Sign #6: You Aren't Sure of Your Staff's Experience Level

Want to provide your customers with the best level of customer service? Of course you do, but you might not know that it starts with knowing if your appraiser and non-appraiser team has the right experience and credentials. It also starts with knowing when your team is overworked. Over the past few weeks, we’ve been sharing the top six signs your team might be stretched too thin. If you feel like something’s off, see if your team might be suffering from these six signs that are impacting their workload. Today we’ll be discussing when it’s time to take on extra help from a third-party vendor or hire appraisers internally to ensure your appraisals are accurate each and every time.

First things, first — do you have appraisers on staff? 

Regulations don’t require financial institutions to have appraisers on staff in order to run appraisal reviews. But, a team full of appraisers offers a greater depth of experience and preparedness for complicated reviews. Your team needs to be properly educated, and the best way to satisfy customers with quality reviews and low turn-times is to have a team with proper appraiser licensing.No? You’re not alone. In the decade since the 2007 housing market crash, the number of appraisers in the U.S. has decreased by 22%. With more than 60% of appraisers over the age of 50, that number is in danger of shrinking even more.

Know when it's time to bring on a top appraisal management company to lighten the load.

However, if your team is full of non-appraisers, it may be time to supplement with an AMC. AMCs can help fill in any gaps by identifying the right appraisers for lenders to work with. MountainSeed bids out all commercial appraisals to get you the best price with the highest quality. Depending on where your bank or credit union is located, you may have difficulty finding local appraisers. Some regions, especially rural areas, tend to have a lack of nearby available appraisers. The right AMC can connect you with experienced appraisers in even the most specialized areas.If you have a team of certified residential and general appraisers, your staff is probably well experienced and highly qualified.

In some cases, the top appraisal management companies can also assist in reviewing appraisals as a separate offering. Hiring an appraisal management company to monitor your team’s appraisal reviews can help ensure that reviews are compliant with both local and state regulations.

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As we mentioned earlier, we’ve been sharing the top sign six signs of a team who’s stretched too thin over the past few weeks. After seeing all signs you might feel like there are one or two (or three, or four) areas where you want to improve your appraisal process. If your department is struggling to provide clients with high-quality service, you’ve got a partner in your corner to help. Get in touch and make sure you know all six signs before they become a hassle to your financial institution.