Go Where the Money Is
2020 has been one heck of a year. Market changes. Economic changes. Certainly the way we do business has changed. That means appraisers must change in order to follow the money and to be a leader in this profession.
Even when things were’ ‘normal’, the appraisal business is dynamic, not static. Items that were hot last year are soft this year. Precious metal prices drive collecting interests. Jewelry, sterling silver hollowware, and silver dollars are all dependent upon the interest in precious metal prices. In a slow economy, insurance pre-loss appraisals seem to be down. In times of high inflation, collectibles and pre-loss insurance work is pretty busy.
Bad economic times lead to an increase in bankruptcy work.
High tax rates and big salary increases mean more charitable contributions.
Watch for trends in local and federal legislation. The Pension Protection Act (way back in 2006) made our NAC phone ring more with requests for “Certified Appraisers.”
Here are a few trends to consider:
Down market = VIP clients wants to insure collections that they never considered to be major assets. With the drop in the value of their portfolios, their collections represent a larger portion of their wealth.
Down market means cash in king and hard assets are solid investments. Take a look at the auctions you follow. You’ll probably notice that the most rare and unusual items are still selling at top dollar. It’s the middle range items that are soft.
Target prospects and clients who buy those items and market your insurance coverage appraisal services.
Open your eyes. Look at trends. The appraisers who are struggling are those who keep doing what they have always done.
You must be flexible — go with the flow. Watch for trends. Then stay ahead of the curve and you’ll stay on top.