IRR-Residential: IRR-Residential Update (3-07)

Wednesday, March 28, 2007

IRR-Residential Update (3-07)

March 28, 2007

All-

We recently have had a few inquiries about how everything is going at Corporate. We are currently working on a communication strategy that will maximize the potential of keeping everybody in the loop. Part of this strategy includes this new communication site, www.irr-residential.blogspot.com. With a little help from all of our Affiliates we are hoping to turn this site into a location where everyone can find out the latest IRR-Residential news - not only at Corporate, but also with our Affiliates.

Questions that we have been primarily asked have been in terms of appraisal orders received, and how the new IRR-Connections platform is working. A couple of words come to mind: very busy and very exciting. Mark Oliver has been working hard to gain trust and build valuable relationships with national lenders. Our operations and quality assurance teams have been busy learning and using the platform.

We are in a trial period with our newly acquired clients. With most, we are receiving orders that are more or less in towns that generally aren’t even added to maps because of their small size. Our Vendor Ops team is doing a great job filling these orders. Also, they are building great confidence in IRR-Residential as a brand name. We are now starting to see more orders coming through and in more populated areas.

So far, orders have been sent to 14 Affiliates, and we are very pleased with how easy the IRR-Connections system has been to use. There is a long road of relationship building ahead of us, and we all hope you are as excited as we are for the following weeks, months and years to come as partners.

Below is a very enthusiastic Press Release that went out recently about our progress in case you missed it.

Regards,

IRR-Residential Staff

LENDERS REACT POSITIVELY TO IRR-RESIDENTIAL’S
NATIONAL TECHNOLOGY PLATFORM

Westwood, Kan. (March 12, 2007)—The reaction from lenders was positive and immediate to the launch of IRR-Connections, a technology that allows IRR-Residential unlimited capacity to automate the delivery and management of residential property valuations nationwide. IRR-Residential is the only organization of independently owned and managed residential appraisal offices with this capability.

“We began receiving appraisal orders immediately after IRR-Connections was launched on February 5th,” said Mark Oliver, senior vice president of business development for IRR-Residential. “Lenders like the idea of an appraiser-centric organization with national processing capabilities.”

With IRR-Connections, lenders can order residential appraisals nationwide through a single point of contact. The Web-based system is flexible and designed to meet the needs of a variety of customers through its centralized order processing and delivery system.

“Appraisals are a critical component of loan originations,” said John Wood, president and chief operating officer of IRR-Residential. “We provide a streamlined process for lenders to place large numbers of orders nationwide. During February, we placed appraisal orders in 25 states.”

IRR-Residential is unique in the industry because of its appraiser oriented approach. The company utilizes as its foundation a franchise affiliation with more than 45 locally owned and operated residential appraisal firms. Currently the offices are located in 35 markets and 17 states with plans for 100 offices by the end of 2007. It also has a vendor panel of approximately 5,000 appraisers to provide service in areas where there is not affiliate coverage.

IRR-Connections also provides significant advantages to IRR-Residential affiliates.

“As an independent appraisal firm, I simply could not afford national marketing and this type of technology,” said Scott L. Burdette, SRA, managing director, IRR-Residential Valuation Consultants, Ft. Worth, Texas. “As a result, my ability to market and provide services to regional and national clients was limited. Since affiliating with IRR-Residential, I already have had the opportunity to participate with my colleagues nationwide in performing residential appraisals for national lenders.”

About IRR-Residential
IRR-Residential, LLC is a national appraisal organization, formed in July 2006, to respond to the consolidation of lenders and centralization of processing residential appraisals. It brings together high-quality, independently owned residential appraisal offices into a national organization to provide lenders with local knowledge, experience and quality appraisals on a nationwide basis. To learn more about IRR-Residential, visit www.irr-residential.com or call 913-261-1800.

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The Power of a Brand Name

“My father founded our appraisal firm and I was very reluctant to give up the company name that we had operated under for so many years. However, we quickly found that embracing the Integra Realty brand name benefited us greatly even with our existing local clients. Being associated with a larger entity has given us an identity that transcended our local marketplace. The brand name provides clients a comfort and quality level with the service they will receive.” -David R. Dominy, MAI Managing Director Integra Realty Resources - Houston

What IRR-Residential is hearing from appraisers

“My company is striving to get away from the controlled low fee environment of the AMC's, but it is virtually impossible for independent appraisal companies to compete with the AMC’s.…We understand how appealing and how important centralized national appraisal ordering is to major lending and investment companies. I am very excited about a future with IRR-Residential and look forward to hearing from you.” “Our relationship with local lenders is decreasing due to increased use of appraisal management companies. Our relationship with local mortgage brokers is decreasing due to increased pressure from brokers to inflate appraisals. We are hoping IRR-Residential could increase orders from quality lenders who want and expect high quality work.” “I want to be part of an organization that has national recognition and the ability to compete with national appraisal management companies in an effort to get back business that was once ours.” “I desire to become part of an organization that might bring some consistency to my business. I feel very isolated in the appraisal industry. I would like to be part of a larger company. But, also maintain my independence." “We have not managed to sustain our client base because of buy-outs, mergers, and appraisal management companies. A substantial loss occurred in 2004 when we lost 3 accounts to mergers and a management company which totaled over $300,000 in annual sales.” "I wish to associate with an organization like yours, as the future is companies like IRR-Residential, providing single-point contact and distributing appraisal orders for large national lenders." "I don't see a very good future for independent appraisers in the days ahead with no national connections. Lenders without boundaries are becoming more prevalant. I need the support of a large national organization."

Benefits of Affiliation

Power of Branding: As IRR-Residential continues to grow, its brand will exude confidence. Clients can anticipate consistency in quality and service, no matter where an office is located. Local Knowledge...Nationwide: IRR-Residential is the only national residential appraisal company supported by strong, independently owned offices. Locally controlled offices provide better service and greater client confidence.Power of National and Regional Sales and Marketing: IRR-Residential affiliates gain the benefit of a corporate sales department that markets to regional and national clients. Moreover, the franchise company empowers local affiliates to leverage their relationships with large local lenders into national accounts for IRR-Residential. Employee Retention and Training: Affiliates receive operational support lacking in most small businesses. Training programs facilitate individual franchisee growth with programs designed to improve efficiency and operational effectiveness. Well-run organizations are more successful at keeping their employees.Bottom Up and Top Down Marketing: Having a network of independent offices empowers each office to create revenue and develop opportunities for others in the network. The national network in turn empowers IRR-Residential to market to national companies that require consistent quality appraisal services across the country.Powerful Relationships: Synergy: IRR-Residential will connect the “best of the best” local appraisal firms. A collection of successful companies working together stimulates more ideas and allows all franchisees to benefit from each other’s success. Internal Communications: IRR-Residential provides a range of resources to keep its offices connected to the progress and vision of the company. National Meetings: National IRR-Residential franchisee meetings are held each year. At these meetings, presentations and discussions focus on business development, best practices, technology and other related topics. The best performing appraisers and offices are recognized at these meetings.Power of Group Buying: IRR-Residential brings large company buying power to its local affiliates. It provides the ability to purchase data, 401k plans and development of materials at a reduced cost.Technology: IRR-Residential utilizes an organizational Internet-based ASP designed system to facilitate the placement, awarding and tracking of valuation assignments.

Wednesday, March 28, 2007

IRR-Residential Update (3-07)

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The Power of a Brand Name

What IRR-Residential is hearing from appraisers

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Benefits of Affiliation

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