Class Valuation Maximizing ROV Conversion Rates
Recently, Class Valuation took to social media to boast about their Reconsideration of Value’s process (ROVs), claiming higher conversion rates and urging clients to choose them for a confident closing. Any company that is touting they have the highest ROV conversion rates should raise some red flags. The process of ROVs is meant to be a last resort when there are legitimate concerns or discrepancies in an appraisal report. It should not be used as a tool to manipulate the original report or influence the appraiser’s findings. So, the question begs: what conversations are being had behind the scenes to achieve such high conversion rates? Are appraisers being pressured to change their reports to meet the needs of the lender or other parties involved?
And let’s not forget about the appraisers themselves. What kind of appraisers are being awarded Class Valuation’s “proposals” on a regular basis? It is not uncommon for certain appraisers to consistently receive work from a specific appraisal management company. However, if these appraisers require a significant number of ROVs to clarify their original reports, it raises concerns about their competency and the quality of their work. It also raises the question of why they continue to be awarded work when it requires so much additional effort to clarify their reports.
It is also worth considering if certain appraisers are being awarded more work due to their willingness to comply with Class Valuation’s requests, and if this compromises the integrity of their appraisals. Are they only giving work to appraisers who are willing to play along and inflate the value of properties? Is there a pattern of awarding work to appraisers who may not have the necessary skills or experience to produce accurate reports? Appraisers should be chosen based on their qualifications and expertise, not on their willingness to comply with the demands of an appraisal management company.
It’s truly mind-boggling that a company would brag about their higher ROV conversion rates for the ROV process as if it’s some kind of badge of honor. At least Class Valuation is honest about their priorities – money over accuracy. So next time you’re in the market for a wildly overpriced property, just remember to thank Class Valuation for their contribution. After all, who needs integrity when you can have higher conversion rates?