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Viewing Your Appraisal Client as a Partner

August 15, 2013

Although appraising a piece of equipment may be an everyday occurrence for you, for your clients, it’s a big deal. Other entities may be making purchasing decisions based on your report, or banks may be making lending decisions. As a result, the modern approach to appraisal asks the appraiser to accept his or her client as a sort of partner in the process. Not only will doing so get you better information to work with, but it will go a long way toward increasing your client’s comfort level, which will help your business through referrals or repeat appraisal jobs.

Ask your client for his or her input on the equipment you are appraising. Ask for accurate information on repairs that have been performed or repairs that are needed. This open dialogue builds a valuable relationship and allows for a more accurate appraisal. Keep in mind that listening to your client doesn’t mean that you have to agree with him or her. As the appraiser, your credibility is on the line and the final value decision is yours, but allowing your client to have input helps everyone involved.

Some business owners seeking bank loans are advised to contract directly with an appraiser rather than agree to allow the lending institution to name the appraiser for them. If you are contracting directly with a business owner who is seeking a loan, you can help him or her by seeking the lender’s approval to perform the appraisal or attempting to get on the lender’s list of approved vendors before beginning your inspection. This will validate your work in the eyes of the lender, and may help you get more business in the future from other companies seeking loans.

The NEBB Institute endorses and strives to observe the highest standards of professional ethics to preserve the public trust inherent in the professional appraisal practice. The Institute provides initial and monthly comprehensive education, ongoing support, and a dynamic international network, and certifies professionals in the art of machinery/equipment appraisal and brokerage.

By: NEBB Institute

 

 

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