One of the biggest mistakes you can make prior to a machinery or equipment appraisal is not preparing properly for it. If you want to ensure that your appraisal comes in at the highest possible price point, preparation is key. Here are a few best practices that will help in this regard.
Cleaning & Repair. The best way to demonstrate to your appraiser that you’re serious and conscientious is to make sure your machinery is clean and in good working order. It will appraise better, which will make it easier to sell.
Prepare Your Documentation. To save the appraiser a huge amount of time, put together a comprehensive list of all the machinery and equipment you want appraised, and be sure to include receipts, serial numbers, repair manifests, and owner’s manuals — this is especially important if you have a lot of equipment. If the appraisal is easy, then the appraiser is happy, and if the appraiser is happy, then everyone is happy.
Get to Know Your Appraiser. Before you schedule the appraisal, find out if the appraiser you’re considering is an experienced certified machinery and equipment appraiser (CMEA). A CMEA’s appraisal will always be performed to standards set by USPAP. Also, learn what the appraiser’s report should look like — typically, a CMEA’s appraisal report will include model numbers, pictures, serial numbers, and other descriptive information.
This prep work will take a little time, but it should mean an easy and painless appraisal.
The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.
By: NEBB Institute
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