5 Ways to Reduce Turnaround Times in Your Valuation Firm

For Valuation Firm, Efficiency is just as important for the profession as it is anywhere. If your valuation firm doesn’t have a reputation for turning work over at a good pace, your competitors will surely overtake you.

Turnaround times can almost always be improved by studying the firm’s time management. Setting out what makes up each aspect of the day, and assessing exactly what needs to happen and what can be disposed of, can slice hours off each assignment. The result is a happier set of clients and an improvement in reputation.

1.      Cut out unhelpful steps

An analysis of your firm’s procedures will invariably turn up some steps that simply don’t help the process. Cut them out.

It’s important to note that having standard procedures can actually contribute to bad time management. Partners and administrative staff need to have the freedom to cut out unhelpful steps in individual cases.

2.      Have an error management system

Errors eat up time. It’s true that they are an anomaly for most firms, meaning that a reasonable excuse can be presented to the waiting client, but errors are still something to be avoided. Studying and measuring errors can help in the creation of failsafe procedures, cutting them out in future.

3.      Rotate your Team’s Role

Job rotation is a strategy where employees rotate between jobs at the same business. Employees take on new tasks at a different job for a period of time before rotating back to their original position. With a job rotation system, employees gain experience and skills by taking on new responsibilities. Job rotations are meant to promote flexibility, employee engagement, and retention. It helps you eliminate boredom, encourages development, helps you identify where the employees work best, and gives you a backup plan if an employee leaves.

4.      Identify Training Needs

Performance analysis can indicate where training is needed within the business, whether it’s with specific job roles, teams, or individual employees. You’ll then be able to explore options to determine the skills and topics that should be covered and find the most appropriate training programs. Trained members can perform the task much efficiently contributing to the Turnaround Time.

5.      Implement Technology

If you feel like you don’t have enough time to do everything you want to do, maybe it’s time to adopt automation software like Evalo. See the video below to check how Evalo, real estate valuation software can help you reduce your TAT.