How can you bolster your appraisal business during a slow real estate market? This month we asked our appraisal community, “What’s the BEST way to survive a slow market as an appraiser?” The most popular answer was, “Offer your appraisal services to a variety of clients (attorneys, real estate agents, homeowners, property investors, etc.).” However, many respondents said that all five of the following strategies should be employed to help your appraisal business survive—and thrive—throughout ups and downs in the market. Read the full survey results below.
What’s the BEST way to survive a slow real estate market?
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Offer your appraisal services to a variety of clients (47%)
Nearly half of survey respondents agreed that the best way to get through a slow real estate market is to diversify your client base by offering your services to attorneys, real estate agents, homeowners, property investors, etc.
“Reaching out to attorneys covers the market for divorce appraisals and estate sales, which still continue in a market where sales and refinancing may be down, and allows for a diverse data base.”
“Although I have several options when the market is slow, I notice divorces and estates have come into play. Some appraisers may find it intimidating or risky, but if you know your business and have integrity, there should be no issues finding more work.”
“Being the best at what you do results in business finding you, not the need for you to go find business!”
“It is just the thought process of not having all your eggs in one basket. Different revenue streams.”
“Variety is the spice of life!”
“While the market has slowed down, I feel like there is still plenty to do to improve your practice and work on your business. I’ve taken this opportunity to network and market to new clients, take additional courses,…