---
title: "Equipment Appraisal: Updating A Prior Report"
description: The goal of a successful appraisal firm is to build strong client relationships so they return on a somewhat regular basis to have their reports updated.
image: https://www.equipmentappraisal.com/hubfs/Blog-Images/machinery-equipment-appraiser-creating-strong-client-relationship.jpg
---
[](https://www.equipmentappraisal.com)
# Equipment Appraisal Blog | Understanding Machinery Appraisals
## [Equipment Appraisal: Updating A Prior Report](https://www.equipmentappraisal.com/blog/equipment-appraisal-updating-a-prior-report)
Posted by [Equipment Appraisal Services](https://www.equipmentappraisal.com/blog/author/equipment-appraisal-services) on Mon, Jun 10, 2024 @ 07:30 AM
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A successful and reputable appraisal firm will have clients who return and ask to have their machinery and equipment appraisal reports updated. This could occur for any number of reasons. For example, they may want to track annual changes to their asset portfolio internally to determine material changes in value and ensure their capitalized depreciation records are current. They could be working on a long-term business plan to potentially merge with another company, or they might be trying to continue to attract investors and utilize lenders for new working capital infusion.
Whatever the reason, the quality report you provided the client with during the prior experience will have them coming back for an updated version. Here are a few things to consider as the appraiser when this occurs.
- Check the period when you last updated the report. The amount of time that has elapsed will drive your scope of work and decision-making process. If it has been over three years, then you can treat the engagement like a new assignment without stating that you have more recently completed an appraisal of the same equipment and, therefore, do not need to call it an update.
- If you have appraised the assets of the company in less than three years, then you should make a statement to this effect in your certification and refer to the valuation as an update.
- Clarify whether the purpose of the appraisal has changed and whether this may lead to adjusting the scope of work and include different value premises.
- Determine if you need to go back on-site or are able to complete the appraisal as a desktop. The opposite may also be relevant, where you weren’t able to complete an inspection the last time you issued the report, and you feel it is important to conduct a field visit this time around.
- Does the client expect a discounted fee given the work previously paid for? Before you grant this, ask them how much has changed with the makeup of the asset portfolio, which may create the need to include a significant number of different machines recently acquired.
- Your goal should be to utilize, in some way, the previous work that was done and create some efficiencies so you can deliver the report in a timely fashion. The client may have loved the prior report; however, they may be inherently assuming by coming back to the same firm that the project will be less expensive and time-consuming.
Repeat business is the goal of any small business, and having clients return on a semi-regular basis with updates or new projects will lead to a steady source of revenue while further building a solid reputation for you and your valuation company.
Tags: [equipment appraisers](https://www.equipmentappraisal.com/blog/topic/equipment-appraisers), [accredited appraisers](https://www.equipmentappraisal.com/blog/topic/accredited-appraisers), [appraisal report](https://www.equipmentappraisal.com/blog/topic/appraisal-report)
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