How to Become an Appraiser

At Rabin Worldwide, we understand the importance of appraisals.  They must consistently provide asset values that customers as well as banks and corporations can depend on.  We are pleased to say our team of appraisers is one best in the business and that they have worked together for more than 25 years gaining experience in nearly every facet of industrial equipment. 

So how does one go about becoming an appraiser?  The process in the United States is regulated from state to state so it can vary.  Although in order for the appraisal process to be respected and legitimized, standards have been established.  The Appraisal Foundation (TAF), a non-profit organization started in 1987, exists for the sole purpose of advancing professional valuation.  They update “best practices as codified in the Uniform Standards of Professional Appraisal Practice (USPAP), and TAF's Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing.”

Appraisals are done for real estate valuations, personal property valuations, and for business valuations of equipment and machinery and even for the valuation of a business name or logo.  Presently only real estate appraisers are regulated by the state they are licensed in.  In addition, that state has the responsibility to discipline them. 

According to The Appraisal Foundation, “Most appraisers are required to have a certain number of hours of education and experience.  In addition, if an appraiser wishes to become state licensed or certified in real property or if an appraiser wishes to become “designated” by an appraiser organization, they must also pass a comprehensive examination.”   

If you are interested in finding out more, contact a professional trade organization that represents appraisers.  They will have information regarding specific courses for different fields or specialties.  After you have successfully finished your coursework, you can apply to become a designated appraiser. 

Sources:

en.wikipedia.org/wiki/Appraiser_Qualifications_Board

netforum.avectra.com/eweb/DynamicPage.aspx?Site=TAF&WebCode=TAFFAQs

 

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

What is the Best Type of Sale for Liquidating Assets?

If you are in the process of closing a business or need to sell surplus equipment or machinery, you may want to know what is the best way to sell assets in order to get maximize value.  The answer depends a lot on your particular circumstances but generally there are several options available and sometimes a combination of methods may be used.  Often a decision is based on the amount of time a company has in which to obtain the funds.  Two commonly used methods are liquidation sales and auction sales.

In situations where speed is not a requirement and a sale can be held over a longer period of time such as weeks, months and sometimes even years, liquidation sales are effective.  Without the need to rush, assets can often be sold for a higher amount.  The process can provide both the buyers and sellers a chance to negotiate on the price.  

An auction sale is done over a much quicker timeframe.  Typically an auction can be completed in about 90 days.  Commercial and industrial auctioneers have integrated the convenience and technology available on the Internet to allow auctions to be open to bidders from around the world.  Many traditional auction companies offer their customers simultaneous in-person and online bidding opportunities.  While auctions sales may not get as high of a price for assets as liquidation sales, they do have the advantage of getting capital into the hands of a business much quicker.

Before you proceed on your own, you may want to consider using the services of a professional asset recovery and disposition firm.  Enlisting the assistance of experts can be invaluable in your efforts to obtain maximum value for your assets.  They can help you to decide on the best course of action for your business and fully explain the process.  Be sure to use a reputable firm and chose one that has experience with your industry.

 

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

When a Business Closes, Steps to Liquidating the Assets

Once the decision is reached to close a business, there are some steps to take as an owner of the company.  Even if the decision to close is voluntary and not a forced liquidation, you will most likely want to sell off the company’s assets.  It is recommended that before you do anything, have a plan in place and consult with your tax advisor and attorney.  Also keep in mind; in many cases you will need the consent of your creditors before you proceed.

One of the first things you can do to get started is to make a list of all the property the business owns along with the equipment and machinery, office furniture, technical devices, and vehicles.  While doing so, take photos, note the condition of the asset, age, maintenance history and repairs, and warranty information.  Any of your assets that are worn out or obsolete should be donated and used as a tax deduction or recycled if possible.  On leased equipment, inquire as to the amount still owned and consider buying it outright if you know it can be sold for a higher amount. 

Add to your list any intangibles assets you may have that are of value such as trademarks or patents.  Also your competitors may be interested in any favorable contracts you have with suppliers as well as your list of customers and business contacts.     

At this point, a company that specializes in asset recovery and disposition services can be beneficial as you may not have the time or the expertise to efficiently handle this part of the process.  Look for a company that has a proven track record.  They will be able to provide you with professional appraisals of your assets, and if you wish, also assist with the actual liquidation process.  Furthermore talking to professionals can help you to determine what type of sale makes the most sense for your business.  

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

Rabin Live Auctions

Rabin Worldwide onsite auctions offer bidders an opportunity to participate from wherever they have a computer.   We generally use one of the following two platforms for online bidding and will indicate on the auction announcement page which system is being utilized for a particular auction.  It will be either our proprietary online system, RabinLive, or Bidspotter, a third party online bidding system.  We supply all the information on how to bid and what the requirements are for your computer.

A RabinLive auction is both a live auction and an online auction.  It takes place simultaneously in real time between bidders on the floor at the live auction and bidders online using our bidder’s console.  In order to participate, you must be registered for that sale and can register either online or in person at the auction site.  A credit card is required to register and a form of deposit.  You will then be given a bidder number.

Even if you registered for the live auction site, you can still register to become an online bidder if your situation changes and you cannot attend the live auction.  The process is easy and you will only need your e-mail address and credit card information during the registration process.  Once completed, go to rabin.com and click on "Buy" at the top of the screen.  Look for the auction and click "Register to Bid".  It will walk you through the registration process.  Once you have successfully completed the process, you will see a "Bid Now" button. Click on the button to get to the bidder’s console.

For more information regarding Rabin auctions, see our website or talk to one of our sales representatives.  We make our auctions both easy and fun to participate in.

 

 

For over 60 years, Rabin Worldwide has been assisting companies with creating liquidity through innovative solutions. We specialize in complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling surplus individual items, entire plants, or multiple plant locations by auction or liquidation and much more. When you need to sell assets, realize your maximum value by using the services of highly experienced commercial liquidators.

 

How to Bid at Auction

For some, the auction experience is a new one and there may be some confusion as to how it all works and how to effectively place a bid.  At Rabin we make it our business to clearly explain the process to all new bidders in order to make sure the experience is a good one.  Our auctions are fun and easy to do and we welcome any questions you may have. 

To get started, all bidders must register for a particular sale.  Just because you have already participated in a Rabin auction does not mean you are registered for the next sale.  Also before you register, make sure you understand all the payment instructions and requirements.  You can register online or in person at the auction site and will need to put down a form of deposit and a have a credit card.  Once that is done, you will be given a bidder number.

We encourage our bidders to attend the public inspection before the auction to get an opportunity to view items they want to bid on.  Check on our website to see when that will take place.  If you are new to auctions, be sure to get there at the start to hear the announcements and an explanation of how the auction will be conducted. This is your chance to ask any questions you may still have.  For online bidders, we provide a conference number so you can call in to listen to the announcements and the auction.

Now we get to the actual bidding process.  If you are at the auction site and wish to place a bid, simply raise your bidder paddle.  For those that are bidding online, they only need to click the bid button.  The rest is easy.  The highest bidder wins the item(s) and will pay for the item or items once they have completed bidding.  Online bidders will receive an invoice via email shortly after the auction. 

Payment arrangements must be made within 24 hours.  A Buyer’s Premium and applicable sales tax are added to the final purchase price.  Items are your responsibility to pick-up and are only released to the buyer once the invoice is paid in full.  We generally have riggers on hand to assist with heavy machinery or equipment. 

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

History of Auctions

According to Wikipedia, the term “auction” comes from the Latin word augeō which means “I increase” or “I augment.”  Although auctions were not all that common historically, they do date back to 500 B.C.  Early records from the Greeks indicate that auctions were used to sell women for the purpose of marriage. 

Later the Romans used auctions as a method to sell off the goods and property confiscated in battle or to sell prisoners of war into slavery.  The Romans were also one of the earliest liquidators and commonly used the practice to sell off the assets of debtors. 

By the seventeenth century auctions were becoming a common practice.  The Stockholm Auction House (Stockholms Auktionsverk) was the first auction house to open in 1674 in Sweden.  The renowned Sotheby's, presently the world's second-largest auction house was founded in London in 1744 and held their first auction for a collection of rare books.  Today’s largest auction house in the world is Christie’s, located in London, who published their first catalog in 1766.  

In America, the Pilgrims began the tradition of selling crops, imports, livestock, and property during the early colonization period back in the 1600’s.  It was an efficient method of converting assets into capital.  Fur was also auctioned off and Europeans traveled specifically to take part in the sale.  Later, auctions were common during the Civil War to sell confiscated goods.   

The 1950’s saw a rebound in auctions throughout the world.  The demand for goods was high and auctions produced quick results.  Today auctions have come a long way.  With the advancement of technologies on the Internet, auctions now have the ability to reach a far greater network of buyers throughout the world. 

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

Sources:

auctioneers.org/education

en.wikipedia.org/wiki/Auction

 

 

Rabin 24/7™ Auctions

You may be wondering what the difference is between our RabinLive and Rabin 24/7 auctions.  The answer is simple.  Both auctions permit bidders to place a bid online but a Rabin 24/7 auction is entirely conducted online.  There is no live auction simultaneously taking place in a physical site.

Since Rabin 24/7 is a timed auction bidding system, lots begin closing at set times that are designated in the auction announcements.  Items generally close every 2 minutes unless there is active bidding.  You need to register on our site beforehand to be eligible to place a bid and to receive a bidder number.

Bidding is easy but do pay attention to exactly what you are bidding on.  If you see “ea” next to the numbers in the Next Available Bid column, that means you will be paying the amount stated for each item.  Quantities are shown next to the item description.  If you wish to place a pre-bid before the auction opens, do so in the Maximum Bid Column.  This bid must be equal to or greater than the Next Available Bid amount.  Once the auction opens, your bid will stay active until someone outbids you or you win the item. Check out our website for more tips on how to navigate the bidding process

A RabinLive auction is both a live auction and an online auction. The bidding takes place in real time between bidders on the floor at the live auction and bidders online using our bidder’s console.  A registered online bidder for an auction can even go to the auction site to bid and only has to present their online bidder number to be given an onsite number. 

At the end of our auctions, you will receive an invoice.   Forms of payment accepted are: wire transfers, cashier checks, company or personal checks, and credit cards.  See our website for more details or consult a Rabin Worldwide sales associate.  

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.