In just a few grueling months, COVID-19 changed our world. Self-quarantine and social distancing measures were — and in many places in the US still are — necessary to prevent the spread of the novel virus. That meant that for thousands of American business owners, there was no other choice but to adapt. The world of real estate was one of the more highly affected industries. Appraisers, realtors, loan officers, consultants, and the like, all had to give up their office space and continue their operations from home.
For many of us, telecommuting has become the new normal. Zoom is the new conference room. Sweatpants are the new slacks. G-Chat, Slack, and Discord are the new common areas — or water coolers. Our homes are the new shared office spaces and we are working side by side with our now home schooled kids, who can’t seem to focus on their work. Technically, that means we’ve all been promoted to management, right?
Just as we’ve begun to get used to this new way of working, our president has announced that America will begin to reopen. On April 16th, President Trump announced a three-phase plan that all state governors will follow at their own discretion to reopen American businesses. Opinions on this strategy are mixed. Some believe it’s too early to end social distancing measures; others are simply happy to get back to work again. Regardless, the country will slowly but surely find its way to a new normal.
For many industries, however, there are some changes that can’t be undone. In the world of real estate, many commercial appraisers were already considering a home operation before the virus, if they weren’t working from home already. Now, and due to the stay-home orders, many small-to-mid-sized firms have discovered just how economically efficient a telecommuting operation is. Letting employees work from home cuts out the largest expense that most businesses have to deal with on a monthly basis: office space.
That’s right — no more rent. No more major utility charges. No more keeping the office kitchenette stocked with snacks and coffee. No more spending thousands of dollars a year on commuting and parking. By cutting these costs, business owners have the financial resources they need to set their employees up with all the tools they need to work from home, collaborate with their colleagues, and communicate effectively with clients.
The best part?
They’ll have plenty of capital left to allocate toward more important expenses.
What will appraisal businesses do with all of their freed-up capital? The smart ones will invest in bettering their operations, speeding up their jobs, and expanding their client reach. Right now, commercial appraisers are still trying to navigate the challenges of the new market, but they’ll eventually find solutions. Once they do, they’ll need to reassess which tools truly work for their businesses so they can hit the ground running.
Now is the time to provide yourself and your team with the skills required to leverage digital solutions and maximize their project output. If you and your team decide to continue working remotely after the country reopens, take the time to experiment with new work practices and different technologies. There are plenty of available digital tools that you can use to speed up your jobs and optimize your work hours. Platforms like Valcre help appraisers manage their projects while automating monotonous processes, all while keeping your data safe and easily accessible in the cloud.
Appraisers will now also be able to allocate more capital to marketing; something very few small appraisal firms have the time or resources for. Whether you seek the help of an experienced marketing strategist or decide to leverage CRM software is your choice. Either way, you’ll be able to get the name of your firm out there without worrying about blowing your monthly expense budget.
It’s hard to say what our post-coronavirus future holds… these are merely our guesses. One thing we do know for sure is that jogging pant-blazer combos are going to be a huge fashion trend this year.