What is it Worth?
We all have personal property that we would like to know the value in terms of US dollars. It is important to know which approach and method the appraiser will use to determine its value. There are important considerations when hiring a personal property appraiser. Understanding the basics of the appraisal process and the terms can mean the difference between a qualified opinion that is certified and useful or an opinion that is considered unqualified and worthless.
What to look for in a Personal Property Appraiser
When seeking the services of a personal property appraiser one must hire a knowledgeable, educated individual with experience in the all aspects of the appraisal process. The following is a check list of some requirements for professional appraisers:
• Training in principles of valuation
- What courses in the valuation sciences has the appraiser completed?
- What appraisal associations does the appraiser belong to?
- Have they been tested in the Valuation Sciences?
• Experience in the field
- How long has the appraiser been appraising?
- What other experience does he or she have such as antique dealing, liquidating estates or restoring?
• Court Experience
- Has the appraiser ever testified as an expert witness or prepared documents for the courts?
• Knowledge of the different markets, approaches, methods and purpose of the appraisal.
• There are no local, state or federal licensing of personal property appraisers. It is up to the professional appraisal associations to test and accredit appraisers.
Gene Ruelle was first tested and awarded the highest professional designation of Accredited Senior Appraiser with the American Society of Appraisers in May 1995. He remains an Accredited Senior Appraiser and is in good standing with the ASA with his specialty in Antique Furniture. Each accredited member of the American Society of Appraisers has earned a professional designation in one or more appraisal specialties. Such accreditation is predicated on society criteria: intensive written examinations, submission of representative appraisal reports and screening of applicant's practice and ethics. With more than two but less than five years of experience, members may use the professional designation AM (Accredited Member). With five years or more of full time valuation experience, members are granted the right to use the professional designation ASA (Accredited Senior Appraiser). All accredited members are required to become reaccredited every five years through a mandatory continuing education process. In addition, each candidate for accreditation must have a college degree or its equivalent.When you hire an ASA-accredited appraiser, you are assured the best valuation expertise on the market, because ASA-accredited appraisers bring knowledge of the market and profession, experience, and solid reputation to the job.
For more information about the American Society of Appraisers you can visit their home page at appraisers.org. Or you can visit the ASA Dallas/Fort Worth Chapter page at rightvalue.org.
