Tap Into 11 Profitable Niches
Like many appraisers, you've probably seen a business downturn. But there are appraisals still being done every day and appraisers who know where to look are still busy.
So with a decline in traditional lender orders, how are appraisers getting work? Unfortunately, people are losing homes to foreclosure, refinancing to consolidate debts, or splitting assets. Older folks are putting homes in trust or getting reverse mortgages. Further, many homeowners are selling their homes without an agent to avoid paying the commissions. All of these people need appraisals. The key is to use simple, effective marketing.
Here are some niches to consider:
- Concerned homeowners. Many people are scared that their biggest investment is declining in value. Offer them an appraisal that will help them make smart decisions about refinancing, home improvement loans, the best time to sell and where to put their money.
- Pre-listing appraisals to REALTOR®s and homeowners. In today's market, they need an appraisal to validate their asking price and you can showcase their property on your XSite with the included Property Presentation Wizard.
- Retirees considering a reverse mortgage.
- Tax challenges. Homeowners that don't know how to challenge their sky-high tax bill or even if they should, will need your help with an accurate appraisal.
- Divorce appraisals to attorneys.
- Appraisal reviews to lenders. Market yourself as a review appraiser and pick up a few reviews per month.
- Condo or apartment appraisals. As the home ownership industry slides, the property management business is booming. Those getting into the home rental business will need income approach appraisals before investing in a property.
- Date of death valuations to attorneys.
- Pre-foreclosure valuations to financial counselors and CPAs.
- Relocation appraisals to corporations.
- Appraisals for FSBO properties. Buyers are still more skittish of FSBO properties, but a current appraisal backing the price adds credibility and lets the buyers know the deal has legs.