On Preparation and Anticipation
Before anything else, preparation is the key to success...
John D. Russell, JD
10/17/20241 min read
There are many sayings to convey the idea of being prepared in life. “Failure to prepare is preparing to fail.” “Hope for the best, prepare for the worst.” You get the idea. But I have my own twist on the concept I use with my children:
“You’d rather have it and not need it, than need it and not have it.”
I like this because it speaks not just to what we think might happen, but also anticipating outcomes we cannot foresee. While valuation professionals can anticipate cyclicality, sense emerging trends, and know what’s affecting them professionally, there is always the looming threat of the unknown.
Whether it’s a true “black swan” event (like a pandemic), something in our personal lives, or the rapid rise of technology and AI, we cannot predict with certainty what might disrupt our business. That’s why the saying above should apply to every valuation professional; if we can’t perfectly predict, we can perfectly prepare.
Too many appraisers are dependent on clients needing to know the value of an asset, especially those in the residential mortgage space. Sitting around waiting to reactively respond to order requests – orders that often underpay and place severe time demands on the appraiser – means you are left to the whims of market demand. To this I ask, why cede total control over your ability to make a living to others?
By thinking about value as the core of a broader business, valuation professionals can go on the offensive with a diverse range of services that, while informed by questions of value and their existing professional skills, allows you to proactively build and engage a client base that doesn’t depend on transactional activity.
Those who will thrive in the future should making this transition now, before any externality shortens their runway for success. Even if you don’t need it today, you’ll be glad to have a plan for diversification ready when it becomes essential. I’m always happy to have a conversation about where you think you want to go next.
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