PERSONAL PROPERTY

WHEN YOU NEED AN APPRAISER

Personal Property encompasses residential contents, fine art, furs, jewelry and other objects not considered real property (real estate). Often there are times when an individual, family or trustee needs to determine the value of the personal property.  Such times would be if the items need to be insured against loss or damage; families need to separate the items for equitable and fair distribution amongst family members; the owner of the items has passed and the items are now subject of tax scrutiny; the location where the items resided was destroyed or subject of a burglary.   Each of these scenarios and others require a qualified appraiser to document, inventory, photograph and value the items properly. If an item no longer exists, there may be need to forensically reconstruct the item to determine value.   Each type of personal property is specialized and requires expert valuers for that type of item. 

DID YOU KNOW that there is no state, federal or organizational licensing of personal property appraisers? Anyone who wants, can advertise themselves as an appraiser. There are even some appraisal organizations that offer the appearance of appraisal training, but require nothing more than membership dues and offer no professional testing.  So how do you find the right person?

BEGIN YOUR SEARCH with your friends. The best referral comes from satisfied customers. Ask your friends if they have had appraisal services conducted for them.  Were they satisfied with the service; was the appraiser professional; were the objects handled with care; was the document accurate and useful? The answers are self evident.

IF YOU MUST start from the yellow pages, or even have called a well established appraisal organization, be prepared to interview the appraiser as you would any professional. After all, you will be allowing this person to enter your home and/or view your valuables. This is not to be taken lightly. Even if the appraiser is referred by an organization, it does not guarantee that they adhere in practice to the standards prescribed by the organization. Plan to delve a little further. Whether on the phone or in person, a few key questions can determine if a particular appraiser will be right for you. Be clear about your needs before calling (type and number of items you need appraised, what the appraisal will be used for, i.e. insurance, probate, liquidation etc.). An appraiser unwilling to answer your questions is not worth pursuing further.

QUESTIONS TO ASK AN APPRAISER ...

1. How long have you been working with the type of items you are appraising? (experience with the items is mandatory for good sense of product knowledge)
2. What affiliations do you have? (don't be overly impressed with volume, only the quality of the organizations and the standards they promote)
3. Are you active as a volunteer at any community and/or appraisal groups? (activity in a group or in the community shows a dedication to others)
4. What values do you assign? (the right answer is "It depends on the needs of client and the specific function of the document")
5. Do you ever consult with other experts in the field? (a part of research is consulting with others)
6. How do you charge? (it is unacceptable to charge a percentage fee)
7. What appraisal training have you completed? (There is no excuse for not having taken any appraisal course. Experience alone is not enough)
8. Stop asking only when you are satisfied with the responses.

AN APPRAISER SHOULD PROVIDE YOU WITH...

• A professional approach to your appraisal needs before, during and after service is rendered.
• Careful handling and reporting of your items.
• A qualified report for your needs.
• Appraisal standards as advocated by their appraisal organization.
• A thorough document that offers a minimum...
  
  • -The purpose and function of the appraisal
  • -Any limiting or contingent conditions
  • -Full description of the item
  • -Photographs
  • -Market research
  • -Careful and accurate findings
  • -Any appropriate disclosures
    
• Update services for future dates
• A willingness to stand behind their appraisal, even in a court of law (generally this would be considered additional services and subject to additional fees).

Lastly, the appraiser should have left you with the feeling of wanting to use them again.

Good Luck in your pursuits.

Paradise Associates,© 2006