What does an appraiser do?
Appraisers estimate a residential or commercial property’s value for many different reasons including to evaluate property tax, confirm or help establish a fair sales price, verify enough collateral for a mortgage, assist in a divorce settlement, or to settle an estate. They consider location, previous appraisals, comparable home sales, income potential, and lease records. They take note of specific characteristics of the property and the area that surrounds it, including the building’s style of architecture or a major road located by the structure. They also take additional features into account such as the condition of the roof or any renovations. They often take pictures to document certain characteristics. Appraisers then write detailed reports on their inspection and research. They state the property’s value and include a thorough explanation and how they reached the estimate.
What kind of training does an appraiser need?
Appraisers must have at least a bachelor degree. Many appraisers have bachelor degrees in real estate, finance, or economics. Appraisers must also complete on the job training to become completely qualified and to attain a license or certification. Many appraisers gain work experience in real estate offices, financial institutions, or independent fee appraisers’ offices.
According to the Federal law, appraisers engaged in Federal transaction with $250,000 or more loan amounts must be licensed or certified by their state. Licensing requirements differ by state, but usually include certain training requirements, work experience as a trainee, and a satisfactory score on one or more examinations. All 50 states must conform to The Appraisal Foundation’s Appraisal Qualifications Board (AQB) licensing and certification requirements. Many states also require appraisers to be licensed or certification no matter the loan amount. Continuing education is required to maintain licenses or certification.
What are the prospects for a career as an appraiser?
Employment of appraisers is projected to grow faster than average for all professions, increasing 17% from 2006 to 2016 (1). Increases in real estate activity will drive employment growth of appraisers.
Job prospects are expected to be favorable, especially for those who have extensive experience and can switch specialties to appraise different property types.
How much do appraisers make?
As of July 2009, appraisers with 1 to 4 years experience earned annual salaries between $30,669 and $57,763. Those with 5 to 9 years experience earned annual salaries between $38,984 and $63,511 (2).
A career as an appraiser is an excellent choice for people who have a strong interest in real estate. Appraisers must have good mathematical skills, analytical skills, and be able to pay close attention to specific details. Excellent communication and interpersonal skills are essential since appraisers frequently work with the public.
