The 3 Steps Involved During Equipment Appraisal

Are you planning to get an equipment appraisal for whatever purpose you will need it for? Then it is likely you wanted to know what’s involved or what to expect during the process. Essentially, the appraisal involves three phases until you get the final report of the appraiser. Let’s take a closer look at each one of them. 

Compiling the list 

While the appraiser can do the inventory list themselves, it would be a big relief both for you, in terms of reduced cost, and the professional, in terms of completing the job faster. The asset list typically contains all the information, in a spreadsheet format, that pertains to the details of each of the equipment you wanted to be appraised. These may include model, manufacture, make, serial number, age, cost, date of purchase, and so on. This preparation will make the equipment appraisal a lot quicker and more efficient.

Inspecting the equipment

This is when the actual appraisal occurs when the appraiser goes on-site to inspect each item on the list you gave them. At this time, it would be better if somebody from your side is present who knows about the equipment so that the appraiser can get an accurate report on the maintenance and working condition of the item. In addition to getting details from you, as the owner, and the staff on-site, other documents, photographs, and related materials will also be examined to extract as much information about the equipment. 

Researching and Reporting

Once all the inspection data are in, the appraiser will now face the research work by looking at industry, market, analysis, and there may even be conversations with manufacturers and other relevant persons in order to seek comprehensive information. The final report of your equipment appraisal will then be summarized and presented to you by the appraiser. Sometimes, you may receive a copy to review first before the final appraisal report will be furnished.