Most of us don’t spend a lot of time thinking about our personal belongings being destroyed by a fire or by a natural disaster. We try not to think about being the victim of a burglary. And we certainly don’t think about how overwhelming a total loss would weigh on us emotionally.

If you were to take a moment right now, without the stress of the aforementioned, could you make a comprehensive list of all your belongings? Could you get as detailed as to the make and model of your washer/dryer? The serial number of your favorite watch? The carat weight of your wife’s diamond earrings? Do you remember if Grandma’s antique china is still up in the attic?

A home inventory report is a highly detailed document noting the contents of your home. It clearly identifies your personal property through description, measurement, digital photos and video, and receipts if available. Professional inventory reports will assign a value to each item. The valuation is usually a replacement value; meaning the cost you would need to pay to replace the same or similar item in the event of a loss. Some reports may include a fair market value (also called actual cash value) depending upon the item itself. The difference is that a fair market value considers current condition and depreciation. 

So what are the benefits of having a home inventory report? You already have homeowners insurance so you’re covered, right? Well…sort of! As long as you can provide proof of ownership! And there it is folks, the burden of proof. This brings us to: 

Paint & Patina’s Top 5 Benefits of having a Home Inventory Report.

1) Proof of Ownership: A home inventory report bears the burden of proof so you don’t have to during the time of a loss.
2) Simplifies the Claims Process: You and your insurance agent will already have a detailed and thorough inventory listing of your items.
3) Confirms Valuation: You will have a record of the replacement value already established and it may help to maximize your reimbursement.
4) Confirms Insurance Coverage Amount: Your valuations will help you determine if you have an adequate amount of coverage for your belongings.
5) Supplements Estate Planning: Your home inventory report may be helpful when it comes to your estate planning documents and/or to your beneficiaries.

Some might think a Home Inventory Report is only for high net worth individuals with art collections, fine china, jewelry, etc. Not so! Every homeowner should have one. 

Can you create a home inventory report on your own? Absolutely! The only hold up is time and motivation. I offer you a friendly, two-week challenge from the day you read this blog. Actually, let’s make it a thirty-day challenge. If you have not completed your home inventory by then, chances are you won’t do it at all. Pin Paint & Patina on your calendar now! We can help and it doesn't cost a fortune. We're certified appraisers and we understand the value of your assets. Take this important step to help protect your family in the event of a loss. It’s worth it! 

While it may not be a scientific fact, I think most estate sale pros will agree to the fact that most people think their items are substantially more valuable than they really are. Generally, you can trace this thinking to one of four reasons:

• They know the original retail value they paid for an item. 
  
• They know the provenance of a piece. 
  
• They have surface research from eBay or Craigslist for a similar item. 
  
• They have emotional attachment towards a piece. 
  

While these are all great discussion points, they don’t always translate directly to how items are priced. What we’re really talking about with regard to understanding estate sale pricing is fair market value (FMV) and the local resale market. (Emphasis on local!) Within these categories, there are many things we consider when pricing. Here are just a few to scratch the surface: 

• Does the item fit with the local trends in resale? 
  
• Is it a hard-to-find piece or commonplace?
  
• What are the storefront resale prices for similar items, and in turn, what are the store owners willing to pay for those pieces?
  
• What is the condition of the item?
  
• Is the resale market saturated for that particular genre or item? 
  

For Paint & Patina clients, most household items are assigned a FMV. 

FMV for estate sale pricing is guided by the local resale market. Not your best friend’s market the next state over or the eBay market, but what is trending here and now.

In our area, the resale market is saturated. Really saturated. There are tons of brick and mortar shops peddling resale and upcycled items. There are tightly knit online/social resale sites like the West County Mommy Swap or the Kirkwood/Webster Swap & Sell on Facebook. There are giant swap meet events around town. There’s craigslist. The list is endless!

We consider all of the aforementioned information (trends, condition, saturation, asking prices that are too high, and equally, asking prices that are too low, etc.) to determine FMV.

While determining FMV is not exactly a scientific process, there is a method to the madness. And it works! Our pricing experience has proven time and time again to get our client’s items sold for a fair price, and quickly.

So does FMV apply to collectibles, art, antiques, rarities or other specialty pieces? Many times, the answer is yes! That’s where an appraisal comes in to play.

We’ll discuss appraisals and their role in estate sales in an upcoming blog. Stay tuned! 

We are lucky to have a robust, classic estate sale community in our area. On any given weekend, estate sale shoppers have 15-40 sales to choose from. When you stop in to a Paint & Patina sale, I want to help you get the find and snag the deals, just like the pros!

These are my top tips to help you shop Paint & Patina estate sales like a pro.

1) Get your line number, in advance, on-line!
At Paint & Patina, we've said good-bye to the days of waking up at 5AM, standing out in the cold to get a paper number then hiding out in your car for another few hours until the sale opens up. We are excited to offer our customers the opportunity to register their spot in line, on line! This progressive approach is growing steam with our resale shop and booth owners who have lots of sales to hit. Shop like a pro and get a number! This gives you piece of mind of your entry…and a little extra sleep to boot!

2) Bring your list.
Keep a list of items you are in the market for and write down the dimensions of the space you have available!  I can’t tell you how many times I've heard people say, “I have been looking for a table like this! Hmm. Wonder if it will fit? Can I borrow your measuring tape? Thanks! I’ll take these measurements home and see if it will work.” Then they come back to find out the piece sold.

3) Strike while the iron is hot.
You've heard of “buyer’s remorse.” What’s worse, is “leaver’s remorse!” (Trust me. I've had it.) These are the folks that think, and think, and debate if they should get the item. They just can’t bear the thought of passing up a great deal. They end up leaving without it only to call me later and ask if it’s still there. More often than not, it has sold. Take advantage of estate sale pricing up front and get the deal while you can! That’s what the pros do!
(You’ll be bummed when you see it in your favorite resale shop for twice as much!)

4) Place a bid!
Paint & Patina takes bids on all items. If there’s something you like but aren’t sure of the price, remember to place a bid! Don’t be bashful! Lots of folks have received happy phone calls from me with the good news that their bid was accepted. The pros do it and you should too!

5) Consider man power in advance.
If you know you are in the market for larger pieces, have a buddy and a large vehicle or a moving company on stand-by.  While there are exceptions, most estate sale clients require that all purchased pieces be removed from the property by the final hour of the sale.

6) Consider repurposing or upcycling.
The pros are great at spotting upcycling opportunities. Our crew can help you too!
We are full of ideas on how to make old things fresh and new again. Look around our sales for our idea tags to help inspire you.

7) Be patient and have fun!
Estate sale shopping can be a blast. Remember that many professional estate sale companies operate with highly efficient, yet small crews. Generally, the pros know this and are well versed in patience while attending sales and checking out. We filter hundreds of questions through the duration of the sale - patience makes it possible! 

My estate sale clients will hear me say, “Choosing to have an estate sale is easy. All you do is decide what to keep and we handle the rest.” And it’s true! However, depending on the situation, the process of deciding what to keep can be difficult.  To simplify and speed up the decision process, these are my top 5 suggestions.
1) Make a Plan  
Start by giving yourself a deadline and stick to it.
Get index cards or post-it notes to mark items as “NFS” (Not for Sale).
Map it out. Go one room at a time. Once you finish a room, be confident with your decisions and don’t go back. 
2) Think “Fit, Feeling or Forget it.”
FIT: Consider the new space the family is moving to or the space the heir has available. Is there room for the piece? If so, where will it go?
FEELING: Consider family meaning attached to the piece. Keep in mind that what has meaning to one family member may not hold true for the other.
FORGET IT: If the item does not fit in the new space or there is no significant meaning to it, forget it. Put it in the sale and make a profit from it.
3) Simplify
If you haven’t used it in the past 2 years, you don’t need it.
Kitchens, closets, basements and garages are the worst offenders for storing hundreds of items that don’t make the 2 year cut-off.
4) Don’t throw anything away!
This is why you are having an estate sale. There is profit in the items you no longer need, even in the items you may think are trash. Your Paint & Patina estate sale pros will discern trash versus treasure. You will be amazed!
5) Get Help
If you are overwhelmed or up against a fast approaching deadline, ask a neutral, third party to help. Having someone there with no attachment to the items (or to the stories associated with those items – this means don’t ask the close family friend!) moves the process along twice as fast. Paint & Patina offers this as a specialty service for a fee. You might consider hiring a professional organization company. Another great resource is your neighborhood stay-at-home mom. Many times they are great at organizing and enjoy occasional, part-time work. 

The estate sale business is largely unregulated in most areas. It’s up to you to choose a reputable company with experience and credentials behind them. To get you started, these are Paint & Patina's Top 10 Suggestions for “what to ask” and “what to search” when choosing an Estate Sale company.

1) Registration
 Search your Secretary of State business archives online to verify that the company is legitimately      registered as an estate sale business.
2) Certification
 Ask for any appraisal certifications, auctioneering certifications or other related credentials. Then    search the certifying organization to verify that they are still up-to-date.
3) Insurance
  Ask to see their current certificate of insurance.
4) Conflict-of-Interest
  Find out if the owner has a resale shop, booth or other such business. Knowing this allows you to ask     about potential conflicts-of-interest with regard to marketing and fairly pricing your items.
5) Experience
 Search their website for current and past projects, including client testimonials. Ask about a specific  project and it's outcome.  
6) Pricing
  Ask about their pricing philosophy and how they arrive at their asking prices.
7) Accounting
  Find out how they provide confirmation of sale totals or if they can provide transaction logs.  
8) Security
  Ask about their procedures regarding the security of your property during sale operations.
9) Trust
  Ask for examples of when their business ethics came in to play and how they handled the situation.
10) Contract
   Make sure you get a written contract signed by both parties before any work begins!