How long does an Equipment Appraisal Take?
Or Answer: What Appraisers Do Next / Time Expectations
Again, this part varies by Appraisal Company, but let’s take a dive into our company process as an example:
- Compiling the data – Once we have all the data either through a site visit or from our form being submitted, we compile all the data into a usable format.
- Research – Next we start the research. Every piece on our appraised list will have all three types of research considered, those types being. Market Data Approach, Cost Approach, and Income Approach. We will use the best approach that fits the item and transfer that data into our report. Without giving away too many industry secrets we compile our data from external sources like the internet and dealers and brokers of equipment, and from internal data from our database of millions of pieces of equipment
Time Involved: This is difficult to gauge due to the nature of different equipment. But on average, we will have 1 hour of time per appraised item. I have seen many appraisal companies take up to 3 weeks to deliver a report. With the size of our team, though, we generally are able to deliver our reports in under 10 business days – many times within 2 – 5 business days. As soon as our appraisals are completed and paid for, we send them digitally and send the hard copies via express mail.