In the appraisal world we have a term called "intended use", before going out to a client site we determine on the phone what they need the appraisal for. The intended use helps us determine the level of research and data that will be needed for the appraisal. Then when we go to do the inspection, we review that with the client to confirm.
I've brought this over concept into my inventory services. When I talk to the client on the phone we talk about why they need/want the inventory. I ask them to pull out the most important pieces of jewelry, move electronics to make them more accessible, take down art work that has vital information on the back, etc.
Then onsite, before I start the actual inventory, we go through the house with a checklist. I let them know that I'll do at least four general photos of each room. Then we walk room by room and discuss the items that will be done 'individually', which items to capture serial/model numbers, ask questions about artwork, jewelry, furniture, firearms, etc.
I normally let the client lead me though the house and stop them if I spy something important that I think they missed. I let them lead because they will open up and talk about their possessions and you get a sense of what is really important to them. Some of what they tell me goes into the final report (esp info on where they purchased items). Once the walk-thru is done, I give them the estimate and I run the rest of the show.
My largest whole house inventory has been 4,000 feet and took 8 hours (by myself). Lots of electronics, computers, firearms and furniture.
Hope this helps.
__________________
Thanks,
CFM
Carolyn F Mattox, Certified Appraiser
cfm@ClaytreeAppraisals.com
Claytree Inventory and Appraisals, LLCClaytree Appraisals
Hi Rebekah, Your first inventory experience is very common. Many people get very detailed with the first one and it does take practice to gain a comfort level and move through the home in an efficient manner.
As mentioned, each inventory is really custom to meet the needs of each individual client. A focus on the big ticket items and then other items of importance to the client is a good way to go. You mentioned that the master bedroom took quite a while but if you took an approach of entering each item of furniture individually then group pictures (with a single entry) for some items such as clothes you can save a significant amount of time.
If for example the client has some expensive suits or dresses you can utilize our Home Journal Business software to make 1 entry 'Suits' and take several group pictures of all the suits to attach to the entry. You can then enter an estimated total value and enter more general description or notes to cover the group. This can save a ton of time with this approach and it still provides excellent documentation. You can do the same with dresses, shoes, linens, CDs etc... and even use larger groups for less expensive casual items such as Mens Shirts, Mens Pants etc.... Most people just lay out group items on a bed to take the group photos or right in the drawers or closet if you can get a good shot.
Many people also use our business software onsite to enter the details then all that you need to do is attach the pictures back at your home office and you can create the reports automatically in just a couple of clicks.
Regarding video, it is a nice add-on but claims adjusters like photos and reports because it is much easier and faster to review. It would take them a lot longer to watch a video than to review the reports. As we suggest in our instructions, if the client upgrades to add video then a good approach is to just video each room from side to side then quickly zoom in on the high value items. Taking video of each room should only take a few minutes.
Have faith! Like anything else, practice makes perfect. Our first inventory experience was very similar to what you've described. But over time, you begin to develop your technique and skills and you'll eventually get things down to a science.
Regarding how detailed you have to be: A common misconception is that "all inventories are created equal". They are not! You really have to understand your client's objective and then tailor your solution to address those requirements. For instance, if you are conducting a home inventory for a client that intends to use their inventory for the 'usual' preventive reasons -- then you want to focus on the "big ticket" items as well as items of importance. After taking "room photos", concentrate on furniture, appliances, equipment, antiques, collections, etc. Don't sweat the small stuff! Get clear high-def photos, model numbers, serial numbers and proof of purchase information for each item.
If, on the other hand, you're providing inventory services for a couple going through a divorce, it's more important that you capture just about everything -- but with far less focus on model numbers and serial numbers. Here's why: the couple will use the completed inventory to go item by item as they sit in a conference room with their attorneys to decide "who gets what". Model numbers and serial numbers really aren't that important.
Thanks Fred, much appreciated. I suppose there still isn't anything out yet?
The million dollar question seems to be "how detailed do you have to be" --- my God, our first inventory has taken 4 days+! I'm not kidding. Between getting it done, photo's, video's, typing in the info (6 hours)...and we still need to assemble this. I wish we had started with OUR inventory first before going to all the this expense. I'm not sure I'd do it ... I just don't see how we can narrow this down to 4-5 hours and make money doing it. No matter how good at it you get. Stuff is stuff...and most people have plenty of it.
Just our master bedroom took 2.5 hours and typing it up will take about 1+ hour.
What we are really looking for here is training on conducting an actual inventory. Basically if anyone would like to contribute and help your peers, you can create a video to show how you perform an inventory for a specific room.
It would be great to see various people each pick a room so the group can get different perspectives on how others get the job done. Videos can be uploaded to You Tube www.youtube.com and embedded right in your posts on the board by using the You Tube icon.
There are various ways to conduct the inventory from using manual sheets, software on-site, voice recorders etc.... the more that want to share the better
Those that contribute may also find it helpful to note on their marketing materials that they help with training materials for others in the industry.
Hello World is a network marketing type of business. It allows you to send video emails to anyone just as you would a regular email. Service is something like $9.99 per month, but you have to sign up through Chucke to get the service, so that he gets a percentage of your business.
It could be a good idea when it comes to training videos, but Chucke should be a little more specific on what this is before posting since he is getting money on each subscription that goes through him/her.
Thanks for the response, but I don't understand your answer. After clicking on the link you provided. I don't see where else I'm suppose to go to "view at my convenience" a video of an inventory. What instructions would you tell a cleint to click on? I don't understand what this is.
We have been using this video service to perform video inventories in the Nevada area. The system also allows us to give a presentation to home owners that they can view at their convenience. Also, we email information to prospective clients with a link to a complete explanation of our services.
Just go to www.helloworld.com/chucke or email me at chucke@helloworld.com if you need more information and be sure to refer to the homeinventorybusiness.activeboard.com/forum....thanks, Chuck
Hi Chucke I think this is an excellent idea. It has so much potential from training to sales and even on individual websites so that we can talk to potential customers about the home and business inventory. I am really excited about this idea and willing to participate in any way that I can to help promote and develop it. Violet
Hello Fred and Darin, Just became involved with the forum and looking forward to starting an inventory business in TX and NV.
My background is also video production and why I believe my skill sets will help our inventory business grow. We are expecting to prepare video streaming sessions archived on our existing site for training both reps and clients on why an inventory is necessary and how we plan to conduct the inventory.
Our existing business allows visitors to stream videos without having to download and take up space on their servers/computers. Check out the following site and click on one of the archived shows on the left side of the page....the neat thing is the service is available for as little as $9.95 per month. http://www.helloworld.com:80/members_myworld.aspx?ID=chucke&target=show
Thanks again for having this wonderful forum to build our inventory business faster.
As you may have noticed, I haven't been on the boards lately, but I'm trying to pop in from time to time again, there's just so much to do. I've been thinking about this for a while now and I am definately interested. I think it will be an excellent way to help teach people about the business.
I'm still not sure on the details (what to include/presentation style, the logistics of actually producing it, etc.) but let me toss it around in my head some more. I also need to make some more progress on my own business to see what works and what doesn't. I've been making videos for years, in fact it is what drew me to this industry in the first place, so this is right up my alley. I just want to do it right!
I just received some feedback from a business owner that it would be very helpful to have an online video showing how one conducts an inventory and puts together a client package. I couldn't agree more!
I think it would be challenging & fun to script out a video and record it to benefit your fellow business owners.
Is anyone up for the challenge ?
I think it would be more beneficial if it came from an active home inventory business owners. Not an entire home of course but maybe one room ... touching upon key points you face and also what you include in the client package.
We can also consider making any videos available to NAHIP www.NAHIP.com with permission of course. It could help with marketing efforts to say your training video is used by other business owners.
We would be happy to host the video on our site so you don't get hit with tons of downloads on your site.
Hoping to hear from one of our eager entrepreneurs
