When you think of machinery appraisals, you probably imagine a qualified equipment appraiser coming out to your facility, examining your equipment in person, and delivering a machinery valuation based on the in-person visit. You know that online machinery valuations are an option, but can't help worrying whether they are a good substitute for the in-person visit when accurate equipment values are needed. We at Equipment Appraisal Services offer online appraisals along with in-person appraisals. We have put together our thoughts on online appraisals to inform you what to expect when getting equipment appraised online and help you make the right decision for your needs.
What to Expect With an Online Appraisal
The online appraisal process is similar to the in-person appraisal process. In a typical online equipment appraisal, the appraiser will ask for the make, model, and serial number of the equipment. Since the appraisal cannot examine the equipment in person, he or she will request pictures or video that show the equipment's condition in detail. This is something many equipment appraisers do in person anyway, since they finish the appraisal offsite. The client will provide some additional information regarding condition, repairs, or rebuilds. Mileage and hours will also be requested.
You may be expected to provide the appraiser with maintenance reports, service logs, upgrades, or any other written material you have that would help the appraiser determine the appropriate equipment values, just as you would in an onsite equipment appraisal. The appraiser will tell you what paperwork they need to see in advance of the appraisal, so you can gather and send all the relevant documentation.
The appraiser will then review the information that you provided and perform their own research to determine machinery value. Finally, the appraiser will write up a report (which notes the appraisal was performed as a desktop appraisal) that sets out all findings.
Knowing what happens during an online appraisal can set your mind at ease if there are no local machinery appraisal experts near you. It can also help you make the right choice for your appraisal needs. When you need an appraisal done quickly, an online machinery valuation firm may be your best bet if local appraisers are unable to fit you in.
Ultimately, both in-person and online equipment appraisals can work well. The key here is selecting an appraisal specialist who is properly qualified and will deliver an appraisal report that is consistent with the Uniform Standards of Professional Appraisal Practice (USPAP). If the report you receive is not USPAP compliant, it will not hold up in court or under IRS scrutiny.
We at Equipment Appraisal Services perform desktop appraisals of equipment and machinery als well as on-site appraisals. Each of our appraisals is prepared by a qualified machine appraiser, then assembled and reviewed by one of our accredited appraisers in Machinery & Technical Specialties. All of our online appraisals are USPAP compliant and therefore guaranteed to hold up to IRS, legal, or financial review.
Whether you decide to hire an in-person appraiser or an online equipment valuation firm, the appraiser should be able to discuss the valuation process with you beforehand. He or she should answer any questions you have, and set your expectations for the time frame, process, and appraisal report.
We would be happy to discuss your online equipment appraisal needs, and give you a quote for the appraisal, in a phone call. To learn more, call us at (888) 343-9335.