IRR-Residential: June 2007

Monday, June 4, 2007

IRR-Residential 2nd National Conference a Success!

Article posted May 24th, 2007 on www.appraisalbuzz.com:

Irr-Residential Affiliates Gather In Scottsdale For Second National Conference

SCOTTSDALE, Ariz. – IRR-Residential managing directors and owners gathered on May 3 and 4 in Scottsdale, Ariz. for the firm’s second national conference. With 56 affiliates providing the highest-quality valuation solutions in 42 markets across 20 states, IRR-Residential has demonstrated meteoric growth since its launch in July 2006.

IRR-Residential’s conference afforded affiliates the opportunity to share best practices in the residential appraisal business. Topics included:

Bottom-Up / Top-Down Sales & Marketing – Corporate executives provided tips about the best way to use IRR-Residential’s proprietary tools to sell valuation services locally and to serve local clients national valuation needs;

Employee vs. Independent Contractor Business Models – Wisconsin affiliate Bill Druck shared his expertise about the relative merits of building an appraisal business with employees versus independent contractors, focusing on cost, control and quality;

Commitment to Quality: Quality Control Processes & Procedures – This panel discussion, led by affiliates Bob Reamer, GAA (Michigan), Tony Reese (Michigan) & Larry Finn (Florida) (all members of the standards & operations committee), set out new quality control requirements for affiliates, designed to differentiate IRR-Residential from its competitors;

Operating a Residential Appraisal Business Discussion – Economic Decision-Making, The Role of Technology, Personal Marketing and Client Selection & Management – Frank Lucco, SRA (Texas), Bob Reamer, GAA (Michigan) and Scott Burdette, SRA (Texas) led a discussion on ways to increase operational efficiencies, and

Putting Words into Action via Business Planning – In this final session, affiliates were encouraged to undertake specific, measurable actions prior to the next conference to improve their bottom line.

“The greatest strength of IRR-Residential is the combined knowledge and experience of our affiliates,” said Charles Brettell, senior vice president of operations. “Our full-day best practices sessions provided an unparalleled opportunity for the best and brightest appraisal business owners to gather and share information about what makes them successful in their local markets.”

“Since joining IRR-Residential not only do I have the tools to compete for new business, I also have the tools to make my business more efficient,” said Bob Reamer, GAA. “By sharing ideas and information with other appraisal business owners I have been able to increase my net margin in the first quarter of 2007 in a contracting market. The investment I have made in my business through franchise fees has allowed me to increase the return from my business.”

“A great example of what happens when you bring together industry thought-leaders occurred during the quality control discussion,” said Brettell. “To ensure the highest quality standard in the industry, affiliates recommended, and corporate executives agreed to implement, the establishment of an appraisal quality committee to conduct annual peer reviews on a random basis of all offices in the system.”

IRR-Residential will hold its next conference in mid-October in Memphis, Tennessee.

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. Learn more about the company at www.irr-residential.com.

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.

Monday, June 4, 2007

IRR-Residential 2nd National Conference a Success!

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IRR-Residential Archive

The Power of a Brand Name

What IRR-Residential is hearing from appraisers

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Benefits of Affiliation

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