Diversify – Do Not Depend On Property Valuation Business Alone
August 27, 2014
The success stories of property valuers seem to shrinking with each passing day. The events of 2008 that led to the collapse of the financial and housing industry are still having their ripple effects even today. This has forced many well settled property valuers to bite the dust. Added to this the fact of the matter is that the customers have also shifted their attention more towards the internet and other such modern technology.
Hence, those valuers who were totally dependent on conventional ways or reaching out to customers found themselves up against a wall. They found that all their customers have all but vanished. In fact they have not vanished but have been picked up by those valuers who understood the power and reach of the internet at the right time.
Hence, if you are a valuer who is doing reasonably well right now, there is no room for you to be complacent. You should find out ways and means by which you can keep growing. You should also plan for the rainy days and not depend on property valuation as the only way by which you can move forward to higher levels of success. This is because of various obvious reasons including increased levels of competition. When choosing ways and means to diversify your business, you should be careful about choosing only those businesses which are complimentary to your main line of business.
Hence, today it is not surprising when we come across many valuers who also take up the job of doing the legal work on behalf of their client. Whenever a property is bought or sold apart from valuation there are other legal related issues that also need to be addressed. Hence if a valuer can double up as a property advocate or lawyer it will be a good opportunity to diversify income sources without taking too much risk.
However, at the same time, there is also the need to concentrate on the core issue of property valuation. This is because in spite of increased competition, there is no doubt that there will be a continuous demand for property valuers. Hence, this opportunity should not be lost in the din of competition and business uncertainties. As a valuer you should come out with new strategies and methods by which you can reach out to more number of customers while retaining your existing list of customers. Diversification and consolidation of existing business should go hand in hand.
How To Rope In More Customers For Your Property Valuation Business
August 13, 2014
Competition is something that will become more of a norm than an exception. This is applicable to all business and property valuation business is also not an exception. If you ask valuers who have been in this business for at least 15 to 20 years will state that doing business those days for much easier than what it is today. This is because of various reasons. First and foremost, it is a fact that the number of property valuers have increased quite rapidly over the past few years. Today, there are more number of service-providers running after customers whose number have not grown quite dramatically. Hence, there is very severe competition and it is only those who are fully fit to live up to these challenges are able to thrive and grow. Finding new customers apart from retaining the existing ones is perhaps the biggest challenge for today’s real estate valuation companies and individuals. Let us see how this can be done successfully using some simple and cost effective techniques.
The simplest way to rope in new customers is to understand the power of networking. Networking helps in geometrical growth of customers compared to conventional methods where only the numbers can grow in a mathematical progression. Hence, the need of the hour is to find out ways and means by which more effective and efficient networking is possible. Towards this objective, there is the need to be present quite regularly in the various social media websites like Twitter, Facebook just to name a few. Further, it is also important to have one’s own valuation business website. There should be efforts made to increase traffic flow to the websites. While the importance of conventional SEO programs is still extremely effective, there is also the need for looking at newer opportunities. Quite a few valuers are today turning to website awards and competitions. It has been found to be a very effective way by which one can reach out to more number of prospects in an indirect manner.
Lastly, there is also the need for taking membership in reputed chambers of commerce and other such institutions and communities. There are a number of advantages when a valuation company takes memberships with chambers of commerce. It goes a long way in helping to be in touch with all likeminded stakeholders including banks and financial institutions. It is a known fact banks and financial institutions have a major role to play as far as continued valuation business is concerned.
How To Win More Customers In Your Property Valuation Business
July 28, 2014
Running a successful real estate valuation business successfully is getting tougher with each passing day. The levels of competition are increasing quite dramatically and therefore today you have twice the number of service providers chasing almost the same number of customers. In such situations, if you are serious about your real estate valuation business from the long term point of view, you must find out ways and means to expand your business. This can be done only to a limited extend with your existing number of customers. Hence, it is very imperative that you look for new acquisition of customers. This is however easier said than done because you can be quite sure that you will have scores of other property valuers trying the same method to increase the customer base. It is therefore imperative that you find out unique and novel ways by which you can reach out to new customers.
Using technology to your advantage is very important in your endeavor to build newer and more efficient networks. Real estate valuation at the end of the day is nothing but a service and the best way to improve service levels is to look out for new customers while deepening relationships with existing ones. The internet can certainly help you in your endeavor to reach out to more numbers of customers. For example, having a website and ensuring that it attracts more number of visitors is a simple but effective way to look for new prospects. If you can announce in your website that you are offering online valuation facilities it can certainly be a game changer for your valuation business.
There are other ways too by which you can target new customers. Becoming a member of reputed chamber of commerce is a wonderful and time tested way by which you can target new customers. This will help you to target not only retail customers but you will also be able to build good rapport with banks and financial institutions. These corporate clients can provide you with bulk business which can be extremely useful to take your business to higher levels. Last but not the least being present in various social media sites and also taking part in web awards and competitions can also help your valuation business quite significantly.
How To Be More Customer Focused In Your Valuation Business
July 15, 2014
There is hardly any doubt that valuation business is not the same as it was even a few years ago. It would be not wrong to mention that quite a few tectonic changes have taken place which could go a long way in redefining the way valuation business is being run. While on the one hand there is no doubt that competition has certainly increased a lot, there are also other contributory factors that need to be kept in mind. The customers of today are not the same as they were a few decades ago. They are very information hungry, internet and tech savvy and hence as a service provider you should know ways and means to satisfy them to the fullest extent. The concept of brand or product or even loyalty towards a particular service can no longer be taken for granted. Under the circumstances, it is very important for valuers to find out new ways and means to win over customers.
Towards this objective it is imperative that valuers and appraisers learn to think out of the box and come out with innovative and new ideas. For example, if you are looking at your valuation business from the long term perspective, it goes without saying that you have to understand the power and reach of the internet. Being absent from this medium could sound the death knell for many valuation business in the none-too-distant future. Therefore the right beginning can be made by having a website of your own.
Additionally it is important for you to put the website to good use. Towards this objective it would not be a bad idea to offer online valuation to your customers. Though totally migrating from a manual environment to an automated environment will not be possible overnight, you should be willing to take small but significant steps towards this final objective. It is also important for you to be present on the internet in an aggressive fashion. For example, making your valuation business visible regularly on social networking sites like Facebook and Twitter is something that will shortly become a need rather than a choice. You must also as a real estate valuer find out ways and means to better network with customers and other important stakeholders like banks and financial institutions.
How To Win Over Customers As A Valuer
July 15, 2014
Competition is without any doubt becoming extremely intense in the valuation business. Hence it is important for valuers to adapt accordingly to changing situations and try and move their businesses to higher levels of success. Towards this objective there is little doubt that as valuers you should try and find out newer methods to win over customers. Modern day customers including those seeking valuation services are extremely information savvy. They use the internet to very good effect. Therefore as a service provider the onus is on you to find ensure that you reach the hearts of the customers with value additions which they perceive as being very useful to them.
This is easier said than done and calls for understanding the customers’ requirements and his behavioral patterns quite closely. Based on such findings it is important to tweak the business models and deliverables accordingly. However, on thing is very clear. Today’s customers are extremely internet friendly and they are also hard pressed for time. Under the above circumstances it is very important for the valuers to try and offer them online valuation. This is not an easy thing to do but it is very much possible because many valuers are doing it. The facility of online valuation will certainly be a game changer if implemented properly. It will certainly be a big value addition to customers who are hard pressed for time and will avoid the necessity of making repeated visits to the valuers’ office in their bid to push their files forward. In an online and totally automated environment it will happen automatically and even if there are some slippages and stoppages it will be easy to pinpoint the area where the files are getting stuck.
Apart from understanding the importance of being tech savvy to meet changing customer expectations, it is very important for companies to offer their services at reasonable and affordable rates. Timely delivery of services is another important aspect which often gets ignored by many valuers. Coming back to the topic of pricing, while affordability is indeed a big factor it cannot be done at the cost of services. If it is a choice between higher pricing and quality services, the latter should always be considered the better option.
How To Be A Customer Friendly Real Estate Valuer
July 15, 2014
There is competition in each and every business and real estate valuation is also one such business that has been seeing increased levels of completion. Hence, it is important for real estate companies to think out of the box and find out ways and means by which they can not only stay relevant but also get their businesses moving to the next higher levels of success.
As a starting point it is very important for today’s valuers to understand the importance of being seen to add value to the customer. Simple and mundane valuation tasks may not be enough because there are already dozens who are in this same line of activity. Therefore it is important for valuation companies to find out ways and means which will make life easier for customers and will also see them getting some additional value.
Towards this objective the first starting point is to understand the importance of modern day technology. Any forward looking real estate company should at least have their own website to begin with. It would be wrong to assume that having a website alone would be enough for the business to takeoff and reach soaring heights. They should find out ways and means by which customers would keep coming to them over and over again. Simple things like having a website that is informative and interesting to the customers with relevant articles of real estate market and latest changes to valuation acts would go a long way in bringing in new prospects to the websites. The next step is to find out methods by which the website is seen quite regularly on social networking sites like Facebook, Twitter and other such sites. This will certainly yield very rich dividends over the next few years.
Offering online valuations is perhaps one of the most important and effective ways by which valuers can retain their hold on existing customers. Today there is hardly any doubt that real estate buyers in particular are hard pressed for time and would therefore not mind paying a few dollars more for getting the facility of online valuation. While this certainly could be a game changer it has to be done carefully after taking all points into consideration. When done properly it will certainly open the flood gates of new and tech savvy real estate customers.
What Are The Responsibilities Of A Real Estate Valuer
June 2, 2014
The most important reason why customers hire the services of valuers is to find out the accurate market value of the property that is being bought or sold. This is very a very important piece of information that impacts quite a few things in the entire ownership of property process. It is the main document based on which property tax amounts are calculated. It is the main document which helps banks and financial institutions to take a decision whether to fund or reject a home mortgage loan application. It is the main document which helps a lot in finding out the stamp duty payable for execution of sale deeds. Hence, the responsibility of the valuer is quite huge because it impacts government revenue at the end of the day.
Further, many valuers do not see high levels of success because they try to sell their services at low rates. This is not a good strategy because customers are today willing to pay higher rates provided the services are good. Hence this is a very important point that needs to be kept in mind. It is also important for valuers to understand the need to offer the entire gamut of valuation under one head. There should never be an occasion where a customer has to walk out without having his requirement fulfilled.
Another big responsibility for professional valuers is to understand the need to submit the reports in time. There could be many occasions where the time line suggest by valuers could be quite difficult to meet. But as a professional valuer he should find out ways and means by which he is able to meet even the most stringent deadlines.
What To Expect Of A Good Property Valuer
May 26, 2014
The first important point while choosing a valuation company or individual is to be sure that they are certified and have the permission from the concerned authorities to carry on the business. The next important point is to look for valuers who are experienced and have been in this business at least for 10 years if not more. Experience without any doubt is a big teacher and this phrase applies all the more to real estate and other valuers. Further, when scouting for valuers it is important to always be on the lookout for those who have a formal qualification in the matters related to property and real estate valuation. Though it is not a mandatory requirement, there are reasons to believe that a qualified real estate valuer will not only be able to handle customers more satisfactorily but will also be able to understand the various contour of real estate valuation better.
It would also be worth mentioning here that a good valuer is one who should be able to handle almost any type of valuation. Whether it is simple vanilla valuations or complicated backdated or superannuation valuations, they should be in a position to handle everything. Merely depending on real estate valuations may not be enough for aggressive growth in today’s highly competitive environment. Further timely delivery of valuation report is also something that should be on the top of the mind of valuers. It could so happen that some of the timelines suggested by customers, especially by banks may be quite tough. But the onus lies on the valuers to find out ways and means by which they can submit the valuation reports well in time.
Last but not the least, offering the real estate valuation at affordable rates is something that should always be kept in mind. But in the quest for offering cost effective services, valuers should not compromise on the quality of their services. They should learn to draw a line between quality and cost of services being offered by them.
Useful Tips For Accelerated Growth In Real Estate Valuation Business
May 26, 2014
There is a need to understand the pulse of the modern customers especially the younger generation. They are not going to be swayed by conventional methods of marketing because they are likely to spend most of their spare time either on their cell phones or sitting in front of the internet. These are the two places where all the action is. Therefore, as forwarding looking and dynamic valuers the onus is on us to make effective use of these mediums to network more efficiently and build newer and better relationships.
The best way to do this is to start off with a quality website. It will not cost much and over a period of time it will certainly pay rich dividends provided it is effectively used. The contents available in the website must be interesting and informative to the customers. It is also important to keep changing the contents constantly so that boredom and lack of interest does not creep in. The need to increase traffic to the website is also of paramount importance.
Apart from being merely an information giver, the website should be able to add value to the customers. Towards this objective it would not be a bad idea if the customers are at least allowed to originate real estate valuation online. This will without any doubt save a lot of time and help customers to see some value by being in touch with such websites.
Last but not the least, taking part in web awards and other competitions will also go a long way making the valuation related websites become more popular. The popularity will eventually get translated into business leads and one can expect sizeable business out of such leads. The mobile phone is also another gadget which must be used by valuers intelligently to reach out to more number of customers.
Being Ingenuous To Help Succeed Fast In Property Valuation
May 26, 2014
Though at the end of the day the final objective of real estate or property valuation continues to be the same, the way in which this objective is achieved is undergoing a lot of change. As mentioned above, there are a number of reasons for the same. Today’s customers are well informed, extremely knowledgeable and hard to convince in more ways than one. They are also very internet and tech savvy and are willing to look for the required information from as many sources as possible. Hence, if you are a real estate or property appraiser and would like to move forward to higher levels of success, you must find ways and means to cater to this new-generation customers.
The starting point is to understand the need to have your own website. However small or however new your valuation business might be, you are required to understand the importance of being present on the internet. Since valuation business is all about building newer relationships, strengthening existing ones and networking with people, this can be done best only on the internet. It is very important for you to understand the need to be present also in popular social networking sites like Facebook, Twitter, YouTube and quite a few others.
Apart from being internet savvy you should also understand the need to go through a formal course on real estate valuation, though it may not be mandatory in most of the cases. It will help you to stand apart from the crowd and customers will find it more comfortable to deal with you. You must also find out ways and means by which you can become member of some reputed chambers of commerce and other related organizations and communities.