The Equipment Appraisal Process

Do you need to get an equipment appraisal? Here’s how the process will work as the customer.

1. Request an appraisal quote

Contact one or more equipment appraisals to get a quote for your appraisal project. You should be ready to provide the following information:

  • The intended use of your appraisal (aka what you need it for). This will impact the ultimate appraisal report, so it’s important for your appraiser to know ahead of time.
  • The intended users of your report.
  • What equipment needs to be appraised. Ideally, you have an itemized list that you can send to the appraiser.
  • What type of appraisal you require — desktop appraisal or field appraisal.
  • The location of the equipment as well as confirming it will be accessible.

2. Hire the appraiser

Before or after receiving the quote, you should verify the appraisers credentials depending on your appraisal needs.

Ask about their experience appraising similar equipment. While many appraisers handle all types of equipment, others are specialized. You don’t want someone who only appraises medical equipment to appraise your tractor.

Also, if you need a USPAP-compliant appraisal, verify that your appraiser has the necessary education to meet this requirement.

Finally, make sure that the appraiser’s schedule and anticipated completion date meets your deadline.

3. Schedule the site visit

If your appraisal requires a field inspection, schedule this with the appraiser.

Make sure the equipment is accessible. If power is needed to view or verify the working condition of the equipment, be sure to arrange this ahead of time.

4. That’s (mostly it)

Once the field appraisal is done, your work is mostly done. Now it’s on the equipment and machinery appraiser’s shoulders.

The appraiser might reach out with additional questions about the equipment. Be sure to respond quickly to avoid delays in receiving your final report.

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