Every situation is unique and we will always tailor our approach to suit the client requirements.
The Appraisal Process
FORMAL APPRAISAL
The Appraisal Report will include a detailed description of the item(s) being appraised, photographs, the final value conclusion and in the appropriate situation supporting documentation.
Our formal appraisals tend to follow a structured and uniform approach; this ensures that we handle the project in an organized manner and make the best use of time:
Initial Discussion And Walkthrough Appointment
We begin with a conversation, typically conducted via telephone. During this, we hope to determine the scope of the work and understand the client goals and expectations. Some assignments require the necessity of a walkthrough appointment to determine the full scope of work required. This is also a good time to ask us any questions relating to the process you may have.
Finalize Contract
Based on the information obtained from the initial discussion or the walkthrough, we will discuss terms and prepare a contract for signature. A deposit may be required at this time.
Schedule Onsite Appointment
This time will be typically be used to inspect and photograph all items. The formal appraisal can also encompass a number of other steps, depending on the circumstances. These may include:
- Examination & Documentation – together with the taking of photographs, it’s important that each item entered in the report is accurately measured. For this reason, during our on-site time, we will examine all items, noting down characteristics, condition, and measurements. Everything we record at this point helps during our research stage.
- Research & Development – Together with photographs, information such as markets, labels and signatures will enable us to begin the process to verify dates, locate comparable items, and investigate appropriate markets. Time spent on this ensures that your appraisal report is accurate and fully protects you and your property.
INFORMAL APPRAISAL
An informal appraisal may be useful in some instances. In certain circumstances, we may perform an informal appraisal as a preliminary step to assessing costs and any particular needs a client may have.
VERBAL APPRAISAL
A verbal appraisal often takes the form of a “walkthrough” and discussion around the value of the items. It can be a great way to minimize the initial investment of your time and money. For some, this verbal appraisal will be all that’s needed. However, for many requirements, particularly those which have any form or legal of tax connotations, it is unlikely that either an informal or verbal appraisal will suffice. In these instances, a full formal appraisal will be required.
To meet both ISA and USPAP requirements, verbal appraisals require the appraiser to retrain a complete paper work file with all details of the verbal appraisal recorded.
FORMAL APPRAISAL REPORT
We are a member of the International Society of Appraisers (ISA) and all of our processes and documentation conform to the Uniform Standards of Professional Appraisal Practices (USPAP) guidelines.