The Personal Property Appraisers Post

by Francine Proulx, MS, ASA, ISA AM

By middle of next week, I will have no assignments on the books. Am I freakin’ out – YES but somehow the phone usually rings just in the nick of time – except last Fall when I had 1 month with absolutely no income at all. It reminds me of the old marketing adage for sole proprietors, “When you have the money, you don’t have the time, and when you have the time, you don’t have the money!”

So, how am I going to deal with it this time -- instead of putting on 15 lbs. like I did last Fall! For one whose their appraisal/consulting business is their sole support, it’s time to put the gear into third. As for me, I’m a list maker – feels SO good scratching things off it – so here goes:

1. Pull out those 2003 and 2004 client files and send a letter about updating their appraisal. The gist will be that it is important to know current replacement value for insurance – they may be paying too much – or fair market value for estate planning in case that time is near. Maybe it’s time to do that estate planning appraisal in the first place.

A former client’s CPA contacted me last year after the client had passed away and asked if it was appropriate to use a 6 year old insurance appraisal for the estate taxes (even though my report clearly states for “insurance coverage only”). Of course, you know my response. For the cost of updating the appraisal at Fair Market Value, the family saved $15,000 in taxes. I kid you not.

2. Every week the local newspaper lists home sales and every week I clip it and mark those that sold for $1 million or more – believe it or not, even though my condo lost 40% in value, there are homes that sell for that much today in this area! No better time to send a personal letter recommending the appraisal of their furniture, fine and decorative arts to protect their investment. (To Read the Rest of the article click the Read More Link below)

3. Take all those trade clips I’ve been meaning to send clients who would be interested and get them in the mail.

4. Check all my free listings on the internet and make sure they are up to date. One lull in my business activity in the past year was due to an incorrect telephone number off by one digit!

5. Contact historical societies and community groups to line up some speeches.

6. Do marketing letter to corporations in the area who are likely to have art collections that may need appraising or selling.

7. Write some articles for publications that target my audience.

8. Organize my file of appraisal tips into a primer ring binder I’ve been planning to do for 3 years!

9. Visit friends in driving distance who have been inviting me for years.

10. Stay on my WW program of lifestyle change which has decimated those 15 lbs and 5 more.

So before attacking number #1, I’m off to Winchester VA for the weekend to visit friends!