Here is how I built a business that earns higher appraisal fees.

Many of us who have been in this industry before 2008 have experienced a downturn and a need to reinvent ourselves.

This is where appraisers become savvy business owners.

Or they find something else to do instead.

Because there are appraisers.

And then there are business owners.

Not all appraisers are business owners.

As a business owner, it's important to realize that if you’re going to change your business because you’re afraid of what is happening in the lender world, then you may not be happy with the result.

Mindset matters.

It’s never a good idea to make decisions out of fear.

If you love doing lender work… there are lots of choices out there that will keep you in consistent work, and will also pay you well.

If you’re sick of doing lender work, then it just might be the client that you’re working for….

Also, if you're afraid of private work because you don’t want to land in court, keep this in mind:

Just because you are doing a divorce appraisal doesn’t mean you will need to testify in court.

And remember, nothing is guaranteed in life or business.

There are plenty of appraisers who end up in court because something went haywire on a mortgage of a house they appraised.

Also, about an hour of research and/or Continuing Ed every single day goes a long way in giving you the confidence to take on something new and provide a report that is defensible in court.

My mentor gave me the following advice when I was first starting out, and it sticks with me:

Write every single appraisal report as if you'll need to defend it in court.

I love that advice, and I do my best to follow it every day.

And I don't make decisions out of fear. Only facts.

If you want to earn higher appraisal fees, you need to offer something that no one else provides.

This means getting comfortable with getting uncomfortable.

When I’m learning how to provide a new type of appraisal or consulting service, I have a system that I follow.

Before I even begin offering that new service, I must decide that it will be beneficial for everyone involved.

This includes both our Zen Appraisals team and our clients.

Then, I get educated on that specific subject.

Next, I look for a peer who specializes in that specific area of appraisal that I can partner with, or ask for advice along the way.

Finally, I test the appraisal fees in my market.

At first, my fees are on the lower side because I’m learning about the clients I want to serve.

The return that I get on testing out a new appraisal or consulting product is part fee and part knowledge.

As I learn how to better serve that client base, our appraisal fees for that service increases.

Our office has received appraisal fees that would make many appraisers' jaws hit the floor.

Based on feedback from our clients...we are probably one of the highest-fee appraisal firms in our area.

How did this happen?

We are a team of compassionate humans who are extremely grateful for the opportunity to serve our clients.

And, we truly care about providing our clients with the best experience possible.

Plus we dedicate time to continually learn how to improve ourselves, and be different from everyone else.

That's why every once in a while, when I accidentally charge an appraisal fee that is too low because I wasn’t completely aware of what we were getting into, I shrug it off.

I don't go back and raise the fee.

And I don't get upset.

I learn from it.

And, I am more aware next time a similar situation arises.

I ask better questions.

And, I pay closer attention to what matters.

These are the lessons we learn in life.

Plus, I follow this simple strategy.

And the results are higher appraisal fees in the future.

First -- > Stop Trying to Be Everything to Everyone

I know that sounds counterintuitive.

You would think casting a wider net would bring in more clients.

But here is what I have seen work, time and time again:

Pick one thing.

Get really good at it.

Then let everyone know.

Not just any one thing, though.

The sweet spot is finding what other appraisers in your area are nervous to touch.

That right there is your opportunity.

Because when you become the go-to expert in that space, clients do not shop around.

There is no one else to call.

But here is the part many appraisers foolishly skip:

You have to actually get trained.

Your private party clients are not your learning curve.

They deserve your expertise, not your education.

Take the course, do the work.

The appraisers I see building strong private businesses are not doing more volume.

They are doing more intentional work, in the right niche, in front of the right people.

You do not need to be everywhere.

You just need to be the only one doing what you do.

Being a lone wolf in this industry is one of the biggest risks you can take with your appraisal business.

Think of one appraiser who inspires you.

Someone you have followed, admired, or learned from at a distance.

Reach out to them this week.

Not to pick their brain. But to say "I think we could help each other grow. Want to get together?"

You will be surprised how many people are waiting for someone to make the first move.

And did you know that I love helping growth-minded appraisers grow a thriving business?

Here's where you can find me.