Unforeseen Paths and Unexpected Lessons: The Journey of Bill Waltenbaugh in Teaching, Appraisal, and Innovation

In life, it often seems that the paths we envision for ourselves are not necessarily the ones we end up following.

Such was the case for Bill Waltenbaugh.

In my latest podcast, we delve deeper into the lessons he learned.

The Value of Teaching:

Throughout his journey, everyone seemed to think Bill should become a teacher.

It was a constant refrain, urging him to pursue a career in education.

Funny enough, when he initially started college at Anderson University, his intention was to become an athletic trainer.

Bill was passionate about it and even had the chance to work with the Colts during their training camp.

The head trainer had connections with the Chicago Bears as well.

He thought he found his calling.

However, in his second year, they insisted that he also obtain a teaching

degree.

He was taken aback.

Teaching?

It wasn't what Bill envisioned.

He wanted to forge his own path.

He changed his major to business management, which along with a chance meeting kick started his career in the industry.

Ironically, despite his best efforts to avoid the teaching realm, Bill discovered that being a chief appraiser entails a significant teaching component.

It's about sharing knowledge and helping others understand the processes.

When changes occur or new information arises, Bill realizes the value of disseminating that knowledge to appraisers who are diligently working on their appraisals.

They may not always be aware of the latest developments.

In such cases, he consolidates the relevant information and ensures everyone is up to speed.

Understanding all sides of a process:

A valuable recommendation from Bill is for all appraisers is to gain experience as a reviewer for either a lender or an appraisal management company.

It may not be as prevalent nowadays, but in the past, appraisal reports had distinct regional styles and nuances.

As a seasoned reviewer, Bill could often identify the origin of a report based on its writing style alone.

He is not implying that one region's approach is superior to another.

As a chief appraiser, his role involves scrutinizing numerous reports and encountering diverse theories and perspectives on how things should be done, exposing Bill to concepts he hadn't even considered before.

Bill recalled an incident when an appraiser called in distress, complaining about a reviewer who asked for something that was already documented in the report.

He pointed out that mistakes happen, and reviewers might still request clarification even if the details are already provided.

It was a moment of realization for the appraiser, and it highlighted the importance of understanding both sides of the process.

Embracing Innovation:

In his current role, Bill primarily focuses on the valuation aspect of the appraisal process within a large national appraisal firm.

The firm has a unique approach to field inspection services, where they employ W-2 field inspectors across the entire nation.

These inspectors gather property information on behalf of the appraisers, who then analyze and evaluate the data from their desks.

The firm aims to bridge the gap between the field inspectors' existing knowledge and the specific requirements set by regulatory agencies.

This transition allows them to efficiently handle both the inspection and appraisal components of their services.

This approach brings together decades of experience in property reports and combines it with technological advancements.

The firm's expertise in various property types, including those with high stakes and potential financial risks, adds a level of precision to their valuation process.

Appraisers can have confidence knowing that the field data collectors are not random individuals but fellow employees who undergo background checks and have a vested interest in maintaining quality standards.

For both myself and Bill, it is truly captivating to observe the diverse approaches employed in the industry, reflecting its constant evolution and adaptability.

The concept of "Crossing the Chasm," as expounded upon by Geoffrey Moore in his book, comes to mind, demonstrating how advancements and refined practices from one field can effectively be transferred to another.

As this innovative model gains momentum, it holds the potential to open new avenues for future advancements and progress within the industry.