A real estate appraiser gives estimates of how much the property costs in the market for selling, mortgage, tax and development purposes. You can either appraise commercial property like hotels and offices or focus on valuing residential dwellings like homes and condominiums.
The work entails visiting the site of the property to be inspected and taking note of the features that could affect its value. You will check the location to see if there are characteristics that could potentially lower the property’s total cost. For example, residential properties found in quiet neighborhoods are going to be valued differently from those near noisy highways or airports. In a similar vein, commercial properties found far from the city center where business is lively are not going to have the same value as those that are found far from it. In addition to its surrounding areas, you will also be looking at the foundations of the edifice to determine if it is still viable. This entails looking into the integrity of the entire structure itself. You will also be checking the rooms to see if any renovations have been done since this will affect the value of the property.
Once the physical evaluation of the property is complete, you will be estimating how much the home costs by looking at such records as the appraisals, lease records, income potential and sales of comparable properties.
To succeed as a real estate appraiser, you need to be analytical, first and foremost. This is a very important trait since appraisers need to look at a lot of data sources and conduct comprehensive analysis before they can value a piece of property. The need to calculate the area of land as well as that of buildings necessitates excellent mathematical skills. Problem-solving and time management skills are also going to be important in this job.
Why Become A Real Estate Appraiser
One reason to become a real estate appraiser is that it provides one with the opportunity to work in the real estate industry. It is also for those who enjoy estimation work, including the number-crunching that comes with determining the value for a particular piece of property. For a job that pays relatively well, the educational requirements are also not as lengthy.
Real estate appraisers work in industries related to real estate. An estimated 27 percent of them were self-employed, according to data from the U.S. Bureau of Labor Statistics. They write their reports in the office but most of their working hours are spent in the field where they conduct individual inspections of homes or offices. The work is typically done fulltime during regular business hours but independent fee appraisers or those who are self-employed typically spend more than 40 hours a week in their job because they write reports on weekends or evenings after completing their inspections during the day.
Real Estate Appraiser Salary
The U.S. Bureau of Labor Statistics revealed that the mean annual salary of appraisers and assessors of real estate is $57,040 which translates to $27.42 per hour. The states which have the highest pay for this occupation include Connecticut ($92,300), District of Columbia ($89,990), California ($70,240), Alaska ($67,400) and New York ($67,350).
Real Estate Appraiser Career Outlook
The job outlook of appraisers and assessors of real estate is set to grow six percent in the ten-year period covering 2012 to 2022. Although the general rate of employment for this profession is slower than the average for all job types, there will still be a need for these professionals over the long-term which will be brought about by the growth in the number of people and improving economic conditions. In the short-term, however, the demand will depend on the events happening in the real estate market which can fluctuate from time to time. There will be tough competition for the available jobs.
Real Estate Appraiser Degree
Although the requirements for becoming an appraiser and assessor of real property vary from one state to another and even by the kind of property being evaluated, an associate’s degree is the minimum educational qualification for one to become licensed. Most professionals, however, have a bachelor’s degree which has become the minimum requirement for those who would like to earn certification. State licensure or certification is needed for those appraisers who are performing transactions that have to do with federal institutions. Certifications required for those doing transactions at the federal level are Certified Residential Real Property Appraiser and Certified General Real Property Appraiser. Each certification requires a certain number of education, appraiser-specific classroom training and work experience. Candidates must also pass an exam.