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Know Thyself: An Appraiser’s Highest and Best Use
Know Thyself:An Appraiser’s Highest And Best Use
Siska Hutapea, MAI, SRA, AI-GRS
Joshua Walitt, SRA, AI-RRS
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Know Thyself: An Appraiser’s Highest and Best Use
What do I even want out of my
career?
I lost business to a big-company
appraiser
My client wants more for less… and a 5-hour turn-time
They want an appraisal at an
evaluation’s price
I have been working for 24 hours
straight
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I don’t have enough time to schedule my inspections
There must be a better way to write
my reports
I can’t possibly complete this entire
workload myselfShould I use the
latest and greatest tools and software?
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
Everyone Thinks of
Changing The World
But No One Thinks
Of Changing Himself
- Leo Tolstoy
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Know Thyself: An Appraiser’s Highest and Best Use
Siska HutapeaMAI, SRA, AI-GRS
Siska and Joshua
Why Are We Here
Joshua WalittSRA, AI-RRS
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Know Thyself: An Appraiser’s Highest and Best Use
End Goal
ChangeThe One Constant
Take Control
What am I thinking?
How am I behaving?
What am I imagining?
Have Fun!
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Know Thyself: An Appraiser’s Highest and Best Use
Vision Board
Adapting the Valuation Process
01
02
03
04
05
06
07
08
Identify your purpose (why?)
Define “success”
Identify wants and values
Analyse S.W.O.T.
Prioritize goals
Schedule success
Take action (change)
Be accountable, with support
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Know Thyself: An Appraiser’s Highest and Best Use
04 Combine steps 1 through 3.
My purpose is to use my __________ to _________ in order to __________.
03 Employ a hypothetical condition (that the world is perfect) and describe:
a) How the world would look to you
b) What the world would feel like
02 List one or two ways you enjoy expressing those qualities when interacting with others.
01 List two unique personal qualities.
Step 1
Identify Your Purpose –The Why
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Know Thyself: An Appraiser’s Highest and Best Use
Step 1
Identify Your Purpose –The Why
Navel GazingRachel Massey, SRA, AI-RRS
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Know Thyself: An Appraiser’s Highest and Best Use
Step 2
Define “My Success”
“My ‘success’ relates to…”
Legacy
Fulfillment
People
Achievement
Freedom
Finances
Influence
….
Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
Step 3 - Wants and Values?Why is it Important
Personal
YourWhy
Health Family & Friends
Environ-mentFinances
Contribution & Community Partner
Career/Skilldevelopment
Recreation& Fun
Professional
YourWhy
Marketing & Growth
Strategic Plan
Team/StaffFinances
Environment/ culture/values Niche/Market
Technology Ideal Clients
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Know Thyself: An Appraiser’s Highest and Best Use
Step 3 - Wants and Values?Why is it Important
Set GoalsMaureen Sweeney, SRA, AI-RRS
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Know Thyself: An Appraiser’s Highest and Best Use
Step 3 - Wants and Values?Why is it Important
Annual Income
4.40%
12.40%
37.80%
24.10%
12.70%
8.60%
0% 5% 10% 15% 20% 25% 30% 35% 40%
< $25,001
$25,001 - $49,999
$50,000 - $99,999
$100,000 - $149,999
$150,000 - $200,000
> $200,000
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Know Thyself: An Appraiser’s Highest and Best Use
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Step 3
Wants and Values?Why is it Important
What do I value?
What do I look for in a friend, mentor or spouse?
How do I respond in a crisis or difficult situation?
What qualities would I expect to see in the best version of me?
What qualities in my parents or other role models do I admire?
How do interact with people?
What choices have I made in the past that made me proud?
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Know Thyself: An Appraiser’s Highest and Best Use
Step 3 - Wants and Values?Why is it Important
Authenticity
Achievement
Adventure
Authority
Autonomy
Competency
Contribution
Courage
Creativity
Curiosity
Fun
Growth
Happiness
Honesty
Humor
Love
Loyalty
Meaningful Work
Openness
Optimism
Respect
Responsibility
Security
Self-respect
Service
Balance Determination Influence Peace Spirituality
Beauty
Boldness
Compassion
Challenge
Citizenship
Fairness
Faith
Fame
Family
Freedom
Inner Harmony
Justice
Kindness
Knowledge
Leadership
Pleasure
Poise
Popularity
Recognition
Religion
Stability
Success
Status
Trustworthiness
Wealth
Community Friendships Learning Reputation Wisdom
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Know Thyself: An Appraiser’s Highest and Best Use
Step 4 - Analyse S.W.O.T.Your SWOT
Strengths
What do you do
better than others?
What’s your talent?
What are your
competencies that
are relevant and
valuable for the job?
Which specific and
transferable skills
do you have?
S
Weaknesses
Which tasks and
responsibilities you
don’t like?
What are the areas
others have pointed
for you to improve?
What can you
improve?
W
Opportunities
In which
industry/field/
position could you
easily move?
What development/
training would be
value adding for
you?
Which industry/
company is in
particular in need of
your type of profile?
O
Threats
What do other
competitors have
more/better than
you?
What are the
obstacles in your
way to the job?
T
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Know Thyself: An Appraiser’s Highest and Best Use
Step 4 - Analyse S.W.O.T.Time in Valuation Profession
55.1%
20 years or more
15.3%
15-19 years
8.1%
10-14
years
5.6% Other
4.8% 5-9 years
4.4% 1-2 years
4.1% 3-4
years
2% Less than 1
year
0.8% Never worked in the
profession
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Know Thyself: An Appraiser’s Highest and Best Use
Step 4 - Analyse S.W.O.T.Employment Status
45.8%
Sole
proprietor of
my own
business (no
employees/
partners)
18.6%
Employee or
staff member
of a firm
14.1%
Executive
in a firm
9% Employee or
staff member in a
government or
regulatory agency
5.3% Other
3.7% Semi-retired or
retired
2.3% Valuation
consultant1.2% Student
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Know Thyself: An Appraiser’s Highest and Best Use
Step 4 - Analyse S.W.O.T.Primary Job Function
40.4%
Residential
24.1%
Commercial
11.3%
Review
Appraiser
6.4%
Appraiser supervisor
5.5% Chief
Appraiser
5.4% All others (e.g.
broker, consultant,
non appraiser)5.3% Appraiser trainee
1.7% Not applicable
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Know Thyself: An Appraiser’s Highest and Best Use
What Makes A Successful Appraiser?
What Would Your Video Say?
SpecializeWoody Fincham, SRA, AI-RRS
ContributeJeff Morley, MAI, SRA
I can do more than thisPatrice Campbell, SRA
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Know Thyself: An Appraiser’s Highest and Best Use
Handling a weakness or threat
Training
Change
Outsource
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Step 4 - Analyze S.W.O.T.
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Know Thyself: An Appraiser’s Highest and Best Use
Personal Professional
Step 5
Prioritize Goals S.M.A.R.T.
Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
What gets scheduledgets done.
Step 6
Schedule Success
Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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You are what you do, not what you say you’ll do.
- Carl Gustav Jung
Thinking will not overcome fear but action will.
- W. Clement Stone
Step 7
Take Action(Change)
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Know Thyself: An Appraiser’s Highest and Best Use
What is your level of tolerance01
Expectations, purpose, and goals
Consistency and accuracy
Time-savings
Efficiency through repetitive assistance
Clients’ mandatory systems
Out-of-the-box v. Custom03
Step 7
Take Action Technology
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Know Thyself: An Appraiser’s Highest and Best Use
Data “crunchers”
Market trends
Repeat sales identification
Identification of similar sales
Regression and machine approaches
Form fillers05
Property databases, co-ops07
Software options08
RealQuantum, Narrative1, Valcre, etc.
Total, ACI, ClickForms, SFREP, etc.
Excel06
Step 7 - Take Action Technology
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Know Thyself: An Appraiser’s Highest and Best Use
Do you use commercialreport-writing software?
Which one?
..
Step 7 - Take Action Technology
Do you use residentialreport-writing software?
Which one?
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Know Thyself: An Appraiser’s Highest and Best Use
USPAP
AO 18
AO 37
Standards and Expectations
AI’s Standards of Valuation Practice
SR A-1 Competency
SR A-4 Application of Methodology
Never Give Up.
Ever.
Step 7 - Take Action Technology
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Know Thyself: An Appraiser’s Highest and Best Use
Considerations
Assistance
o Remote (“virtual”) v local onsite
o Individual or company
o Culture, time zones, interviews
Data: research, compilation,
analysis
Bookkeeping, accounting, payroll,
admin, email, scheduling, phone,
editing, typist
Who is the coffee maker?
Individuals should conduct their own research of services.
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Finding Assistance
fiverr.com
upwork.com (Elance.com)
logotournament.com
onlinejobs.ph
taskseveryday.com
zirtual.com
virtualstafffinder.com
o What standards apply to
relying on assistance?
Step 7 - Take Action Assistance
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Know Thyself: An Appraiser’s Highest and Best Use
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Cloud-based Face and Voice
WhatsApp, Skype, Skype for
Business, Line, Facebook
Messenger, Viber
Google Voice 2nd line
o voice and text
o transcripts to email
Cloud-based “Live” Ops
Photos, notes, documents,
scans, real time
Teams and groups –
Office365, Google
OneNote, SimpleNote,
Cintanotes, Google Keep,
Dropbox Paper, EverNote
Dropbox, Google Drive,
OneDrive
Step 7 - Take Action Technology
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
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Know Thyself: An Appraiser’s Highest and Best Use
Who will I tell?
Who will help me grow?
Who will hold me accountable?
Who will tell me the truth?
Who really cares about my success?
Who needs to be on the same page?
Step 8 - Be Accountable/ Support Team
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Know Thyself: An Appraiser’s Highest and Best Use
Step 8 - Support Team
EntourageChris Ponsar, MAI, SRA
DelegateShawn Wilson, MAI
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Know Thyself: An Appraiser’s Highest and Best Use
Siska HutapeaMAI, SRA, [email protected]
Joshua WalittSRA, AI-RRS