Equipment Appraisal Best Practices

Step 1

What you need to know BEFORE you talk to an Equipment Appraiser to save Time, Money, and Frustration.

Most folks don’t enjoy buying an Appraisal. 

They would much rather buy something else with their hard earned money. 
There are times in our lives that we are forced to have Machinery or Equipment Appraised. 
The problem is – most of the time this is a once in a lifetime event. 
This means few people actually know how to go through the appraisal process. 
We understand!
This article can help this Appraisal be simple and quick for you.
We will share the best practices of getting a Machinery & Equipment Appraisal. 
This is written as if we are talking to a close friend.
Note: We Promise to tell you “What You NEED to know” but not always what you want to hear…

Equipment Appraisal Best Practices 1

Step 1: Prepare for an Equipment Appraisal

To have your machinery and equipment appraisal be simple and quick do these things.

We are going to give a quick overview here and offer our free forms and tools page for more information.

Key Points about Preparing for an Equipment Appraisal:

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Be clear about why you need an appraisal.

The reason effects the type of Appraisal needed or the type of Appraiser needed. This is especially important in court / litigation. Tell your equipment appraiser this Up Front.

Choose what machinery / equipment / assets you need appraised. 

Many Appraisals are more expensive because the client does not have a good list of equipment. Start with these documents: asset lists, depreciation schedule, equipment maintenance schedules, equipment lists or lists like these. Remove any items from the list that are broken, sold or disposed of. Don’t overlook small tools, furniture, fixtures, electronics, support items and offsite / storage.  Here is a free tool to create a “Perfect Asset List”… 

Best practices to choose the proper value level for your Equipment Appraisal.

This is a confusing point to many people. There are 12+ Value levels that can be applied to your machinery & equipment. Each of these Value levels are for a specific situation and can impact you if you choose wrong. A good Equipment Appraiser can help guide you through this decision if you are still unsure. These are the 3 most used (Fair Market Value, Orderly Liquidation Value, Forced Liquidation Value). Please see our Value Level Definitions here…

Time needed to complete an Equipment Appraisal correctly.

It is very important to consider when you will need the report completed. We have seen machinery and equipment appraisals take between hours to months. The time needed is based on: (1. Clients preparation, 2. Amount of Equipment, 3. Location of Equipment, 4. Type of Equipment, 5. Schedule of all parties involved.) Here is an equipment appraisal scheduling calendar for you…

In our next Equipment Appraisal Best Practices Step we will discuss how to choose the best Equipment Appraiser. Many people get this next step wrong and our guide is focused on making sure you have a frustration free appraisal. We will discuss the difference between the knowledge of an Equipment Appraiser vs. Mechanics, Non-Appraiser Professionals, and other choices that may be wrong for your specific needs. We will also discuss the key reasons to choose a non local or a local Equipment Appraiser and how this may shift the values drastically on your appraisal report.

FindEquipmentAppraiser.com has been created to fill a drastic need in the market. To many times in the past people have been either taken advantage of or given a poor report. Our goal is to offer a free way for people needing an equipment or machinery appraisal to find the best appraiser possible for their specific appraisal situation or need.