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business coaching programs for the appraisal industry. Blaine’s coaching program for appraisers, the
Real Value Coaching Academy, is a high accountability coaching program designed to help new, as well
APPRAISAL BUZZ FALL 2020 | 19
accounting, which is where they just look at their
bank balance when they need or want to buy
something and then decide if they can buy it. I highly
recommend taking control of every dollar, which
represents the hours of your life you have
donated to earning those dollars, and giving each
one of them a task. One task is paying down debt,
one task is paying the light and gas bill, another task
is meals and entertainment, and yet another task is
giving and wealth building. Until you take control of
direction you send them haphazardly and without
a plan. When you have a budget for your life and
business, you begin to take control of each of your
dollars and, in essence, the life energy you’re
investing in and whatever pursuits you’ve chosen.
Having a monthly budget becomes extremely
important during a recession. During a recession,
your business may recede as well. When your
business recedes, you have less money to do all
of the things you’ve become accustomed to doing
in better times. By tracking all of your dollars with a
budget, you’re making conscious choices in
advance about how each dollar will go to work for
you. You’ll also become acutely aware of your debts,
your spending habits, the things you may be
overpaying for, and a variety of other things we like
to call “stupid tax.” The stupid tax is the expense all
of the things you are paying interest on or own that
contribute little to no value for your life, your
business, or your clients.
appraisers to build up some portion of their business
mix to include private appraisal work. What is private
appraisal work? It’s essentially any appraisal work
done for non-lending purposes. If the bulk of your
business has been built on the lending side of
appraising real estate, you have put all of your
business eggs
in one basket.
While I am a fan
of doubling down
on what you’re
good at and not
diversifying too
broadly, I am a big
fan of diversifying
enough so that
you’re never
reliant on one
segment of
business alone.
When one segment of a
business tends to wane, quite
often the other segments
will pick up. You can pick and
choose what segment of
the private appraisal market
you feel you might be better
suited for than another. For
example, if you don’t like the
thought of doing divorce
appraisals, you can choose
tax appeals, eminent domain
appraising, or partial interest appraising. There are a
variety of areas an appraiser can become an expert
in that don’t involve appraisals for lending work. By
diversifying into the private side of the appraisal
pleasantly surprised by how much more secure and
less anxious you might be during a down swing in
the market.
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