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Appraisal Buzz Newsletter -- July 28, 2003

Time is money - Making technology work for you.

by Vladimir Bien-Aime

While interest rates continue to fall, it is no surprise appraisers throughout the nation have been enjoying some of the most fruitful times of their careers. Most appraisers are barely keeping their heads above water trying to manage an unprecedented volume of orders! Personally, I would always rather be busy than not, so I tend to find a way to “get it done.” Regardless of the pace of incoming work, the effective use of time remains a challenge for all of us. We all know the old saying “Time is money,” but how many of us truly take the opportunity to wring as much profit from the time invested in our business as we possibly can?

The current appraisal market is extremely competitive, with ever increasing challenges coming from vendor management companies, AVMs and yes, the appraiser that used to work for you. Everyone is looking for an edge. “How can I do it better, faster, and cheaper?” The answer is technology!

Appraisers have greatly benefited from the digital revolution. From digital photos and maps to forms software that utilizes unlimited templates and ‘canned’ phrases, appraisers are able to create a complete appraisal report in a fraction of the time it took just a few years ago. Furthermore, appraisers can now complete their research online, access MLS systems instead of having to spend hours tracking down real estate brokers, and deliver a finished product via email in a common PDF format. Appraisers have not only saved time, but they have also reduced expenses on items such as, photo development, supplies, and shipping, by implementing these technologies.

Yes, the appraisal industry and the individual appraiser have benefited greatly from all the available technology. So why then, is there still is not enough time?

It is easy for an appraiser to recognize the concrete tasks necessary to produce the final appraisal product. These tasks are routine, easy to track and manageable. Every appraiser has a clear idea of how long it should take to type a report - but how many minutes are spent managing the client to successfully deliver that appraisal order to them? These intangible tasks are often unaccounted for, and this is where time escapes the appraiser and the profit goes “out the door.”

How much time do you or your offices spend entering orders, faxing, locating and updating them? How many hours are spent fielding repetitive phone calls from clients about the same orders? How long are clients on hold while you try to locate any information to report? How many calls are placed trying to contact appraisers to get updates on status? Is managing your accounts receivables and payables a manually intensive and time consuming task that you dread? These are just a few examples of intangible tasks that are necessary to operate your business. They all vary in importance but they all take time - the question is, “How much time is this really taking?” If you could buy back this time what would you do with it? Many would pursue more business, but you could just as easily take a vacation, or spend time with family.

One example of a company that has successfully bought back time is Reape, Jeffers & Associates, Real Estate Appraisers, Inc. This company implemented eTrac in early 2001 and has seen incredible results. According to Louise Jeffers, SRA, managing partner, “The eTrac system allows us to do more with less. We have grown our business over 200% and have not needed to add additional staff for over two years.”

The eTrac solution can transform your office into the touchstone of efficiency. Have you ever dreamed of having an employee that works 24/7, handling all your clients, managing your appraisers, keeping track of your payables and receivables and never taking a coffee break? Dream no more, because all you need to accomplish these and many other feats, is eTrac!

After working with appraisers and appraisal firms throughout the country for nearly a decade we where able to develop a management system that is both flexible and comprehensive. The system is ideal for larger firms with a high number of administrators that want to reduce costs and maximize communication and efficiency. eTrac is also perfect for individual appraisers, who are self-employed, on the road inspecting properties, and trying to handle calls from clients at the same time.

Technology has once again given the appraisal industry the opportunity to save time and money, with an amazing tool. eTrac has transformed numerous appraisal firms into leaner, more efficient and more profitable businesses. The core technology utilized by eTrac is Microsoft SQL Server, the fastest database in the world. eTrac also utilizes the most advanced Microsoft Web Technology and security features available today. Appraisal firms can now to have 24/7/365 contact with clients, administrative staff and appraisers. In addition, eTrac facilitates online ordering, tracking, delivery and communication. eTrac has a multitude of reports to track receivables, payables, performances, volume, etc.

As technology continues to get more sophisticated, so should the industries that benefit from it. In this very competitive marketplace where every minute counts, why not streamline your operations and gain more control over your time than ever before? The creators of eTrac are firm believers in the power of technology and, in an effort to assist appraisers with their technology challenges, eTrac will be offering free Continuing Education Technical Seminars. To learn more about how eTrac solutions can benefit your business visit us at our web site, www.myeTrac.com or call 877-693-8722 (877-myeTrac)