Book 1 - Appraisal Institute of Canada

To avoid falling into this situation, appraisers can develop a relationshipwith a client whereby that client will rely exclusively on their ‘secret expert’for information and services. However, these clients may not have a sphereof influence in their workplace. When the contact is gone, the work dries up.Or, as in the case of AMCs, the client’s sphere of influence may not extend tomaking the final decision on how valuations are ultimately assigned.A solution to this dilemma, Lebow explains, is to evolve the business tothe next level and earn a reputation as a ‘go-to expert.’ When the commonconsensus is that particular appraisers are the only reliable resource toaddress a particular issue or need, existing clients will feel compelled toreturn and new clients will seek out their services.“The banks know that a quality job willbe done, we will always be honest withthem and it will be a true value.”Kevin FedynakAlthough education and professional development are obviously criticalto reaching this position as an authority, so, says Lebow, is marketing. Herecommends becoming an authority, not only by reading a wide variety ofprofessional journals and taking courses, but also by giving presentationsand writing articles.Over the years, Lebow has authored countless articles, text booksand courses. He is the guest speaker at many real estate seminars aswell as Ontario Real Estate Board meetings and is frequently quoted asan authority by the Toronto Star and other media. He has also served onnumerous boards, professional organizations and public task forces in thereal estate field.But even appraisers who are just starting out can quickly build theirreputation as an authority with effective marketing. He suggests that anyappraiser can build a thriving business by devoting half an hour twicea week to social media. Lebow himself uses blogs, Plaxo, Facebook andLinkedIn to effectively build his client base and nurture existing clientrelationships.“You have to continuallygo out and reinvent yourself.”Barry LebowDisseminating information does not have to be time consuming. Everytime he reads an article he finds interesting, he sends a copy to clients andcolleagues such as lawyers or insurance brokers. “The feedback is amazing,”he says. “I get business from it. It is becoming very important.”He points out that something as simple as adding a client’s e-mailaddress to his distribution list after performing an appraisal pays hugedividends in terms of building his business. “If I were starting over again,I would data base everybody,” he says.After all, he says, computers are only going to play an increasingly importantrole in the coming years. Some day, they may even become the only way in whichthe future generation obtains its information. Although many CRAs are focusingtheir attention on the AMCs, Lebow predicts that the sophisticated computergeneratedvaluation data and analysis will one day put the appraisal managementcompanies out of business. Until then, however, he sees some appraisers specializingin mortgage valuation as speeding their own demise by undercutting theircolleagues. “How can you do a good job if you are being underpaid?” he asks.“Those who are willing to be the lowest bidders are keeping the industry down.”But not all appraisers are taking this approach. Like Cunningham, Fedynakrefuses to lower his fees to undervalue the thorough professional mortgage“There are opportunities out there. Some ofthem are related to work I already do andthat I am looking to expand, so I have beenlooking to see what courses are availablefrom the AIC or through other sources.”Dave Cunninghamclick here to return to table of contentsCanadian Property Valuation Volume 54 | book 1 | 2010 Évaluation Immobilière au Canada 15