.Hi there, my name is Lola!

**Posts:** 13

RE: .Hi there, my name is Lola!

**Posts:** 28

Is your referral program structured and do you consistantly promote it to each client you work for? Can you say what percentage of your new business is referral based? What size is the area and what is the population base that you service?
Thanks for responding so quickly to all these questions.

Rich

**Posts:** 13

I don't really waste my time with insurance agents or brokers. I've sent into letters and called or visited them. But, no real business from them. I have had better luck going door to door and handing out fliers and talking to people.

Going door to door is fun. But, don't judge a book by its cover. I have been to some really nice looking homes on the outside where inside they were trashed and I have been to the little old lady's home that is less than 800 sq ft. Where she had her kids and grand kids call for appointments.

-- Edited by caricc on Friday 6th of November 2009 01:54:05 AM

**Posts:** 28

That is great. Thank you. Your not finding a lot of referrals or business being generated through insurance brokerages? My initial focus has been to introduce myself and my business to all the insurance brokerages in my area. Do you think the next logical action I should pursue is knocking on doors in the area of my target demographic?

Rich McFadyen

Trusted Inventory

www.trustedinventory.ca

250.981.1204

Prince George, BC

**Posts:** 13

It varies greatly sometimes. I can go through and have about 10 to 15 or so homes under 1200 sq ft. then I get several over 3500 sq ft. My target market is aimed at the newer construction neighborhoods. Average size of about 2400 to 2500 sq ft. But, I can get some older ones too. There are several different local mediums of advertising here. Since the area where I market is more of a rural area. Word of mouth has been very good to me. Also I have gotten some referrals from some insurance agents. Also I have a small program that I will reward customers with a 25.00 or so Wal-Mart gift card. This goes over really well and doesnt really cut into my margins at all.

I dont advertise in the local paper at all. I think its a total bust. There are a few upscale local magazines but, their fees are high and they will not give anyone a break in pricing.

One of my best forms of advertising was earlier this summer I targeted a few neighborhoods on foot. Handing out a copy of my brochure. I even was able to do an inventory with in about half an hour from starting out. I didnt plan on it but I was prepared.

Just being persistent has been on of my best methods. If I dont have an inventory to do then I go out handing out brochures, talk to people, stuff like that.

Hope some of this helps.

**Posts:** 3

Thank You for all your advice!

**Posts:** 28

caricc wrote:
I have my pricing based on two items. Square footage of the residence and the amount of time. Say for a 2500 sq ft home. I have my base fee, which includes 2 1/2 hrs of time on site, the printed inventory costs, time to put into the database I use. If we go over the time on site them I go to an hourly rate.

My time is based on roughly 1 hour for 1000 sq ft.

You can see my pricing at http://www.homeinventoryspecialistsllc.com/ then select the services and pricing tab.

hope some of this helps.

Hi Carl,
Do you find you are doing more of one particular size of home? How are you specifically targeting these people? What types of marketing are you finding success with and which mediums have you quit using because of low ROI?
Rich

-- Edited by richcorp on Friday 30th of October 2009 03:57:12 PM

-- Edited by richcorp on Friday 30th of October 2009 03:58:03 PM

**Posts:** 13

Hi Lola,
I have my pricing based on two items. Square footage of the residence and the amount of time. Say for a 2500 sq ft home. I have my base fee, which includes 2 1/2 hrs of time on site, the printed inventory costs, time to put into the database I use. If we go over the time on site them I go to an hourly rate.

My time is based on roughly 1 hour for 1000 sq ft.

You can see my pricing at http://www.homeinventoryspecialistsllc.com/ then select the services and pricing tab.

hope some of this helps.

**Posts:** 28

Hi Lola, I understand your concern about starting a business in this field. I think there have been a few businesses start and now they don't seem to be around anymore so it would be advisable to make sure you do your homework. Good things to do are to know what niche you want to fill, who your target market is, conduct surveys of them, and discover if the market truly wants your inventory. I don't think it is just a matter of selling to anyone and everyone. You need to be specific to who your marketing is speaking to and you will want to know this well in advance before you spend any money on building your business. When you find a receptive audience to your service it is up to you to decide how large it is, what they will be willing to pay for your service and even if you will want to service this demographic. This is not a new concept, inventory businesses have come and gone in my area before. I believe success is in the details. Know your market, speak clearly to those people, develop sound relationships/partnerships with businesses who have a vested interest in the same audience I do, and continue to show value to my customers.
I look forward to hearing of your progress.

Rich McFadyen

Trusted Inventory

www.trustedinventory.ca

250.981.1204

Prince George, BC

-- Edited by richcorp on Thursday 29th of October 2009 12:22:30 AM

**Posts:** 58

Lola wrote:

Hi there, my name is Lola and I'm very close to starting my home inventory business in Trussville, Alabama. I'm very excited about this opportunity and also a little nervous. I really need information on pricing. I don't want to overprice my product but at the same time I don't want to underprice it. Is there anyone that might want to share how they do estimates for potential clients? Thanks, and I'm happy to be here!

Hi Lola,

As for pricing, you will have to experiment. I tried several different ways, but it was complicated for the client to figure out and sometime for me as well. So, after a year of trial and error, I finally decided to base my price on the number of bedrooms allowing 1 hour per bedroom for the entire inventory and then an hourly price after the time expired.

As for the $ amount, I can't help you. Check out the various web sites of those doing inventories and figure out what will work in your area. Don't over price. Start lower and then increase as you get busy. However, don't make your prices too low either. Yea I know, how much is to high or to low?

I hope this helps and good luck.

**Posts:** 58

Lola wrote:

Well, I introduced myself a week ago and the only one to reply is Fred. Please tell me this isn't a dying business due to the economy. Am I getting in at the wrong time? Are the other home inventory businesses surviving?

Hi Lola,

Everyone is probably busy. This board slows down at times with no one posting and at others, there a many new posts.

As for the Inventory business, it depends. We are still a new industry and most people haven't heard about us. Yes, the economy is affecting this business as well as every other business, but we need to educate everyone on the need for our services.

There are times I'm so busy that I can't do it all by myself and I have several people assisting me as Independent Contractors. There are also times that business is very slow, but that is the way things have been going in this area since I started doing inventories in 2003, or was it 2002, long before NAHIP. There are many in the inventory business in different parts of the country that are busy all the time.

I highly recommend you "Network" with other professionals such as Real Estate Agents, Insurance agents and Attorneys to name a few. I also suggest you give a press release to your local news papers, radio and TV stations telling them about your inventory business as well as setting up a booth at "Home" shows, "Craft" shows and others. I walked many neighborhoods putting thousands of flyers on doors and talking to everyone I saw.

To get your name out there, you might do a free inventory for your church and offer a discount to congregation members to do their homes and business's. Become an inventory expert, the person people ask when it comes to inventories by becoming a speaker at meetings for various organizations on the hazards of not having an inventory. Again, offer a discount to their membership. However, keep in mind that whenever you offer a discount, you MUST have an expiration date. If not, you are stuck giving that discount to the end of time as a friend of mine found out when he was taken to court for not honoring a discount he offered three years prior.

There are many things you can do to attract business. Be creative and as the saying goes, "Think outside the box!"

Good luck and I hope you do well.

**Posts:** 3

Well, I introduced myself a week ago and the only one to reply is Fred. Please tell me this isn't a dying business due to the economy. Am I getting in at the wrong time? Are the other home inventory businesses surviving?

**Posts:** 270

Hi Lola,
Great to have you join our group. We suggest package prices such as Bronze, Silver, Gold with each package including a block of time for a set fee. If the time included in the package is exceeded then you would charge an hourly rate but if you get done early then you still get the package price. This ensures you get the listed package prices and also protects you in case you go over.

It can be difficult to estimate how much time it will take in some homes give the various collections people may have. It is important to keep in mind that each inventory is really custom and you want to make sure the client is satisfied. Talk to them initially to see what they feel are the most valuable items in their home. You should make sure you capture the details of those items and can always do group entries to save time to try and stay in the client's budget. For example, for everyday dishes in the kitchen you can take a couple pictures and make one entry with a general description and estimated value for the set which saves a lot of time.

Others find that pricing their services by the number of bedrooms or by square footage works well. I encourage others to reply to help ease Lola's concerns.

**Posts:** 3

Hi there, my name is Lola and I'm very close to starting my home inventory business in Trussville, Alabama. I'm very excited about this opportunity and also a little nervous. I really need information on pricing. I don't want to overprice my product but at the same time I don't want to underprice it. Is there anyone that might want to share how they do estimates for potential clients? Thanks, and I'm happy to be here!