Equipment appraisers determine the value of equipment for cost, market value, or income purposes. They research the item’s history, current prices, and customer information. Appraisers need certification and expertise in their field, and may travel extensively and testify in court. Accurate and timely reporting, objectivity, and ethical conduct are essential.
An equipment appraiser analyzes a piece of equipment to determine an estimate of its value. Typically, there are three purposes for appraising equipment—determining cost, determining market value, and determining income—and each affects how an appraiser approaches the job. Other factors include why the customer needs the review. There are basic elements to any valuation engagement, including maintaining certification standards, researching the item and items like it, and confirming the reliability of customer information.
An appraiser does most of her work in researching the item being appraised. One area of research is the history of the item, including accidents or manufacturer recalls. The appraiser is also responsible for researching current prices for similar or the same equipment. A third area of research may be to investigate the information that the equipment owner has provided. This is especially true in cases where the owner profits by exaggerating or underestimating the value of the item.
In most areas, appraisers need to be certified. Some choose to obtain extra accreditation through dedicated societies for appraisers. Accreditation is often an annual requirement and it is the responsibility of the valuer to continue proper accreditation.
There is a wide variety of equipment that appraisers work with. Some of the companies that need these professionals include construction, industrial and medical companies. Some companies have specialized equipment, such as submarines or locomotives. An equipment appraiser needs to choose a field of interest and seek to learn about that type of equipment. Having a strong working knowledge of the equipment being evaluated is vital.
Generally, an equipment appraiser travels a lot. For example, a medical equipment appraiser might work in a nursing home, clinic, or health facility. A mining equipment or forestry machinery appraiser may need to travel internationally. Other raters may not travel as widely. Often, office equipment appraisers have a fixed area of travel, but nuclear medical equipment appraisers can travel extensively.
Sometimes an equipment appraiser may be required to testify in court or other legal proceedings. Some appraisers are expert witnesses and may be hired to testify on behalf of their clients. Generally, a person needs to be an expert in their field of assessment to qualify as an expert witness.
An expert witness and the average equipment appraiser have a common characteristic. Both need to provide accurate and timely reporting. Customers need reports that are not misleading or confusing. The evaluator must be objective, competent and exhibit ethical conduct, including strict confidentiality. Up-to-date knowledge of equipment, economics, and industry is critical for an appraiser.
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