Personal Property Appraisers determine value and estimate costs for a wide range of tangible and intangible property. Whether it’s your antique furniture or NFT, there is a personal property appraiser who can help you determine what your items are worth. Read on to learn how to answer the “Who, what, where, why, and how?” questions of the appraisal process.
WHAT AND WHY?
Two of the most important questions regarding the appraisal process are “What is to be appraised?” and “Why are you seeking an appraisal?” The answers to these questions will sculpt your appraisal needs. “What” will help guide choosing the right appraiser. “Why” will establish the intended use and objective of the appraisal assignment.
WHO - TYPES OF APPRAISERS:
A generalist is an appraiser who, as the name suggests, has general knowledge about several different types of property. They have a working knowledge and understanding of the areas in which they state competency, and may lean on specialists for specific items.
In contrast, a specialist is an appraiser who has a vast knowledge about their specific subject expertise. This subject area may be as broad as Victorian Furniture or as specific as Vintage Chanel Costume Jewelry. However, it is constrained to one type of property, such as sterling silver, crystal, or rugs.
Answering “What” will determine “Who” should perform your appraisal. Typically, If there is an entire estate to be appraised, a generalist would be better suited for appraisal. However, if you have a single item or collection of specialty items that require in-depth knowledge and expertise, a specialist would be an ideal candidate.
HOW - INTENDED USE AND OBJECTIVE
The intended use is determined by you, the client, and answers the question, “Why are you seeking an appraisal?” After answering the “Why”, the appraiser plans “How” to perform the appraisal. Otherwise known as the objective, the appraiser establishes what type of appraisal is to be performed.
Below is a short list of appraisal objectives, along with their common intended use.
Objective: Determining Fair Market Value
Objective: Determining Market Value
Objective: Determining Replacement Value
Objective: Estimating a Repair Cost
Objective: Calculating the Present Worth of Future Income.
WHERE - SUNBURST APPRAISALS
“Where” you have your appraisal performed matters. By trusting in appraisers who create reports that are USPAP compliant, and are members of member-driven associations such as the International Society of Appraisals, you have the peace of mind knowing that your appraisal will be accurate, performed objectively, and held to a high standard of excellence. All of Sunburst Appraisals’ appraisers are members of the ISA, and hold the values of respect, integrity, and accessibility high. Call Sunburst Appraisals at (217) 921-7217 to discuss your appraisal needs, “Where” we will help answer the tough questions about your personal property.
