Ritchie Bros. offers a whole suite of solutions and services to help customers buy, manage, maintain, valuate, and sell heavy equipment, trucks, and other assets. Check out the video below to learn more about Rouse Appraisals, and how you can leverage their expertise and experience in equipment appraisal and valuation. Matt Ackley, Ritchie Bros.’ Chief Marketing Officer, interviews Raffi Aharonian, Managing Director of Appraisals, about what types of equipment they can appraise, how much it costs, how long it takes and more. You can also take advantage of our free online Ritchie Bros. Price Results tool to give you accurate, up-to-date transactional pricing results for equipment and trucks.
Learn more about Rouse Appraisals
Why would someone need an equipment appraisal?
We provide appraisals to support bank or financially driven needs, contractors who are contemplating buying or selling equipment, managing generations, transitioning owners, partnership buyouts, etc.
What type of assets can you appraise?
All the key equipment products you might be familiar with, heavy earth moving, compact or small and medium earthmoving, aerial, material handling, agricultural equipment, truck tractors, and trailers. Extending beyond that, we appraise cranes, oil & gas-related equipment, vocational trucks, and additional specialized assets.
How do you decide what an asset is worth? What’s your appraisal methodology?
There are always upfront exploratory discussions that take place to understand what’s needed and when is it needed by. We’ll look to sign an engagement letter, so all the terms are agreed and clear for all parties. From there we really begin executing the work, including obtaining asset detail information. In many instances that comes by way of an equipment list. In other instances, we go onsite and collect those details ourselves with our team of inspectors. Ultimately, it’s about getting really good quality information about the assets, including condition.
Our team will then go through and appraise all those assets, with the final product being two components: a bound appraisal report with a narrative of the work performed and a summary of the findings, as well as detailed excel sheet that lists out all the items with the respective values for each individual item.
How long does an appraisal usually take?
Generally speaking, on the shorter end we see some things turned around as quickly as 5 to 10 days. For some of the more complex projects, you’re pushing up closer to a month’s timeline.
How much does an appraisal typically cost?
On the low end of the range, you’re probably looking at something between $2,000 – $5,000 for something that’s a shorter list that might be very straightforward. As you scale up the level of complexity and the number of assets, the fees could exceed $25,000. Particularly when you consider a comprehensive scope of inspections, where we’re sending folks around the country to get under the hood of all the equipment.
What does the appraisal report look like?
The report is intended to be really robust and fit and conform with what we call the uniform standards of professional appraisal practice (USPAP). The level of depth in the report might increase and be a little bit richer in content for folks who might be using it for underwriting purposes. In other cases, we get a single owner that says, ‘I just want to get the appraisal for internal uses’ and they usually don’t need all the extra detail.