Appraisal Management System refers to the software system that uses insightful and quantitative data and qualitative feedback to bring about actionable feedback. It scores the performance of the appraisers and builds a comprehensive database for the same. Most Appraisal Management Systems do not have limits to the number of appraiser accounts you can set up and give you complete access to the database of thousands of vendors at a time.
With these efficient Appraiser Management Systems, you can track the performance of each vendor, the licenses, documents and decide your next steps of actions for that particular vendor or group of vendors.
Advantages of Appraisal Management Software
Generally, appraisal orders are managed manually and on excel sheets in table formats. However, with the advancement of technology, there is no need to keep tabs on audit books and excel sheets any longer. Appraisal management software takes care of the most cumbersome task of recording appraiser information. Some of the advantages of an appraisal management system are:
- Time-saving software: With this software, there are no working hours, per se as the orders can be managed with the software 24X7. Order assignment has become automatic with the software ensuring that some of the valuable time of the companies are saved.
- Appraiser quality is maintained: Keeping complete track of appraisers ensures that all the vendors have their licenses updated, all documents available are relevant and up-to-date. Users can easily track down their active and inactive users. Appraiser performance can be rated based on order completion and helps the companies to decide on the further course of action with active appraisers. This helps the companies to skim out the best appraisers to work with in future business endeavours.
- Clients have no direct contact with appraisers: Clients do not have contact with the appraisers and this, in turn, does not allow them to influence the appraisals. The software takes care of the appraisal process with the help of all relevant information provided to it by the system related to each vendor or appraiser.
- Communication with the appraiser can be automated: As a company might have different vendors, it might be a difficult task for them to communicate with each one of the vendors. The appraisal management system helps in the automation of the communication channels and certain notification triggers are enabled for the smooth flow of the process. At every stage, all the parties receive email notifications informing them about the status of the appraisals. Appraisers can make use of the appraisal management system for better and organized appraisals.
5 basic functions of appraisal management software
The appraisal management software has a lot of additional functions apart from the basics. Some of the functions of appraisal management software are as follows:
- Document management: Managing documents when you have a large group of vendors is somewhat tedious. If you give access to the Appraisal management system to collect all relevant data, the chances of missing out on information are almost nothing. The vendor licenses and registration documents can be tracked for their validity. Licenses can be verified against the standard database for up-to-date information.
- Client Management: Clients and vendors can be managed using the appraisal management system. You can keep a note of detailed information of each vendor and set up multiple appraiser accounts. Fees for each vendor can also be tracked and payment-related information is also available at a place.
- Order tracking: Tracking of orders becomes easier with the Appraisal Management System. You can see the completion of the data in the software and take necessary action on the vendor based on the order completion record or feedback from the client. Order completion status can also be viewed in real-time with the Appraisal Management System. Be it orders from any part of the country, you can track it with the help of this software.
- Property data access: You can have easy access to all property data, at one single dashboard. This makes it relevant for large companies dealing with a huge number of clients and vendors at a time.
- Cloud storage of Data: All data about the client as well as the vendors are available in one place. There is no need to sift through various software to get hold of relevant data of either party. Furthermore, as there is no connection between the client and the appraiser, the chances of the client influencing the appraisals are very low.
Appraisal management systems have proved to be very useful in performance tracking and order management for companies. If you are willing to get your work sorted without much trouble you can take the help of the various highly effective Appraisal management systems available in the market at present. These Appraisal Management Systems are expected to increase the efficiency and performance of companies in 2021. You can use one for your company and see the difference for yourself.