Market Consolidation in the CRE Appraisal Industry

Does this headline sound familiar to you – “…a leading independent commercial real estate valuation, advisory, and appraisal firm announced that is has acquired XYZ, a state-based commercial real estate appraisal and consulting firm…”

National appraisal firms have been acquiring small and mid-sized appraisal shops for awhile and they are all leveraging technology to increase turnaround times and market share. Small and mid-sized appraisal firms are now forced to compete with the large national firms for the same business. The question now becomes – how are they supposed to do that? National firms have more money to invest in robust technology or even develop their own internal systems.

The answer is easier than you think. Small and mid-sized appraisal shops have access to the same technologies as the “big shops” and at comparable prices. Access to technology is more common than ever in the commercial real estate industry.  And the easiest way to remain competitive is to leverage technology instead of shying away from it. If you’re a small to mid-sized appraisal shop, do what the major national and regional appraisal firms have already done: automate your report production with advanced commercial appraisal report writing solutions.  

That technology must be expensive though, right? Wrong. If pricing is your main concern – it really shouldn’t be! Most commercial appraisal software is priced based on the number of users. So, whether you’re a sole proprietor or a shop of 10+ appraisers, you can afford to leverage the same state of the art technology to better compete in today’s market.

Like most industries, commercial appraisal is poised for disruption by several factors - advancing technologies and market consolidation being two of them. What is important to remember that disruption can be both a good and a bad thing. Disruption is always overwhelming, but small and mid-sized appraisal shops will be much better equipped to deal with the changes to our industry by adopting technology. It is not as expensive as it once was, and the time it takes to master can be greatly reduced if you select the right software for your needs.  

Narrative1 by ExactBid is one solution available for commercial appraisers. We have been helping commercial appraisers exceed their business goals for over 20 years. Narrative1 was built by appraisers for appraisers and is the industry leading commercial appraisal report writing solution that takes care of all the appraisal details.  Our software is more intuitive and user-friendly than most solutions and we provide solid training materials and support services to get customers up and running. The average time is takes to learn Narrative1 and start to see a return on your investment is 3 to 4 reports. For most of our clients, that is within 3 to 4 weeks.

Here’s how Narrative1 will improve your business performance…

  • Adapts to your style, business practices, and brand
  • Integrates with RIMS and RIMSCentral to increase your competitive advantage
  • Automates your report production to better compete with major national and regional appraisal firms.

To learn more about Narrative1 and how you can start generating more business schedule a private demo. We’ll show you how easy Narrative1 is to use and how you can transform your business in as little as three reports.

*Image from Shutterstock 

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