4 Tips To Expedite Equipment Appraisals
Equipment appraisals are an inevitable part of commercial auctions, business liquidations, securing financing on equipment and more. Generally, companies requiring an appraisal opt for a professional team to expedite the process. However, there are several ways to further streamline the appraisal process, and there are various steps that a lender can take to expedite the situation. The 4 such tips geared towards lenders are discussed below.
4 Tips to speed up the equipment appraisal process
1. Have The Relevant Equipment Information At The Ready
Equipment appraisals can be much faster and easier when the appraiser has all the relevant technical information. Even if it is difficult to procure this information at short notice, it is best to have a template of relevant information at the ready. Some of the most common details asked by appraisers include the make and model of the equipment, age, condition, serial number, maintenance logs and key features. Thus, having this information handy will provide the appraiser with a much-needed head start in the process.
2. Be Clear With The Reason Behind The Appraisal
Equipment appraisals can occur due to a variety of reasons, and providing the appraiser with the type required will help facilitate the entire operation. Whether the appraisal is for bankruptcy proceedings, liquidation, l financing, partnership dissolutions or establishing a value for a buying or selling agreement, it’s fundamental to be clear with the main goal of the appraisal process.
3. On Site Inspection vs. Desktop Valuation
It is important to understand whether or not the appraisal requires an on-site inspection by the appraiser or if it can be done on a Desktop basis where the appraisal is done remotely, with machinery information and photos supplied by the client and therefore no physical inspection necessary. If an on-site inspection is required for the appraisal, this needs to be factored into the timeline.
4. Working With A Professional Appraisal Team
Lastly, it’s vital to engage professional appraisers who are well versed and aware of the particular company’s business operation and, ideally the appraiser has a national or international presence, a strong reputation and will also instill a sense of trust in prospective client and/or lenders. Consequently, the firm will expedite the appraisal process.
Infinity Asset Solutions is a leader in the field of organizing industrial equipment auctions and appraisals. With over eight decades of collective experience, our professional services include conducting comprehensive equipment appraisals and audits as well as assisting with company liquidation procedures. Contact us today if you need help facilitating an auction.
