What is an appraisal?
An appraisal is the act or process of determining value, estimating costs, or calculating present worth of personal property based on an informed judgment which is supported by facts, analysis and processing of relevant factors.
What is personal property?
Personal property, which can also be defined as chattel, are tangible good such as furnishings, appliances, residential contents, etc. Essentially it is the “stuff” we all own.
Why are there different values for the same item?
Depending upon the intended use of the appraisal there are several different values that an appraiser can provide. One of the first questions you will be asked when you contact an appraiser is “what is the purpose of the appraisal?”
How do appraisers charge?
Plan B Appraisals & Inventory Assets charges by the hour; each appraiser can set their own fees for services but some of the most common ones are hourly, per item, or for the entire appraisal. You should be wary of an appraiser that will charge you a percentage of the value of the items being appraised.
Will you buy the items being appraised?
No, we believe it would pose a conflict of interest.
How do you appraise an item outside of your expertise?
If we run into an item that we are unfamiliar with, we will consult our network of specialists; we will disclose this information to our client and will get their approval in writing before proceeding.
Are personal property appraisers licensed?
Currently, there are no state license requirements for appraising personal property.
How does someone become an appraiser?
They qualify through major appraisal societies by taking courses, testing and proving years of experience. They should also be compliant and up to date with the Uniform Standards of Professional Appraisal Practice.