Owners of any business understand that incoming cash flow needs to remain steady in order to be successful. However, remaining steady could be a problem for some. Appraisers can often deal with slow-paying clients on their own, but what happens when these clients begin costing more time and energy than necessary? We sat down with Andrea Knoblauch-Wright and Shannon French, presenters on the upcoming webinar titled, “Stop Waiting to get Paid: Fixing the Collection Process,” to learn about why factoring will allow appraisers to focus on what really matters – appraising real estate.
Buzz: What is your background in the appraisal industry?
Andrea: I have worked as a residential and commercial real estate lender, portfolio manager, and more recently as a leader in the factoring industry where we provide accounts receivable financing for appraisers, and an accounts payable payments platform for AMCs, lenders, and title companies.
Shannon: I started working in the appraisal industry in 2017 with my main focus on developing a payment platform for AMCs, lenders, and any other company who utilizes a panel of independent contractors.
Buzz: What is your background in the financial field?
Andrea: I have worked in the financial field for over 30 years for financial institutions, private companies, and accounting firms prior to becoming President of Sekady Capital.
Shannon: I worked in the financial industry, mainly taxes, for 15 years prior to starting work at Sekady Capital.
Buzz: Are there ways in which the appraiser can confront problem clients before factoring?
Andrea: Yes, finding out how quickly a customer pays before an appraiser commits to accepting an order will eliminate the need to spend time on collecting invoices. It is okay to decline a job if the customer does not pay appraisers in a timely manner.
Shannon: I think an effective client screening process is very important for appraisers. There are resources available to research new clients before you accept such work. Learning what these resources are and utilizing them can help appraisers avoid having to spend time chasing payments after work is complete.
Buzz: What are the benefits of factoring?
Andrea: Factoring provides quick cash flow back to the appraiser and eliminates the collection of invoices for the appraiser.
Shannon: There are so many benefits of factoring including: faster access to the money that is due to you, tax deductible fees, piece of mind that your accounting tasks will be handled and most importantly, having your time back so you can do more appraisals.
Buzz: Why should appraisers attend this webinar?
Andrea: An appraiser should attend this webinar to discover cash flow options that may help them operate their business more profitably.
Shannon: Factoring is an option that is tax deductible and helps manage cash flow. Even for appraisers who don’t currently have a need, it would be beneficial to attend the webinar now so you have the information in case you ever decide to start factoring your payables.
Thank you again for joining us and answering our questions! Make sure to join the free webinar titled, “Stop Waiting to get Paid: Fixing the Collection Process,” on August 20th at 2 pm.
If you have any further questions or comments, email iwaters@allterragroup.com.
