“If you are apprehensive about becoming an appraiser because you will
not find work, you are not alone,” said Sara Adams, AMM, GPPA, a
Connecticut-based Auctioneer and appraiser. “I was afraid of some of the
Initially, appraising equipment or pieces within an auction
professional’s given specialty will help build that part of their
business. Eventually, a person can explore a move into other areas.
“Start with a focus on your specialty,” Adams said. “Diversity will come in time.”
Non-sales revenue: NAA networking and cross-channel self-promotion
Auctioneers should not be afraid to reach out to their colleagues in the
National Auctioneers Association when they need assistance in
appraisals. The NAA offers a valuable resource — thousands of people
with a wealth of expertise.
Also, advertising your appraisal business on your bidding website is a
great way to reach potential clients, as today’s buyers could be
To find and connect with new appraisal clients, consider joining your
local Chamber of Commerce to meet bankers and loan officers. Before they
can offer loans, banks frequently need to appraise a client’s
collateral. At that point, you’ll be ready to handle the request from
top to bottom.
“Banks deal with businesses wanting to take out loans constantly. They
are not afraid to pay my fees,” Adams said. “Because they understand the
value of the work I do, they don’t question or complain about my
prices. Their expectations are realistic for me in terms of time frame.”
To brainstorm additional revenue streams, Auctioneers can again turn to
their NAA connections. Finding a peer who works in a similar specialty
in a different market could be an excellent resource to exchange ideas.
Non-sales revenue: Put a price on it
Next, identify services you already provide but have not monetized. For
example, Adams said she provides removal services from her warehouse for
a fee, while also selling or renting equipment such as dollies and
Consider working with a truck rental company or getting paid for referrals.
“It’s good to think of your first-time buyer,” Adams said. “You are
their solution, their one-stop solution. If you can provide a service
and you’re not sending them somewhere else, it’s making their experience
a lot better.”
Auctioneers can even look to their own physical space for revenue.
Unused warehouse space could be turned into rental storage space.
Offering cleaning and repair services for equipment also can generate
revenue. Adams, who specializes in restaurant equipment, said
refrigerator repair services have been a boon for her business, both in
revenue and client satisfaction. Each refrigerator comes guaranteed,
which has instilled confidence in buyers.
“Remember that your work, your knowledge of resources and your brokering
of deals for buyers and sellers is valuable for other people,” Adams
said. “Please remember that everything you do is worth being paid for.”
This content first appeared as part of the NAA iSeries webinar program.
NAA members can check out the full iSeries archive, along with
information on upcoming iSeries events, at auctioneers.org/iseries