Desktop Equipment Appraisals
What is a desktop equipment appraisal?
An equipment appraisal is traditionally composed of three main steps.
First, the appraiser works with the client to gather preliminary information about the equipment to be appraised and the reasons for appraising it. Second, the appraiser visits the client’s property or worksite to physically inspect the equipment. Lastly, the appraiser conducts any post-inspection research and calculations required to deliver a fair and accurate estimation of value.
A desktop appraisal eliminates the appraiser’s on-site visit, instead relying on the client to provide information that would normally be gathered during an inspection. Desktop appraisals can eliminate some of the costs associated with in-person appraisals while still conforming to Uniform Standards of Professional Appraisal Practice (USPAP) requirements.
When should you get a desktop equipment appraisal?
Generally speaking, equipment appraisals may be useful or required for situations such as financial transactions, insurance claims, tax filing, and legal proceedings. A desktop appraisal may be appropriate when it would be difficult or very expensive for the appraiser to inspect your equipment in person.
Here are some examples in a desktop appraisal might be the right option for you:
- There could be a high business cost associated with pausing operations, which might be necessary for the appraiser to inspect your equipment.
- Your equipment is spread across many locations or is located in a remote area, to the extent that traveling to all locations would be prohibitively expensive.
- Your equipment is no longer available for inspection, such as if it has already been sold, donated, stolen, or destroyed. The last two examples may be applicable in cases of insurance appraisals.
- Your equipment is very common or factory-standard, without any significant modifications.
- You have only a small number of items to be appraised.
What do you need for a desktop equipment appraisal?
The main disadvantage of a desktop appraisal is that the client must complete an inspection of their equipment on behalf of the appraiser. This is usually easier for common or standardized equipment than for highly specialized or customized equipment. It can also be a time-intensive process depending on how many items must be inspected.
A thorough, detailed inspection is vital to the appraisal process, so you will need to gather as much information as possible. This typically includes but may not be limited to:
- Make / manufacturer
- Model
- Serial number / VIN
- Age
- Operating hours / mileage
- Specifications (e.g. size, weight, capacity, horsepower)
- Modifications made
- Original cost
- Current condition
- Photos / videos of the equipment
Let us handle your desktop equipment appraisal needs
Our experienced team has the qualifications and knowledge to guide you through the desktop appraisal process. We guarantee friendly service and accurate valuations of your equipment for your specific needs. Simply reach out to us to get the process started!