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64 play a distinctive and decisive role in the overall quality that the vendor is able to provide. HOW DO YOU MAKE SURE YOU UNDERSTAND OUR NEEDS AND INCORPORATE THAT INTO YOUR PROCESS? Communication is a key differentiator from vendor to vendor. It is critical that the vendor takes the time to understand your unique needs and then have the ability to deliver services based on those needs. ey should understand how you are using the product; any special requirements, rules, or instructions you may have; and your needs for ordering, delivery, and reporting throughout the process. e relationship needs to be a partnership. e vendor should not only take the time to understand your needs, but also be adept at fulfilling those needs. WHAT DO YOU DO TO PROVIDE GOOD CUSTOMER SERVICE? Customer service is one factor that can vary drastically. It is important to understand what you can expect to get for service when you need your vendor. Does the vendor provide dedicated client relations personnel? Do they provide multiple ways to communicate with them? What hours are they available? What is the ordering process like? Do they have guaranteed response times if you have a question or issue with your report? Are there processes in place for discrepancies in individual reports? How does the billing process work? Overall, how easy do they make it to do business with them? Every aspect of interaction with that vendor is considered customer service. How committed is the vendor to provide the very best customer service possible? HOW DO YOU MANAGE YOUR PANEL AND SELECT THE PROVIDER FOR EACH ORDER? Each vendor's panel—that is, their network of approved brokers and/or appraisers—has perhaps the most direct impact on the overall quality than any other factor. Select the best provider to complete the report and chances are you'll end up with a quality, well-supported valuation. e best vendors will have developed a quality panel over time, fostering relationships with the best providers in each market. ey'll score them based on performance and treat them as partners in the process. Once you've determined that the vendor has a well-developed process for maintaining a strong panel, you'll want to understand how they select the broker or appraiser for each order and make sure that process ensures quality and meets regulatory requirements. CAN YOU DESCRIBE YOUR QUALITY CONTROL PROCESS? Does the vendor manually review every single order utilizing additional data sources and a rules-based review platform? e best valuation vendors will use technology as part of their review process—automated engines that help them check for completeness, quality, and compliance—but not at the expense of human touch. Having a high-touch review process helps maximize the use of technology while allowing a review expert to identify any concerns technology alone can't catch. And it's important to understand the manual review process. Who is completing the review? Is it an appraiser or a review analyst? Is it done by in-house staff or is a third-party used? Are they done in the U.S. or outsourced overseas? Are reviews completed on every report or a sampling of a smaller percentage? All of these factors determine the strength of the vendor's review process. WHAT IS YOUR AVERAGE TURN TIME BY PRODUCT? While not the most important factor, turn time is obviously very important. It's important to understand the processes the vendor has in place to reduce overall turn time. It's also important to understand "usable turn-time," or the overall time it takes to get a report free of discrepancies. While a vendor may be very fast in delivering the first time, the overall process is extended if you have to send the report back for revisions. Another important factor in turn- time is how the vendor handles fluctuations in volume. Make sure they have processes in place that allow for scalability during peak times and when large orders are placed. AM I BEING OFFERED COMPETITIVE PRICING AND GOOD PRODUCT VALUE? In a business that's often you-get-what- you-pay-for, the more important question is: Are you paying for what you need? Are you paying for a product of which you're only using a portion? Does the vendor offer customized product options that would better fit your needs and budget? Beyond the price point itself, it's important that you're getting the right product for your needs and not paying more for a product's content that may not be necessary. CAN I TEST YOUR PRODUCT? While this may not often be possible for appraisals, most BPO vendors are willing to do a champion vs. challenger test for you to compare different aspects of their product and service with what you receive from your current vendors. During this testing process, you'll want to make sure that you not only look at the results they provide on the test, but also ask the questions previously outlined to get a full perspective of what the vendor has to offer. First Valuation has provided a scorecard for this type of test at BPOchallenge.com. "The relationship needs to be a partnership. The vendor should not only take the time to understand your needs, but also be adept at fulfilling those needs."

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