Jan Robbins Durr, ISA CAPP wrote an article entitled Senior Market: Where Networks Work for Appraisers. The article looks at developing a segment of an appraisal practice to working with seniors and families in transition. Jan is very experienced in this area, also writing the book De-Stuff: A Step by Step Guide for Seniors Preparing for an Estate Sale & Downsizing (to order on Amazon, click HERE).Jan looks at different ways the professional appraiser can generate business with senriors thourgh contacts and available networks, such as the senior alliance, senior living centers and communities, trust officers, financial planners, attorneys, real estate brokers and hospice directors. Here commentary on dealing with these other professionals is excellent and well worth reading.
If you have ever thought about expanding your appraisal practice into the senior market, Jan's article is a great starting point to assist business planning.
Jan writes in Senior Market: Where Networks Work for Appraisers.
Many of us in the personal property appraisal field have found a natural progression to providing services encompassing the senior citizen market. Attorneys hire us for probate inventories, leading to working with executors who inquire about liquidating the contents of a home; for some appraisers that has been the development of an estate sale business. The economic factors of the past two years have resulted in many inquiries by the public, particularly those on a fixed income, on how to sell their personal property after losing assets in the stock and housing market. And it co-exists with the senior trying to prepare for downsizing, WHEN they finally sell their home, or in preparation to de-clutter for same. The latter situation was most aptly covered in the 2008 JAAS issue by Francine Proulx, AM, ISA AM, Downsize Consulting: Compatible Role for Appraisers.
Though we may not have initially considered these avenues of revenue when developing a business strategy, a penchant for working with families in transition and particularly those individuals over 55 can be rewarding both personally and financially.
Considering the current population survey by the US Census Bureau, 21% of Americans are 55 or older. The potential referrals, outlying appraisals, for consults, brokerage, or estate sale are Huge. Only you can decide if any of these roles fit your business plan or personal preference for working conditions. My intention in this article is to give some options for seeking senior referral streams that are not typically thought of by appraisers.
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