For an equipment appraiser, building a solid relationship with their clients is one of the most critical components to completing a valuation assignment. Appraisals are much more than a simple engagement between two parties. It is the beginning of a partnership based on trust, communication, experience, and expertise. Whether valuing machinery for a potential acquisition, financing/leasing arrangement, litigation support, donation, property tax appeal, insurance claim, or basic sale, a strong appraiser-client relationship is essential for achieving accurate, credible results.
Here are some of the key elements to establish in the relationship:
Clear and Consistent Communication
Transparency is critical. From the initial consultation, appraisers should clarify the scope of work, timelines, and any specific needs. Clients, in turn, should provide detailed information about the equipment and any supporting documentation. Regular follow-ups by the appraiser with progress updates are important to put in place from the start.
Trust and Confidentiality
Equipment appraisals and their associated transactions often involve sensitive financial or business details. A professional appraiser upholds confidentiality, ensuring the client’s data remains secure. Building trust through an ethical practice fosters a long-term partnership.
Understanding the Larger Transactional Perspective and Client Goals
Regardless of the purpose and need for an equipment valuation, appraisers should strive to fully understand the client’s objectives so they can better clarify and provide insights that align with the intended use of the report based on their experience with similar assignments.
Ongoing Collaboration
Client-appraiser relationships shouldn’t end with the delivery of the final report. Appraisers can provide ongoing support and consultation as the client’s situation or deal continues to develop. The comfort level an appraisal client gains over time will lead to future opportunities. They can benefit from having a trusted expert in their corner for years to come.
In summary, establishing and maintaining a relationship between an equipment appraiser and their client ensures smoother transactions, fewer misunderstandings, and more supportable results. Clients will gain lasting trust in their valuation experts, and appraisers, in turn, can count on their clients to disclose the information necessary to create relevant, reliable reports and future engagement opportunities. Taking the time to develop this type of professional partnership builds a foundation for success and becomes a win-win situation for both parties.