Real Estate Appraiser Career Facts

A Real Estate Appraiser is a licensed person who surveys real estate property and estimates the value of an asset. Their service is essential in the sales, mortgage, taxing, insurance or construction of a real estate asset. In other words, the appraiser is essential for tax assessment, government acquisition of private land, property disputes, valuing estates and during business mergers or closures.

Job Types

Different appraiser's jobs exist for different types of the real estate assets, such as commercial appraiser's negotiations in the midst of an appraisal of commercial buildings like malls, stores, hotels and so on. There are two main types of real estate appraiser positions:

  • Residential Appraisers appraise homes and other residential properties.
  • General Appraisers appraise any type of real estate property other than residential.

Duties

  • Visit the valuation site; analyze the features like age of construction, approachability, and if there has been and renovation completed to assess the value of the underlining asset.
  • Record all your results and notes and tabulate your research and critical factors to justify your estimation of a real estate asset.
  • Issue a notice to the owners of the property about the new assessment or reassessment.
  • Collect data through all possible sources and record it for jurisdiction purposes.

Skills Required

  • Two years of appraisal training after graduation in economics or a finance related subject is the usual norm.
  • After receiving sufficient on-the-job training an appraiser can appear for and complete the state licensing or certification exam.
  • Ability to make logical judgments after a critical analysis of the data.
  • Technical proficiency to understand survey drawings and blueprints.
  • Knowledge of construction materials, their endurance and value.
  • Strong mathematical and marketing analysis skills.
  • Possess knowledge of the local area that you would be working in and other environmental factors affecting the value of an asset. An appraiser has to consider the architectural design as well while valuing an asset.
  • To adhere to the latest information regarding tax assessment procedures and real estate marketing conditions.
  • Good verbal and written communication skills.

Work Environment

Appraisers are usually employed in banks, real estate firms, insurance companies, mortgage firms and local governments. Few appraisers are self-employed and work either part or full time. Appraisers work mainly for local government organizations in order to assess the property tax for real estate properties and estates. Such assessors value the area and assess the tax charges for all the properties in that area.

Some of the real estate appraisers work for private firms and they work a standard 40 hour week. They have to work mainly to research the required data so they can prepare reports accordingly and precisely. But recently they have started using the Internet to obtain data and specific application software to facilitate their analysis.

Income

The Bureau of Labor Statistics says the average annual income of real estate appraisers is $53,410. But it has been found that a 13% of appraisers' salary stands between $80,000 to $100,000, depending on their expertise and experience.

Career Advancement

Once you are completely familiar with the appraisal position and that area you can start an appraisal firm on your own or diversify your appraisal caseload for jewelry and antique collections. The employment opportunity is predicted to grow faster than the average over 2016. But for right now, real estate has been reeling because of the poor economy.