other guy: they are for you.
Are they always convenient and well
attended? Not always. Will you come away better informed? Usually you
will and other inspectors/appraisers want to help. It is nice to be able to sound off
and discuss your problems with colleagues. Many are only too happy to help
you with something you are not sure about. Many chapter members refer
business to each other.
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(story continued)
Dressing for Success
It’s time to take a look at your work wardrobe. People judge you on
first appearances. Being neatly-dressed and nicely groomed says to a
prospective client that you are a professional who can be trusted to do a
good job. If you look like a construction worker who is branching out or
someone on their way to the beach,
it’s time to re-think your work wardrobe. Looking like you know the building
trades is important for an inspector but looking like you just stepped off a construction
site is not the image of a professional.
Consider investing in monogrammed shirts and jacket (they are tax
deductible), do away with the steel-toed boots and get shoes with a smooth
sole that will not track dirt into the house. Sneakers do not project a
professional image and dirty unpolished sneakers reduce the image further.
Home inspecting (and
appraising) is an exciting profession; it is also a lonely profession
where you are on your own all day, every day. Use this quiet time to get a
better perspective of what your business is about and how where you want
to take it.
Family Values
It is easy to forget what life is all about and how to really
enjoy it. All too often, as self-employed entrepreneurs, we extend our working days
unreasonably. Consider restructuring your day and only answering the phone
between 8:00 a.m. and 6:00 p.m. (never on Sundays), taking a regular day
off and scheduling a vacation with your family.
If you do not get the most out of life you can’t put the most
into your business. It’s
time to recharge both your batteries and your business.
About
the Author
David
Roche, CRI, is a certified Home Inspector with Buyer's Inspection Service
in
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