My Leaf Blower and the Appraisal Process Have One Thing in Common…They Are Both Broken!

My leaf blower is kind of broken and has been for some time now. It works if I re-tighten the fuel lines with each use and throw a rubber band on the throttle, but it certainly isn’t a dependable tool.

Every year, my wife asks why I don’t just buy a new one, or at least fix this one properly. I don’t have a good answer to her question. I suspect it’s because when the season dies down, so does the use of my leaf blower, which means it becomes less of a nuisance… out of sight, out of mind…until the season returns, of course.

The appraisal process is very much like my leaf blower. It’s been broken for quite a while but has never been fixed because our industry is cyclical, and in the slower times, it’s less of a nuisance. But what good is that approach when the “leaves” are bound to return?

A few things to consider regarding my dilemma:

1. The one I have may be broke, but it still works – so, why buy a new one??
2. Buying a new one involves time and money – where do I go to find one and how do I know I am getting the best deal, one that suits my situation?

Sticking with the old one – Sure, it works for the most part, but it doesn’t do the job as efficiently as a newer model would (or one that wasn’t broken) and it takes time to fix with each use. The result always leaves me unsatisfied, and my yard isn’t the cleanest on the block.

Consider Amazon – I can jump on their site and find a particular product offered by a myriad of sellers; each with its own price, delivery time, and product/brand reviews. It’s then up to me (the consumer) to select which option best suits their needs. The point being that I am empowered to make the decision based on the level of insight I’m provided for each option…price, turn time, and expectation of quality.

Now consider Walmart – I find the same product on their site but have one price, one delivery time, and one set of brand/product reviews. Does this mean that Walmart only gets this product from one supplier? No, but Walmart does decide how to price it, when they will deliver it, and with limited insight into product quality…leaving me with a singular option.

Now take the above and apply it to the appraisal industry.

Your current platform is broken and only produces acceptable results some of the time, but you’re so used to it that you’re afraid to replace it…even though you know a better option is available.

The industry has been trying to solve the problem from left to right (consumer to lender, lender to AMC, and AMC to appraiser), which is like shopping at Walmart (most appraisal platforms)…looking at the retailer first (AMC), without knowing what suppliers they use, and what kind of inventory (appraisers) they have in stock…leaving you with a singular option that may or may not work for your loan.

On the other hand, you have Amazon ( Appraisal Vision ), who is solving the e-commerce equation from right to left; allowing the consumer (lender) to look at the retailers’ inventory (appraisers) prior to deciding which retailer (AMC) would best suit their needs.

When you look at our industry from this perspective, isn’t the decision an easy one? To me, it’s a no-brainer…