Adapt to Your Changing Market

New Players in Property Tax System Calls for Changing Public Relations Approach

Most professional real property assessors have experienced and are continuing to adapt to market conditions that are unprecedented.  While most of us are quick to make the needed changes required to administer the valuation aspect and other technical requirements, are you doing enough in the area of public relations to effectively communicate with the new and emerging market?

Each real estate market is unique and even various neighborhoods within a market are at differing cycles of life, but that should not keep you from trying to define your market and communicate with that market as best you can.  As a matter of fact, as a modern property assessment office it's a requirement that you have an effective public relations program.  But it's the wise assessor who continually adapts to the changing market
by pausing to reflect on how the definition of the typical seller and buyer and the needs of real estate information from the assessment office have changed.  If you are using the same public relations materials that you designed a few years ago you’re probably not current.

While no one has all of the answers (especially me) here are some of the questions that you might want to ask yourself and others:

1.  What are the most recent sales data telling you?  This information can be from your own sales study statistics or as reported by the local Realtors(R) association.  When calling or reviewing written responses to sale verifications, carefully note what the parties to these transactions are saying.  They are the real market, we assessors and appraisers are only the measurers and interpreters. Of course you'll also want to ask real estate appraisers, brokers, agents, and other real estate experts how they see the market behaving.  Ask the register of deeds office what kind of transactions they are seeing recorded.

2.  What are published reports saying?  While the real market is very much in the news these days, establish a few reliable sources that you check periodically so that it's not a time burden.  State and local Realtor(R) association market reports are great for timely and local information but also access a few national sources like Bloomberg.com Real Estate.

3.  What are property owners telling you?  In addition to what can be learned from sale verifications mentioned above, what are property owners telling you as part of the assessment review and appeal process or when they call in after assessment notices were mailed?  While they may dwell on certain topics important to them (can I get may assessment lowered) property owners will also tell you a lot about the current market, especially if they are trying to sell or purchased a property recently. 
 
4.  What are other assessors doing?  As part of your information gathering on the local real estate market or when updating of your public relations be sure to look at what others are doing.  I make it a point to visit several assessment office websites when I'm researching improvements.  Visit the websites of your neighbors, but don't forget to do a wider search too.  Some of my favorite websites (besides my Northern Virginia neighbors) include the New York Office of Real Property Services http://www.orps.state.ny.us and Sterns County, Minnesota http://www.co.stearns.mn.us just to mention a few.  At times I'll even look to international work being done in development countries to establish property tax systems.  When you are starting with a clean slate new and innovate ideas can sometimes reach the surface.