Why is it essential to hire a qualified appraiser?

Why is it essential to hire a qualified appraiser? When it comes to appraising, there is no room for error. By definition, an appraisal is an objective, impartial, and unbiased opinion of defined value completed by a competent, ethical, and qualified appraiser. It requires an understanding of the client’s machinery and equipment appraisal problem, and identification of the property type, its value-relevant characteristics, and the proper approach to apply in order to appraise the machinery and equipment according to the purpose. Machinery and equipment appraisal reports must be USPAP compliant, meaningful to the client and intended users, relevant to the intended use, and not misleading. When appraisers comply with USPAP, the client and designated users can put their faith in the machinery and equipment appraiser’s opinions, analyses, and conclusions and believe in the appraisal.