An appraisal letter is an impartial evaluation of a person, product or service that is graded according to preset, specific standards. Appraisals are conducted on people and property, including employees, real estate, equipment and jewelry.
An appraisal letter is an effective tool used to motivate and recognize employee performance. Regular evaluations provide a clear analysis of employee strengths and weaknesses that are used for training and improving performance outcomes of the business.
Appraisal letters are important tools used by consumers in regards to the value and worth of financial investments that include automobiles, land and antiques. Appraisals aid in legal protection for both buyer and seller. In the insurance industry, appraisals are used in the case of natural disasters for the purpose of compensation for loss.