Real Estate Appraiser Work

Real estate appraiser's job is to estimate the value of a property. There are various sectors where appraisers are employed. Some of them are Catastrophe appraisers, Jewelry appraisers, Business valuation appraisers, etc. In this section, we will focus on real estate appraisers. Some of them generally work with the real estate companies and others work in banks, firms, etc. The objective of real estate appraisers is to value a property for taxes, loans, insurance, etc. There are different types of value set by the appraisers:

• Market Value
• Value in use
• Investment Value
• Insurable Value
• Liquidation Value

This was just to give you information about the various types that are used by real estate appraisers. Before the land or property valuation, these appraisers consider one of the above mentioned types. Now we will highlight some of the job responsibilities of real estate appraisers:

• Estimates the property by considering various factors such as the location, resources, construction, etc.
• Prepares the blue print of the plan and takes several pictures of the property
• Does a thorough research before putting up a price on the property based on loans and mortgages
• Inspects the property and its neighborhood as the price varies depending upon the property type
• Works in accordance with the civil jurisdiction and follows the records closely

Real estate appraisers must necessarily be skilled as this is the kind of profile which not only demands you to have some specific qualities along with ability to apply the theories into action. Some of the skills are mentioned as follows:

• Should have an excellent hold over mathematical and analytical skills
• Should be well aware of the present market scenario making rounds related to real estate business
• Should have in-depth knowledge in handling business and in understanding the statistics involved
• Should be good decision makers as the market valuation most of the times involves several risk factors

Educational Background and Training:

There are no specific educational criteria that are being fixed for becoming real estate appraisers. A bachelor's degree of 4 years is the only condition that has been set. However, you have to have a license for practicing this profession. Getting that license can be a bit tedious. The licensing procedure involves taking exams conducted by the Federal Government. Interested candidates must have done an internship from a real estate firm or company. Without the license you will not have the authority to deal with any property and process it further. Hence, you can see, it is extremely important that you are a licensed appraiser. Some of the states also offer courses in this field. You will have to look for it accordingly.

In this profession, you learn the skills by working on the site. Degrees might not work out as much as the experience you gain by working on the site.

Job Outlook and Future Prospects:

As per the reports forwarded by Bureau of Labor Statistics (BLS), the future of real estate appraisers is good and the employment opportunities are growing day by day. Someone who has started their career as appraisers, they can go up in the hierarchy by becoming real estate analysts, consultants, and the kinds. This will require work experience.

Salary:

The annual average salary of real estate appraisers is around $45,000. This is good start for those who are new in the field. Salary can vary depending upon your experience, incentives, and also on the state you are working in. It can hugely differ if you are working for a private firm.

This is a field for those who are skilled enough to be business minded and have a vision for estimating the value of a property. Money will flow, once you learn the art of estimating.

We have mentioned all the important factors that are important for you to know everything about real estate appraisers. Hope this information fills in your query. All the best!