Ken Folven | Transforming Appraisal Standards

I recently had the chance to chat with Chief Appraiser Ken Folven about building a resilient appraisal business in today’s challenging market. Here are some key insights from our conversation to help you navigate these turbulent times. ??

Building a Resilient Appraisal Business

Ken emphasizes that resilience starts with adaptability. In a market characterized by high interest rates and low transaction volumes, appraisers need to diversify their services and explore niche markets. He suggests focusing on unique sectors like rural properties or litigation support to mitigate the impact of market fluctuations.

Ken also highlights the importance of leveraging technology. Tools like data analytics and automation can streamline workflows, improve accuracy, and save time. By embracing these advancements, appraisers can enhance their efficiency and stay competitive.

Another crucial aspect is continuous learning. Ken’s career showcases the value of staying informed about industry changes and embracing new methodologies. He urges appraisers to invest in their professional development to adapt to evolving standards and expectations.

Building strong client relationships is also essential. Ken advises appraisers to focus on communication and transparency with clients. Providing exceptional service and demonstrating expertise can lead to repeat business and referrals, bolstering your resilience in a slow market.

Ken’s insights are a beacon of hope for appraisers seeking stability and growth. By diversifying services, embracing technology, continuously learning, and building strong client relationships, you can create a resilient business that thrives even in challenging times.

Here are some other highlights not to be missed!

1. The Role of Appraisers in Risk Management: Ken discusses how appraisers play a critical role in identifying and mitigating financial risks for lenders. Understanding the broader implications of your appraisal work can enhance your value to clients. This insight is crucial as it highlights the strategic importance of appraisers in maintaining financial stability, a key concern for lenders and clients alike.
2. Embracing Technology and AI in Appraisal Processes: Ken believes that modern tools like AI and data analytics are allies to appraisers. These technologies can streamline workflows and enhance appraisal accuracy. Staying competitive requires adopting new technologies that can improve efficiency and provide better service, a must in today’s tech-driven world.
3. Innovations in Hybrid and Desktop Appraisals: Ken explains that hybrid and desktop appraisals can offer more flexibility and efficiency. These innovative approaches allow appraisers to focus on analysis rather than just physical inspections. With the industry moving towards digital solutions, understanding and adopting these innovations can help appraisers stay ahead of the curve and meet market demands.

By focusing on these strategies, you can build a resilient appraisal business ready to face any market condition.

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