The time it takes to get a completed equipment appraisal can be as short as 1-3 days, although they can take much longer. The timeframe is dependent on: the equipment being appraised, the location of the equipment, type of appraisal, availability of data, and the appraiser’s availability.
Timeframe based on the equipment
Some equipment is fairly uniform and easy to appraise, while other equipment requires extensive research on the part of the appraiser. Using an appraiser that specializes in your type of equipment can decrease the turnaround time of the appraisal.
Obviously, the timeframe also depends on how much equipment needs to be appraised. All things equal, and appraisal of one item takes a lot less time than the appraisal of 20 items.
Location of the equipment
There are several factors at play when it comes to equipment location.
First, is it accessible? Equipment that is in a dark warehouse without electricity and stacked behind lots of pallets is not very accessible. It will take the appraiser more time to appraise this equipment.
Second, is everything in the same location? If the appraiser needs to visit multiple locations to view the equipment, it will necessarily take more time.
Finally, the equipment appraiser’s proximity to the equipment will impact travel time. For this reason, you might consider hiring an appraiser in the same city or region, although the most important requirement in finding an appraiser is to find one competent in appraising the type of equipment you have.
The type of appraisal
Desktop appraisals eliminate the need for a site visit, so these tend to take less time. Travel can add days to the turnaround time.
Also, the appraisal turnaround time will depend on the intended use of the appraisal. Some intended uses require more research, paperwork, etc. and will require longer to complete.
Availability of data
Some equipment is easier to appraise than other equipment based on the availability of data, such as sales data.
Let’s take an example from outside of the personal property world: real estate.
It’s generally easy for a real estate appraiser to appraise a cookie-cutter house in a new neighbordhood. It’s much harder to appraise unique houses. It can also be harder to appraise large parcels of rural land than a lot in a city.
It comes down to what data is available and how difficult it is to obtain it.
The appraisers availability
In-demand equipment appraisers can have multiple projects in the queue ahead of you. This is especially the case on appraisals that need completion based on external deadlines. An appraiser who works on tax assessments might have several clients with firm deadlines to challenge their property tax appraisal.
In general, equipment appraisers are used to traveling. They will also work with other appraisers by referring projects in case they are too busy. So don’t be afraid to hire someone further away who has sooner availability.