Announcing ISA's Private Client Services Program

Christine Guernsey, ISA CAPP

In the beginning of my appraisal career, I marketed to the general public. Marketing to such a broad audience was time-consuming, expensive, and not always fruitful. The clients I attracted usually needed an appraisal for a particular function and one time only. After every assignment I would need to begin marketing again for my next assignment.

I soon discovered that developing "clients who had clients" was the most efficient way to build my business. The professional service providers whose clients needed appraisals could and would refer me to many of their clients. This began my appraisal practice's marketing strategy of concentrating on large collections and working solely with the various gate keepers who specialize in the high-net-worth individuals market.

High-net-worth individuals (HNWIs) are considered those whose financial investments are in excess of one million dollars. In 2016, there were over four million of these individuals in the US alone. Their collections of antiques, fine art, decorative arts, and collectibles may comprise a significant part of their assets. Procuring, investing, protecting, and maintaining their collections requires a team of highly-trained professionals who work exclusively with this group to help meet their specialized needs. Developing long-term relationships with museums, curators, art and object shippers and handlers, private dealers and consultants, estate attorneys, lawyers, bankers, insurance companies, and charitable foundations, among others, are excellent sources for repeat referrals. As you work closely and regularly with these professionals, an appraiser learns exactly what they need and expect to best serve their clients.

This July 13 and 14, the International Society of Appraisers will present its inaugural ISA Private Client Services program, "Appraising in the World of High-Net-Worth Individuals," at UBS, Legacy, Plano, TX and as a live stream. This new ISA marketing program will provide appraisers who wish to become involved with this sector with an inside look as to who these private client professionals are, why and when they hire personal property appraisers, and what types of appraisal reports and valuations they require from appraisers to best service their clients. Those who attend this program, either in person or streamed live, will gain valuable information on how to market to this group, which they can universally use in their own markets and practices.

Register for this two-day seminar, "Appraising in the World of High-Net-Worth Individuals" in Plano, Texas or as a live-streamed course

Toro Quieto (Calm Bull), Tom Lea
The Bryan Museum

The opening presentation, "Starting Points: The Collection," features J.P. Bryan, a prolific, lifelong collector of western history, artifacts and art. His eclectic collection of over 70,000 objects led to the creation of the Bryan Museum in Galveston, Texas in 2015. Mr. Bryan will share his personal story of collecting, discuss which private client service providers helped him to develop and maintain his collection, and what factors led him to create a museum to house his vast collection. The Director of the Bryan Museum, Joan Marshall, will join Mr. Bryan in what promises to be a very engaging and informative presentation.

The presentations in this two day seminar will include a close look at which professions work most closely with HNW market. Friday's presentations focus on personal property collections and their procurement and management. Saturday's presentations deal with the business side of maintaining and protecting the future of collections, estates and taxes, loans, investing and charitable giving.

View the full course program

The July 13-14 seminar "Appraising in the World of High-Net-Worth Individuals" is part of a larger marketing program, ISA Private Client Services, which ISA has been developing to help our members learn best practices and promote their services to the HNW sector. Completion of this seminar along with other criteria will allow our interested ISA members to apply to the program and be promoted as an affiliate of the ISA Private Client Services Division. More details on this program will be announced July 13.

This seminar is open to all ISA members. Whether you intend to apply to the ISA Private Client Services program or not, you are still welcome to take this marketing course.

Explore the Legacy West area this summer

I hope I will see you in Plano this July, or tuned into our live stream. In addition to a fantastic learning experience, The Legacy area is a very cool and fun spot to spend a couple of days with plenty of great restaurants, shopping, and entertainment all within close walking distance. The on-site class is limited to 30 participants, so sign up quickly as the seminar is filling up fast!

Can't make the trip to Plano, Texas? You'll still be able to participate in our seminar! Register for the live stream and join us for the course as it happens from the comfort of your home or office.

Christine Guernsey, ISA CAPP, is recent past president of ISA and currently serving on the ISA Board of Directors. She appraises all areas of American paintings, works on paper, sculpture, and outdoor sculpture, specializing in 19th and 20th centuries.

Discover New Markets with FindArtExperts.com

The following is a sponsored post by ISA Affinity Business Partner (ABP), FindArtExperts.com. Learn more about the ABP membership.

As a member of ISA, you’ve taken courses, worked through our credentialing pathway and amassed knowledge and experience running your appraisal business. Your membership in our organization distinguishes you as an expert – whether it’s Japanese prints, early Impressionism, or the full contents of an estate, you’ve established yourself as a subject matter expert in the appraisal industry.

However, your time is limited, and you may not always be able to market your services and expertise to the right group of people. That’s where FindArtExperts.com can help. Created by a group of professional colleagues and collectors, FindArtExperts.com is a leading source of knowledge and information on the world of art and auctioneering, and currently lists more than 5,000 art and auction service professionals in more than 200 specialty categories.

Referred to in ArtDaily as a “one-stop shop for art collectors or sellers who strive to make informed decisions,” FindArtExperts.com allows its subscribers to make an educated choice on the appraisers, auction houses, collection managers, conservators, galleries, framers, publicists, art storage and transportation companies they need to manage, sell or appraise their collections. 

Registering for FindArtExperts.com will get your name in front of the collectors and sellers who are searching the FindArtExperts.com database. You’ll save time, money and headaches as FindArtExperts.com strives to be the best guide to the art and auction world for its global audience. Most importantly, your ISA credentials will distinguish you even further as a top choice for those seeking your services.

Benefit from the way FindArtExperts.com breaks down the wall between collectors and specialists, reinforce your status as a leading expert in the art world, and sign up today.

Get Listed on FindArtExperts.com

Claim your discount to receive 3 months of VIP membership benefits in the FindArtExperts.com global directory database, and position your company in front of a global audience that uses its database to find the professional services you or your company provides.

How Do I Make the Most Out of Networking Events?

Cris Drugan, ISA AM, MIPAV[OS]

Are you trying to grow your appraisal business but unsure how to market yourself? My advice is to attend networking events to start spreading the word about yourself and what you do.

Studies have shown that it takes at least six touches before customers consider using your product or service. Wouldn’t you like to double up on those touches by having others mention you in their conversations? Attending networking events gets your pitch to a number of people at one time and allows you short one-on-one time to begin developing relationships.

People need to know and like you before they trust you enough to purchase or recommend your service. Remember, by recommending you, they are putting their name and brand on the line too. It will take time to reach the “trust” stage with your potential customers, but when you get there, the work you put in will be worth it!

Finding the Right Event for You

If you are just starting your appraisal business or are developing your marketing plan, look for the following types of events. Some may work for you better than others and fees range from <$10 per event to yearly memberships costing hundreds of dollars.

Here are some suggestions:

1. Local Chamber of Commerce – membership-based 
2. Business to Business groups (B to B) - membership-based 
3. Business Network International (BNI) - membership-based
4. TEAM Network groups - membership-based
5. Eventbrite groups – individual and membership-based groups

These types of events are a great starting point. Once you have attended a few and made some connections, you can find other private networking groups to join.

How to Survive (and Thrive) at Networking Events

There are many strategies to working a networking event. My suggestions here follow the “Know, Like, Trust” approach I mentioned earlier.

Here are some important tips to remember:

Listen: Take stock of your interactions with other event attendees and make sure you’re using your time to pitch effectively. Think: What does the other person do? Are you satisfied with their knowledge and expertise? Can your clients use their services? Do you trust them enough to represent themselves and your company professionally? Get to know your potential customers and how you can help them.

Don’t be a chicken: Hurry around to as many people as you can with a fist full of business cards. Introduce yourself, your business, hand them a business card, and ask for theirs in return. Quick and to the point, right? But I’m sure you can spot the drawbacks – you won’t ever reach the stage of “Like” in your relationship with your customers. It’s much more effective to take the time to make a good impression and a real connection with individuals.

The Elevator Pitch

Many networking groups will have events where businesses and individuals can give a short, direct summary of their business for attendees. Developing your pitch can help you not only at these events, but can also ensure you’re able to talk positively about your appraising business at any given moment.

They call it an “elevator pitch” for a reason – you never know who you’ll have the opportunity to meet! Not to mention, being able to speak about your appraising business is an important step in building trust with potential clients.

Here are some tips for developing your elevator pitch:

1. Keep it short. Due to the number of people who attend some networking events, there may be a time limit on your pitch. Be considerate of others and make sure you stick to that limit. You’ll also benefit from keeping people engaged and wanting more!
2. Practice makes perfect. Pre-write your pitch, time it and practice it. You’ll sound much more confident when you know what you want to say about your appraising business.
3. Change it up. Don’t try to list everything you do in 30 seconds. Change it up now and again. Talk about the different services you offer in separate pitches. If you don’t keep listeners engaged, they’ll quit listening!

Having trouble getting started? Take a look at these different styles of pitches, courtesy of the Cuyahoga Falls (Ohio) Chamber of Commerce:

1. The Trainer: Present as if the attendees are new employees and you’re training them on how to market your service.
2. The Target Market: give specific names of companies you want to talk with, ask them who they know or describe specific types of business you want (or don’t want) to do business with.
3. The Storyteller: Tell a specific story without using names of someone you helped and what the result was. (Remember, maintaining client confidentiality is part of being a USPAP-compliant appraiser!)
4. The Comparison: Compare your business to another, without naming them, and show specifically how you're different. Give a list of benefits, quantify them if possible.
5. The Rambler: Ramble on about unrelated subjects. Win a narcissist award. People will listen, but it won't help you grow your business.

Starting a business as an appraiser can be intimidating, but I hope this post took some of the guesswork out of networking. Remember, it takes at least six touches to make an impression, so keep attending those networking events, building your relationships, and making meaningful connections.

- Cris Drugan, ISA AM, MIPAV[OS]

Chris is the principal of Emerald Art Services LLC in Akron, Ohio. Contact Cris through his website at www.emeraldartservices.com or by phone or text at 234-207-8686. 

Looking for more information that will help you build and grow your appraising business? The ISA Means Business! Toolbox provides tips, marketing guides, advertising materials and more to all ISA members.