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October 22, 2008 Vol.
157 |
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Editor’s Note: Second in a series designed to help you
diversify and grow. Look for additional installments in this
bi-weekly email edition of WRE.
Finding Your Niche: Machinery & Equipment
Appraising
by Cary Barker, Ast. Editor
In the thick of the refi. boom, the
worry of not having enough work did not seem possible. But
cycles being what they are, lender work has slowed to a trickle. In
these challenging times, many appraisers are looking for alternate
ways to apply their skills. One niche to consider is appraising
machinery and equipment.
Appraisers who can do both real estate and machinery and equipment
appraisals are in a position to increase their referrals. A company
that needs an appraisal for their machinery and equipment may also
need an appraisal for the commercial and/or residential real
estate
that may be involved and vise versa.
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WRE spoke with Rob Mathews, CMEA (Certified Machinery and
Equipment Appraiser), who says any appraiser who is taking
pictures and collecting information already has the bare basics for
what they need to do machinery and equipment appraisals.
Of course, additional
information and study is required to become certified to
appraise machinery and equipment.
Mathews is an appraiser who has worked with a prominent mergers
and acquisition firm for about six years. “For us, there were
big spaces between big payments, so we realized that we needed
more than one source of income. We needed to fill in the spaces
with a more consistent source of income. This type of appraisal
does not compete with what we were already doing,” said Mathews.
“We could do the machinery appraisals without taking away from
what we had already established.”
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(story continues)
The Appraisals
Machinery and equipment appraisals can take anywhere from a
day to a week depending on the number of items to appraise
and the amount of information the client provides, says
Mathews. “NEBB (National Equipment
& Business Builders Institute) has a laundry list of
what you should ask for, and what to bring with you- oven
cleaner, steel wool. How long it takes is dictated by the
size of job and the information that you get or ask for.”
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Mathews explains that before
submitting a bid, he asks a number of detailed questions about
the equipment and the documentation available. The per item
price is lower when a client can provide computerized equipment
lists and depreciation schedules, along with original invoices,
and maintenance and repair logs. Without them, says Mathews,
the M&E
Appraiser must do significantly more research and invest
more time, resulting in higher fees per item.
“I’d rather kill elephants than gazelles,”
said Mathews. “The amount of money we make now is substantial
compared to other appraisals. We’re in upstate New York so we
pride ourselves on demanding what we are worth. Our attitude is,
why leave the office for less than $125 an item (piece of
equipment)?”
Within six months he did three appraisals,
which Mathews says covered the cost of training and
certification. One of his earliest jobs brought in a commission
of $40,000. “It was an
out-of-state healthcare facility. There was no documentation,
which required us to conduct an inventory of all facility
equipment with a value over $500. The final report was submitted
within four weeks, including three days of on site data
collection using a team of four appraisers,” said Mathews.
Marketing
Mathews, who is NEBB certified (nebbi.org),
relies on networking and word of mouth to market his services.
He says he makes the job easy for the client. His clients are
pleased with his services and in turn tell their friends about
him. He also uses direct marketing, letters and phone calls to
attorneys, CPAs, bankers and divorce attorneys. “You have to be
willing to go out and ask for the business, to let them know
what you do,” said Mathews, “Our success is based on the fact
that we follow up with phone calls.”
Mathews says, “I have more fun doing these
than just about anything else. You meet wonderful people and
they couldn’t be more helpful. It’s in their benefit to provide
you with the information about their equipment, so they are much
more wiling to be helpful.” An added bonus for Mathews, is that
he gets to wear jeans. “I used to wear a suit and bowtie, you
can never forget about a guy in a bowtie.”
According to
Mathews, the NEBB Institute, where he was trained, also plays a
big part in his success. “NEBB’s philosophy is that ‘we’re here
to help, all you have to do is ask,’” said Mathews. “They have a
quick start list telling you what to do, which helps you get up
and going. They told us they’d stay with us after we graduate
and they do. It’s also a good place for referrals. If a job is
too big for someone they will often call another CMEA to ask
them to do it instead.”
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