How I Expanded My Business with GLA Measurements and Floor Plans

My name is Carlos Fong, owner of Expert Valuation Services in Miami, FL. I got into the appraisal industry through family, as my two uncles and aunt are Certified Residential Appraisers in South Florida. Before graduating high school, I developed an interest in the field, joined inspections, and became a trainee in 2004-2005 under my uncle and aunt, earning my Certified Appraiser designation in 2007.

Initially, I planned to work at my uncle’s firm, but due to the Great Recession, I joined a nationwide appraisal company, where I worked as a staff appraiser until being laid off in 2013. This led me to start my own real estate appraisal company and become a sales associate, which expanded my perspective on real estate by working directly with buyers and sellers. While gaining valuable knowledge as a sales associate, my passion for appraising remained, which is why I ultimately founded my own company.

Recognizing the Opportunity

Around 2014-2015, I was a full-time REO listing agent; however, I performed appraisals during slow periods. In addition to being a sales associate and appraiser, I also began investing in real estate. During this time, I noticed a need for accurate property measurements, as my local county records contained many discrepancies compared to actual measurements, especially for properties with multiple dwellings. This issue persists today.

Miami-Dade County is notorious for unpermitted work, resulting in many properties with enclosed garages, porches, patios, and other modifications. Since appraisers are not permit enforcers and the market is willing to accept and pay for these enclosures if done properly and in a workmanlike manner, these areas should be included in the GLA. This has led to many properties having incorrect GLA figures on the county’s website. Fortunately, the county is receptive to updating public records, and if an appraisal sketch is submitted, they often correct the information online.

While working as an appraiser, sales associate, and investor, I had several agents, sellers, investors, and buyers ask me if I could solely measure a property and provide them with a sketch to confirm the true and actual GLA. This led me to add GLA measurements as a service.

Expanding My Services

Sketches were just another tool in my toolkit. While they do not generate enough income to sustain a business on their own, they provide additional revenue that adds up at the end of the year. More importantly, they serve as a gateway service, opening the door to more appraisal business from Realtors, sellers, and investors.

As technology has advanced, I have expanded my offerings beyond traditional appraisal sketches to include 2D and 3D floor plans. Now, when I perform private appraisals for pre-listing purposes, I can upsell a beautifully designed floor plan for Realtors and/or sellers.

How I Started Selling Floor Plans

I leveraged readily available technology such as CubiCasa and RoomSketcher (personally, I use CubiCasa). I’m sure more options exist today, so I encourage others to explore and find the one that works best for them.

Now, you may be thinking, “If this technology is available to everyone, can’t they just do it themselves?” While that is technically true, there are multimillion- and billion-dollar businesses built on services that people could do themselves but would rather pay a professional to handle for them. The same principle applies here. Plus, I offer a free “Appraiser” GLA sketch with all floor plans.

I mention floor plans whenever I’m with a Realtor or investor, and I often sell them even when the client doesn’t need a full appraisal. CubiCasa even has a feature that creates a 3D digital video of the property for marketing purposes. I have used this on my own listings, and the results are amazing.

To market these services, I have utilized email blasts, social media posts, my website and networking events. This approach has unlocked an additional revenue stream that complements my existing business. You can see how I promote it on my site here (feel free to copy it). 

How You Can Do It Too

1. Pick a tool – Find a floor plan software that you like and test it on your own property to get the hang of it.
2. Spread the word – Let Realtors and investors know you offer this service through word of mouth, email marketing, and social media.
3. Attend networking events – Build connections at real estate gatherings and showcase your services.
4. Host live real estate sessions – Visit local real estate offices to present your services to Realtors and investors.
5. Target FSBO listings – Look for For Sale By Owner (FSBO) properties on FSBO.com, Zillow, or Craigslist, and reach out to sellers. Explain that having a floor plan online can significantly improve their listing and help sell their property faster.

Conclusion

Those of us who have been in the industry for a while understand that we experience both busy and slow periods. While recent years have been even slower than usual, slow times are nothing new to appraisers. Therefore, we must capitalize on our expertise and knowledge to create additional income streams.

As Warren Buffett famously said, “Never depend on a single income.” Appraisers who only perform traditional appraisals should expand their services to generate additional revenue. Beyond that, we should explore opportunities such as becoming Realtors, investors, or landlords—but that’s a topic for another day.