At this point, you should:
Know what Equipment will be Appraised
Know If your Equipment Appraisal will be Onsite / Virtual / or Desktop
Have a Depreciation Schedule / Asset List with at least Good General Descriptions
Have called and received a Free Quote from your Appraiser
What we do next on your Equipment Appraisal:
1st: Data for the Appraisal Completely Collected
How this data collection for your Equipment Appraisal happens is decided by the Onsite / Virtual / Desktop choice.
If you have chosen a Virtual or Desktop Appraisal a person on location will need to completely collect the data as requested by the Equipment Appraiser. This usually means having that person also shoot GOOD photographs of the equipment. Finally, that person will need to send the data in a readable format to the Appraiser.
If you have chosen an Onsite Equipment Appraisal a few things must happen. The onsite visit must be scheduled with our Appraiser and your Onsite Contact, who is knowledgeable with the Equipment. We try to properly match the Appraiser and the Equipment – this often means travel time for the Appraiser that should be accounted for. Once Onsite, the Appraiser gathers the equipment data and will be available to answer general questions about the process. During the Onsite Visit, we generally will not answer questions about the potential end value – we simply don’t have enough information without researching it first.
Once the data is collected, the Appraiser will enter all the data into a master form and sort according to the report needs.
2nd: Equipment Appraisal Research
Our next task is to research each individual piece of equipment. In our research we often use Manufacturers, Dealers, Re-sellers, Internet Listings, Forums, Historical Data, New Costs of Production, Costs of Setup, Costs of Removal, Potential Scrap Value, and literally hundreds of potential other sources of information. All of this goes together to form a basis of the value we set on the equipment. We also weigh such things as Appreciation, Depreciation, Environmental Factors, Technological Level, and many other variables to set the value even closer.
This is just a brief description of what we do on each piece of equipment within your report.
3rd: Writing the Equipment Appraisal Report