Real Estate Appraisal Career

Real estate appraisal career include providing an estimate of the value of properties to buyers, sellers, financial institutions, insurance companies or the government for a variety of purposes. The information obtained could be used when the local government intend to acquire lands from the owners, in determining the amount of a mortgage that might be granted on a property, tax assessment, business mergers proposal, business closures or the amount of insurance coverage and premium to pay.

The values of the properties evaluated vary from time to time and hence a good grip of the current market information of that location is critical in doing the evaluation. Good knowledge in accounting and economics is necessary to do this job.

Having critical mind, good judgment and practical experience will help to enable one to arrive to a good estimate of the property concerned.

Studied showed that 40% of appraisers are self employed. They run their business from their own firm. Some work in financial institutions, real estate agencies, government agencies or insurance companies. Those who have their own firms usually work at their own pace and there is no limit how much they can earn. Once established, real estate appraisers can earn up to six figures income annually.

Real Estate Appraisal Career Job Tasks

Appraisers work on site when they need to see for themselves the location and condition of the property. Once data has been collected, they will usually come up with a formal report to be submitted to their clients. Some of the tasks that they do are...

  • Regulations Update The knowledge of the local housing and property regulations is needed in order to correctly appraise the property. One has to stay current with the latest development in this area.
  • Data Collection Collection of data from government departments, public records and other information relevant to the property is needed in order to do a good and accurate analysis. Information is compared to ensure that it is accurate and the sources where it is obtained is reliable.
  • Marketplace Knowledge on the current economic growth of the marketplace and its potential affects the value of the property. A growing area with higher population will be able to fetch a higher market price compared to an area which is not growing.
  • Inspection The inspection of the properties and their surrounding is one of the most critical and time consuming task for the real estate appraiser.
  • Reports Most clients will only pay for the services provided once a formal written reports have been submitted to them. Producing a good, comprehensive, accurate and professional report will ensure that your clients will come back to you for repeat business in the near future.

Most states require real estate appraisal career to have valid license. Even though no formal degree is required to be an appraiser, most of them have at least a bachelor's degree in fields such as economics or real estate.

Some take a 2 years appraisal course and join a firm to get the experience of being an appraiser. Once they are familiar with the business processes, they will then proceed to take an examination where they will be issued a state license if they pass the test. One can also join Appraisal Institute where mentoring program is offered.

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