Marketing for trust/estate appraisal work?

[Doug in NC]

Does anyone know of any resources for breaking into trust/estate appraisal work? I am looking to do some more diversification but am not sure where to start? Thanks.

Doug

 

[airphoto]

Doug,

My experience, only .. and just nicely getting going (have decided I hate lenders, so taking new direction.)

Had done some legal work (actually non-appraisal) and gotten to know 2-3 attorneys. Am getting 2-3 estate appraisals, now (per month) plus 1-2 matrimonial. Not yet a living, but full fee and no arguments about values! That, plus tax assessment grievance (highly seasonal) can make a living .. but remember that most start-ups take three years to fully blossom. Each matrimonial gives you exposure to another attorney, so it's an exponential exposure ..

Insure that you point out that testimony is 'per-hour' with minimum of half-day billing for additional preparation.

Finally, with the matrimonials have begun developing 'business analysis' work as well as valuation of business by cash-flow analysis of the tax return. To me that's fun .. and dovetails with years of income tax preparation work.

Bottom line is others have to talk about you and build your reputation. If you come through the door and tell someone you're a hero, it's just sales BS .. but if one attorney mentions you to another, or to a client .. it's absolute fact and golden! Good, constant networking is the answer ..

Good Luck!

 

[Anonymous]

I do quite a bit of this work, all of it by referral from attorneys or brokers. I would love to find a marketing tool which would increase this business.

 

[Tom Hildebrandt]

The best advice I can give is to ask one of the attorneys who works in a particular area, say ED or equitable distribution (thats lawyer talk for divorce work) if they have a local group that meets to discuss issues on a regular basis. Then see if they would like to have you come and give a brief talk on some issue (USPAP, highest and best use, cost approach, income approach); don't talk about sales approach, the attorneys already think they know more about that than you do.

I got my first real big support when the local ED attorneys asked me to speak at the local monthly breakfast, and then I was asked to speak at the state CE for all attorneys. that was about five years ago, and I am still getting the calls.

Regards

Tom Hildebrandt GAA

 

[Austin]

I do a lot of estate work and really like it. The good part is that I can take my time and charge by the hour. The bad part is that nobody knows what the property is or where it is. I have literally spent a week figuring out what the estate owned and where it is located. In big estates you end up with all kinds of odd lots, residential, commercial, industrial, farm, etc., in every situation you can imagine. I did one about two months ago and this old dude was in the rental and speculation real estate business for 50 years. He had about 30 pieces of property that weren’t habitable and every one joined or was involved in some form of commercial assembly. He knew where growth was going to take place and if he found a property adjoining or near these areas he bought it. You talk about a mind binder. Another good part is that nobody is going to argue with you about the price estimate.
Another little quirk though- Today I was in the county clerk of court office. I saw a lawyer client and he said, “Austin, remember that 167 acre farm you appraised for one of my clients last year. Well we are going to sell it at auction Saturday just as you recommended so come on out and see how good of an appraiser you are.” I was in the auction and appraisal business from 72 til about 1991, and have appraised and sold hundreds of properties. The proof is in the budding as they say. These two businesses go hand in hand.

 

[Anonymous]

Larger banks have a trust department where they manage estates and trusts for the public. I hand out mouse pads with my name, logo and phone #. They often refer people to me. Ditto for making the acquaintence of lawyers. If any of them close loans, and you get a check thru them, drop by and introduce yourself. CPA's often manage money or recommend appraisals for people, especially if they do tax exchanges.
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