An equipment appraiser examines a piece of equipment in order to determine its value. Appraising equipment is typically done for three reasons: to determine the cost, to determine market value, and to determine income. Each of these factors influences how an appraiser approaches the job. Other considerations include why the client requires the appraisal. Maintaining certification standards, researching the item and similar items, and confirming the accuracy of the client’s information are all basic elements of any appraisal job.
The majority of an appraiser’s time is spent researching the item being appraised. The item’s history, including accidents or manufacturer recalls, is one of the areas of investigation. The appraiser is also in charge of looking up current prices for similar or identical equipment. A third avenue of investigation could be to look into the information provided the equipment’s owner. This is especially true if the owner stands to profit exaggerating or underestimating the item’s value.
Most states require appraisers to be certified. Some appraisers choose to gain additional accreditation through appraiser societies. Accreditation is frequently a yearly requirement, and it is the appraiser’s responsibility to maintain proper accreditation.
Appraisers use a variety of tools to complete their work. Construction, industrial, and medical firms are among the companies that require these professionals. Submarines and locomotives are examples of specialized equipment used some companies. An equipment appraiser must choose a field of interest and devote time to learning about that particular piece of machinery. It is critical to have a thorough understanding of the equipment being appraised.
An equipment appraiser typically travels a lot. A medical equipment appraiser, for example, might work in a nursing home, a clinic, or a healthcare facility. A mining equipment appraiser or a forestry machinery appraiser may be required to travel internationally. Other appraisers may not be able to travel as far. Office equipment appraisers typically travel in a set area, whereas nuclear medical equipment appraisers may travel widely.
An equipment appraiser may be called upon to testify in court or in other legal proceedings on occasion. Expert witnesses are appraisers who are hired to testify on behalf of their clients. To qualify as an expert witness, a person must be an expert in his or her field of appraisals.
An expert witness and a typical equipment appraiser share a characteristic. They must both provide accurate and timely reports. Clients require reports that are not deceptive or perplexing. The appraiser must be objective, knowledgeable, and act ethically, including maintaining strict confidentiality. An appraiser must have current knowledge of the equipment, the economy, and the industry.