A real estate appraiser studies and evaluates information about a property and estimates its market value. A written appraisal is then prepared to document the findings and conclusions.
An appraisal is usually required whenever a property is sold, insured, or assessed for taxation. Mortgage lenders require an appraisal as do federal, state, and local governments when acquiring property for public use. Insurance companies require an appraisal when determining the proper amount of insurance on a property.
An appraiser must be familiar with public records and their location, be able to read blueprints and mechanical drawings, recognize good and bad construction materials, and be up-to-date on building zoning laws and government regulations. Appraisers usually specialize in one type of property such as farms, single-family dwellings, industrial sites, or apartment houses.
Appraisers often enter the field from other jobs in real estate sales or management, but more and more are entering the field directly. Those with a college education have the greatest chance of success. Beginners in appraisals usually start as appraisal assistants or trainees.
Opportunities for beginners exist in local assessors' offices and in federal, state, and city departments. Local independent appraisers also offer part-time and full-time work to beginners and college students studying real estate appraisal.
Places of Employment and Working Conditions
Appraisers work in all areas of the country in towns and cities of all sizes wherever property is bought, insured, or taxed.
Much of an appraiser's time is spent away from the office inspecting properties and researching records. Independent appraisers set their own working hours but frequently work evenings and weekends to meet client deadlines. Appraisers who work in salaried positions usually have more regular working hours.
Appraisers spend varying amounts of time in travel if they evaluate property in other areas or in other countries. These appraisers are usually involved in appraising industrial and commercial property or property for investment.
Qualifications, Education, and Training
An appraiser must have the highest standards of personal integrity and honesty and should possess good communication skills, both written and oral. An appraiser also needs good health and stamina because this is a physically demanding job.
Many private firms, financial institutions, and government agencies will hire only appraisers who have a college degree. Many colleges and universities offer programs in real estate and in real estate appraising. Other relevant courses are economics, finance, business administration, architecture, law, and engineering.
Appraisers may obtain professional recognition by working toward designations awarded by an organization. These designations are awarded by the American Institute of Real Estate Appraisers, the Society of Real Estate Appraisers, and the American Society of Appraisers.
Potential and Advancement
This is a good job opportunity field because there is expected to be an increased demand for home purchases and rental units. However, real estate appraising is affected by the swings in the economy. During times when the economy is weak, the earnings of appraisers decline, and many are forced to leave the occupation. Currently, the Bureau of Labor Statistics estimates that the demand for real estate appraisers will grow by 8 percent—as fast as average—between 2014 and 2024.
Income
Beginning real estate appraisers often work on a freelance basis and are paid by the job. The Bureau of Labor Statistics estimates that the median annual salary for real estate appraisers was $51,860 in 2015.
Related Jobs
Related jobs include real estate agent and real estate broker.
