How to Be Industrial Equipment Appraiser - Job Description, Skills, and Interview Questions

Jan 28, 2022 / 5 Minutes Read / By Albert

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Industrial equipment appraisers are professionals who assess the value of industrial equipment and machinery in order to determine fair market prices. The role of an industrial equipment appraiser is critical in the industrial sector, as it can help businesses determine the value of their equipment, compare prices with other companies, and even use the appraisal as leverage when negotiating a purchase or sale. Appraisers must have a deep knowledge of the industrial equipment and its components, a thorough understanding of the current market values of specific items, and a keen eye for details. By accurately appraising the value of industrial equipment, companies are able to ensure that their equipments are properly valued, enabling them to make sound financial decisions when buying or selling.

Steps How to Become

Obtain a Bachelor's Degree. Most industrial equipment appraisers have a bachelors degree in accounting, finance, business or a related field. Coursework should include economics, mathematics and statistics.
Obtain Appraisal Training. In order to become an industrial equipment appraiser, you must obtain a certification in industrial equipment appraisal. Certification courses may be completed online or through a professional organization.
Get Work Experience. Gain experience in the industrial equipment sector by working in the industry. Experience in this field can be obtained by working as an appraiser assistant or as an industrial equipment technician.
Obtain Licensing. Depending on the state you live in, you may need to obtain a license to become an industrial equipment appraiser. Contact the state's Department of Licensing to find out the specific requirements for obtaining a license.
Consider Joining Professional Organizations. Joining a professional organization such as the American Society of Appraisers or the International Society of Appraisers will help you stay up-to-date on industry trends and news, as well as connect with other professionals in the field.

Industrial equipment appraisers must stay up-to-date and qualified in order to remain competitive and provide accurate appraisals. To do so, they must stay informed of industry trends, developments in technology, and changes in the law that may affect the valuation process. professional organizations such as the Appraisal Institute and the American Society of Appraisers provide educational resources, continuing education courses, and certification opportunities that help appraisers stay current and qualified.

Furthermore, appraisers should network with colleagues in the industry to stay abreast of new developments and best practices. By staying informed, knowledgeable and connected, industrial equipment appraisers can ensure they are providing professional and accurate appraisals.

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Job Description

Industrial Equipment Appraiser: Responsible for conducting appraisals of industrial equipment, including evaluating its condition, age, and parts. Must be knowledgeable in industrial equipment and be familiar with industry standards and practices.
Industrial Equipment Inspector: Responsible for reviewing industrial equipment prior to sale or disposal. Must be knowledgeable in industrial equipment and be able to identify any problems or potential issues that could arise.
Industrial Equipment Maintenance Technician: Responsible for performing preventive maintenance and repairs on industrial equipment. Must be knowledgeable in industrial equipment and be able to diagnose and troubleshoot any issues that may arise.
Industrial Equipment Dealer: Responsible for buying and selling industrial equipment. Must be knowledgeable in the industry and possess strong negotiation skills in order to maximize profits.
Industrial Equipment Designer: Responsible for designing and developing new industrial equipment. Must possess a knowledge of engineering principles and design processes in order to create effective solutions.

Skills and Competencies to Have

Knowledge of industrial machinery and equipment, including operation, maintenance, and repair.
Familiarity with industry standards and regulations.
Excellent analytical and problem-solving skills.
High degree of accuracy and attention to detail.
Ability to interpret technical documents and drawings.
Ability to determine the value and condition of industrial equipment.
Excellent verbal and written communication skills.
Knowledge of financial accounting principles.
Proficiency in computer software programs such as Microsoft Excel, Access, and other related programs.
Ability to work independently with minimal supervision.

Industrial equipment appraisers must have an extensive knowledge of the industry, as well as an understanding of current market trends and values, in order to accurately assess a piece of equipment. Having strong analytical skills is also an important asset, as it enables the appraiser to evaluate the condition, age, and use of the equipment in order to determine its current market value. Additionally, good communication and negotiation skills are essential, as the appraiser will often need to interact with both buyers and sellers in order to reach a fair price. Finally, having an eye for detail also helps to ensure that all aspects of the equipment are evaluated correctly, as any flaws or imperfections can significantly reduce its value.

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Frequent Interview Questions

What experience do you have appraising industrial equipment?
How do you assess the condition of industrial equipment?
What steps do you take to determine the market value for industrial equipment?
What challenges have you faced in appraising industrial equipment?
How do you stay up to date on the latest information and technology related to industrial equipment appraisals?
Describe your process for researching and verifying the value of industrial equipment.
How do you document your findings when appraising industrial equipment?
What types of industrial equipment have you evaluated in the past?
How do you identify potential buyers for industrial equipment?
Describe a successful experience you had appraising industrial equipment.

Common Tools in Industry

Computerized Appraisal Software. Software used to quickly and accurately assess the value of industrial equipment. (eg: HAGGLE Industrial Appraisal)
Database Research Tools. Technology used to research market values of industrial equipment. (eg: Equipment Bluebook)
Desktop Computers. Personal computers used to analyze and store data related to appraisals. (eg: Dell OptiPlex 790 Desktop Computer)
Digital Cameras. Cameras used to capture images of industrial machinery and equipment for documentation. (eg: Nikon D3500 DSLR Camera)
Industrial Scales. Scales used to accurately measure the weight of industrial equipment. (eg: AccuWeigh Industrial Scale)
Measuring Devices. Instruments used to take accurate measurements of industrial components and materials. (eg: Mitutoyo Digital Caliper)
Parts Catalogs. Reference guides used to identify and order replacement parts for industrial machinery. (eg: Cummins Online Parts Catalog)
Portable Scanners. Handheld scanners used to scan barcodes and other data from industrial equipment. (eg: Honeywell Voyager Barcode Scanner)

Professional Organizations to Know

Association of Machinery and Equipment Appraisers (AMEA)
American Society of Appraisers (ASA)
International Society of Appraisers (ISA)
International Association of Assessing Officers (IAAO)
American Appraisal Association (AAA)
National Equipment & Machinery Appraisers Association (NEMAA)
American Society of Farm Managers and Rural Appraisers (ASFMRA)
National Association of Independent Fee Appraisers (NAIFA)
International Valuation Standards Council (IVSC)
American Institute of Certified Equipment Appraisers (AICEA)

We also have Equipment Appraiser, Home Appraiser, and Auto Appraiser jobs reports.

Common Important Terms

Valuation. The process of determining the current worth or value of a business, investment, or other asset.
Asset. Anything owned or controlled by an individual or company that has monetary value.
Machinery Appraisal. A valuation of machinery and equipment based on factors such as condition, age, use, and market value.
Replacement Cost. The estimated cost of replacing a damaged or destroyed asset without taking into account depreciation.
Fair Market Value. The price a willing buyer would pay a willing seller for an asset in an open market.
Depreciation. The decrease in the value of an asset due to physical wear and tear, age, or obsolescence.
Scrap Value. The estimated value of an asset that has been discarded or sold for scrap.
Liquidation Value. The estimated proceeds that would be realized if an asset is sold in a forced sale.
Marketability. The ability of an asset to be easily bought or sold in the marketplace.

Frequently Asked Questions

What is an Industrial Equipment Appraiser?

An Industrial Equipment Appraiser is a professional who specializes in evaluating the market value of industrial machinery and equipment. They use their knowledge of the industry and market conditions to appraise the fair market value of industrial equipment for insurance, taxation, liquidation and other purposes.

What qualifications are required to become an Industrial Equipment Appraiser?

To become an Industrial Equipment Appraiser, applicants must typically have a bachelor's degree in engineering, business or a related field, as well as experience in the industrial equipment industry. In addition, some states may require certification for Industrial Equipment Appraisers.

What types of tasks does an Industrial Equipment Appraiser perform?

An Industrial Equipment Appraiser performs a variety of tasks including analyzing equipment specifications, researching market conditions and trends, evaluating condition and age of equipment, and providing written appraisals that detail the estimated value of the equipment.

How do Industrial Equipment Appraisers determine the value of equipment?

Industrial Equipment Appraisers use a combination of methods to determine the value of equipment. These methods include analyzing the condition and age of the equipment, researching market conditions and trends, and evaluating comparable sales data to estimate a fair market value.

What is the job outlook for Industrial Equipment Appraisers?

The job outlook for Industrial Equipment Appraisers is expected to be positive over the next decade. The Bureau of Labor Statistics estimates that employment of Industrial Equipment Appraisers will grow by 8% from 2019-2029.

Web Resources

Academics in equipment appraiser - Academia.edu www.academia.edu
Industrial Systems Technology | Robeson Community College www.robeson.edu
Associate Machinery and Equipment Appraiser Kellstadt Career ... cmc.business.depaul.edu