Job Duties of the Real Estate Appraiser

Assessors and appraisers of real estate estimate a property's value for a number of reasons, such as to confirm that there is adequate collateral for a mortgage, to settle an estate, to assess property tax, to help set a reasonable sales price and to come to a person's aid in the settlement of a divorce. People who plan on looking into real estate appraiser jobs often specialize in assessing or appraising certain types of real estate, that is, either residential buildings or commercial properties. However, due to the demands of their job, they may be called upon to estimate any real estate's value ranging all the way from farmland to some major shopping center. The main difference in assessors and appraisers is that an assessor estimates the value of all of the properties in a specific locality for the purpose of property tax. Real estate appraiser jobs appraise properties only one at a time.

The valuation of all kinds of real property is usually conducted using similar methods. Appraisers and assessors alike all work in areas that they are familiar with so that they may have knowledge of anything that will affect the value of properties. They make note of any unique characteristics surrounding a property such as a certain architectural style of a house or a building or whether there is a major highway that is located next to a property. Real estate appraiser jobs also take into account any additional aspects of different properties such as the condition of a roof or the foundation or any improvements that have been done to a property. They may also take pictures of the property to document a certain feature or a room as well as taking pictures of the exterior of a building. After the appraiser visits the property, he or she will estimate its fair value by considering the following things: lease records, view, income potential, home sales, location and previous appraisals. Real estate appraisers write detailed reports on their observations and research, stating the value of the property as well as how they arrived at their estimate. It has become easier and faster writing reports due to the use of laptop computers. This allows them to access data so that they will be able to write some of the reports on site. Another computer technology that has had its effects on this occupation is electronic maps of a specific area. The appraiser will use these maps to obtain an accurate perspective on the buildings and property that surround a property. One thing that is commonly used today is the digital photograph. This technology is used to document a building''s physical appearance at the time of the appraisal.

The education and training of real estate appraiser jobs consist of two years of college, some on-the-job training as well as a state license. Beginning in 2008, all assessors and appraisers will be required to hold a bachelor''s degree or have the equivalent in credit hours. An appraiser may hold a bachelor''s degree in a related field usually in finance, economics or real estate. The requirements to become an appraiser are quite complex and vary by State. The median salary of an appraiser is approximately $43,390 per year. The employment outlook at this time is very good.



In many States, a person who is working on his or her appraiser requirements in order to get licensed is classified as a trainee. Some States have training programs of their own while other States use the AQB''s recommended program. This program will vary by State but the usual requirements are for at least 75 hours of specific appraisal education. Fifteen of those hours will be required to be on the National USPAP Course before a person can apply for a trainee position.

For both assessors and appraisers, it is necessary to have continuing education courses in order to maintain one''s license or certification. The minimum amount of continuing education requirements for an appraiser is set at fourteen hours per year. Every two years, the appraiser must complete a seven hour National USPAP Update Course. Some States may have additional requirements.

What are some of the other qualifications that real estate appraisers possess? He or she should have good mathematical skills, good analytical skills and must have the ability to pay close attention to detail. He or she must also be people-oriented as well as be able to work independently. Since he or she will be working with the public, politeness is a necessary skill as well as the ability to listen. An appraiser must also be able to answer all questions concerning their work.

What is the work environment of an appraiser like? They spend a lot of their time doing research and writing reports. However, with the advancement of modern technologies, the time that was once spent in the office has now decreased. Much of the research can either be done at home or on-site. Records that once required the appraiser to go to the courthouse can be found online. This has had a special effect on self-employed appraisers. The independent fee appraiser can now spend more time doing research on-site and requires them to spend less of their time at the office. Of course, this depends upon the specialty. Commercial appraisers probably spend a lot of their time at one particular site writing reports and analyzing documents. Those who work for private institutions probably spend a great deal of time in the office and make on-site visits as they deem necessary.

Advancement within this occupation comes with experience in the field. The higher the level that an appraiser''s license is, the higher the fees the appraiser may charge. Staying within a certain specialty will also help to establish one''s reputation, business and expertise. Assessors will more than likely have a career progression from within the office they are currently working in. They will usually begin as a trainee and eventually end up elected or appointed as a senior appraiser or the position of supervisor.

As an independent fee appraiser, you can probably work more than just a 40 hour work week. This is in addition to working weekends and evenings writing reports. Over 10% of appraisers worked part-time in 2006.

What are the job prospects for a real estate appraiser job like? The opportunities for employment should be best in areas that have active real estate markets. This includes the East and West coasts as well as major cities and suburbs. The opportunities for established appraisers are expected to be good. However, those who wish to break into this field may have a hard time locating a trainee position.

One thing that may have a direct effect of job prospects of appraiser is the cyclical nature that goes along with the real estate market. This may particularly affect those who appraise residential properties. During the time of a recession, there are fewer people that are going to be buying or selling real estate. This will cause a decrease in demand for appraisers. Opportunities will be the best for those appraisers who are able to switch specialties so that they may appraise different kinds of properties.

The office of an appraiser is usually relatively small only consisting of themselves or a small staff. However, banks and mortgage broker offices will usually employ up to several appraisers in one office.

In conclusion, if you are looking into a real estate appraiser job, I hope this article has helped in making up your mind. Rest assured that you can do anything you put your mind to!