The following questions are important to ask when choosing a professional machinery & equipment appraiser:
- What is your general equipment appraisal educational background? What specific experience do you have with the kind of machinery and equipment I wish to have appraised?
There is no requirement for machinery and equipment appraisers to secure a license. Therefore, it is up to you to evaluate the ability and qualifications of those who call themselves machinery and equipment appraisers. The machineryand equipment appraiser should have specific experience in the task at hand
- Are you a member of a professional appraisal society? If so, does that society test, certify, and recertify? Do you hold a special designation issued by that appraising society?
By educating, testing and awarding designations to appraisers across six disciplines, ASA ensures that machinery and equipment appraisers receive the education, information and tools they need to become a recognized leader in the profession. Remember that an accreditation in appraising issued by a major teaching/testing/accrediting appraisal society is a strong indicator of ability. It is important to note that major appraisal organizations such as the American Society of Appraisers and the National Equipment Business Brokers require strict adherence to its Principles of Appraisal Practice and Code of Ethics . We provide equipment appraisals compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).
Additionally, to ensure that competent, relevant, current valuation counsel is available to the public, ASA requires Accredited Senior Appraisers to reaccredit and the National Equipment Business Brokers requires Certified Machinery and Equipment Appraisers to recertify every 5 years. This mandatory program emphasizes professional participation in a continuing education process. The program interfaces with the society’s Principles of Valuation courses, the valuation sciences degree programs, and ASA’s examination procedures.
- Are you a full time machinery and equipment appraiser or do you conduct other business activities?
- Can the machinery and equipment appraisal firm meet the specified deadlines?
- Does the machineryand equipment appraisal firm document the approach to value to assure values will be supportable in the event of audit, litigation, or insurance loss?
The machineryand equipment appraiser you select should be able to answer these questions and others, to your satisfaction. Don’t hesitate to ask. The true professional appraiser will welcome the opportunity to display his experience and credentials.