Now that you have picked your niche market, the next item to check off your list is to begin building up your clientele. Also, setting long-term goals is a good way of preparing yourself up for success because you know exactly what you want to accomplish. Read on to get an idea of what your goals should be and how to get started on your client list.
What Are Your Long Term Goals as a Real Estate Appraiser?
Creating a list of goals for you & your business is a great way to make sure you are setting yourself up for success, as well as preparing yourself for any unexpected setbacks that could occur. Check out the list below of questions to start asking yourself:
- How much do you plan on investing? What is your budget and what are your long-term financial goals?
- How are you going to structure your fees? Do you plan to raise them in the future? If so, when?
- Where are you planning on working? At home or in an office building?
- Do you plan to grow into more than the market(s) you have? How? When?
- Do you want your business to grow to be more than just you? Who would be your first hire?
Once you start answering these questions, smaller goals will start to appear. For example, you may decide it’ll be financially better for you to work from home for the first two years of your business before renting an office space. From there you can start figuring out your work hours, equipment you may need, and arranging your space for your new business!
If you start developing your own goals besides the ones above, make sure to also check your motivations from time to time. Ask yourself: “Why do I want this goal?” The answer should in some shape or form relate to the positive growth of your business and be obtainable. You should be able to see a relatively clear path to reach that goal with a good degree of confidence. If you feel very unsure or unclear about a potential goal, then don’t pursue it until you feel ready to do so.
How Do I Find Clients?
Building your client base can be one of the most difficult aspects of your business, as well as one of the most time consuming. Ethics play a huge role in this part of the job, mainly because when you are trained by someone that is a current appraiser, they know that they are training someone that will soon become their competition someday. Finding your own clients can quickly turn into an uphill battle, which is why the points listed below are essential as you begin your journey into being a top-notch appraiser.
- Do NOT steal clients from your mentors! This plays into the strong code of ethics mentioned earlier. Your mentor spent their valuable time to train and mentor you, and repaying them by taking their clients would feel like a slap in the face. If anything, use your mentor as a resource to get information on how to find prospective clients and use those tips in your favor.
- Word of mouth referrals is still king in this industry. Don’t underestimate the power of a good referral or even the help of friends and family when starting your business. Don’t be afraid to ask for their assistance in helping you find and connect with possible clients!
- Search for mixers or seminars geared towards your niche market in order to keep yourself current and well-informed. Following social events pages that are geared towards your interests is a great way to stay in the know when it comes to networking and getting your name out there. It’s also can be a great bang for your buck: learning more about your niche market while also connecting with great clientele!
- Social media has become a priority when it comes to owning and operating a business. Whether its starting a blog or making a post on your Instagram account, getting your name out there is important and is a way of getting clients in the door.
- Be a helping hand to a potential client! Try to be a considerate person, but don’t take on too much of a risk. It is okay to help out to the best of your abilities, but don’t let it hurt your overall plan to grow your own business. If your client asks for a favor and you feel it’s a little dicey, offer a compromise that works for the both of you.
Final Tips for Real Estate Appraisers
Build relationships with professionals in the real estate and banking industry will be key! When individuals go and purchase a home, realtors and banks are notorious for referring real estate appraisers to new homebuyers. When you create and maintain these important professional relationships, their referrals will be a free and vital way of promoting yourself. In addition to the tips above, you should also sign up for membership in organizations and foundations that relate your market. You’ll be able to connect with potential customers, get access to exclusive perks, and amp up your resume!
Finally, even after you have become a certified appraiser, we recommend continuing a professional relationship with your mentor. You might even consider hashing out a deal with them to get a kickstart on obtaining new clients through a referral system or provide extra help in order to receive a percentage of the earnings made by your mentor!