An Overview of Real Estate Appraiser Jobs
First, you need to have a clear understanding of what your job responsibilities would be if you decide to pursue an appraiser career. Basically, your job would be to visit properties, examine them thoroughly, research other homes in the area, and determine an estimated value for that specific property based on your work. The value is documented in writing.
Usually, people are going to request your services for only a few possible reasons. If they are involved in a real estate transaction, they would need an appraisal of the property to ensure that the property is being sold for a reasonable price. Appraisals are also needed to determine equity in the home for loans and other purposes. Although not referred to as appraisals, some governments also conduct similar activities in order to determine property tax rates. The individuals who provide these services are known as assessors.
If you choose real estate appraiser jobs, you will most likely be employed either through a bank or other financial organization which will use your skills before processing mortgages and home equity loans or you will be self-employed. Either way, you’ll find the greatest need for your services in areas with the most real estate activity.
In terms of work environment, you will spend a portion of your time in an office completing paperwork and organizing documentation. However, much of your time will be spend on the road visiting clients’ properties and conducting the examinations. If you own your own appraisal company, you may even expand to include more than one appraiser and an office staff. However, you could just as easily work out of a home office.
Most appraisers do not work longer than average hours unless they choose to travel to more distant property locations in order to expand their customer base. Otherwise, you will mainly work during the day. Some weekend work may be required to meet the scheduling needs of clients who are not available during the week.
Education & Training Requirements
In order to secure real estate appraiser jobs, you will need to meet specific requirements based on the state in which you wish to work. These requirements vary from state to state. In Colorado, for example, new rules about these requirements for being licensed to work as an appraiser went into effect in 2008. Now potential appraisers must meet three requirements.
The first requirement is sufficient education. If you are beginning the licensing process in 2008, you will need to complete what is considered a required core curriculum that includes 30 hours of appraisal procedures, another 30 hours of appraisal procedures, and a 15 hour course on the Uniform Standards of Professional Appraisal Practice (USPAP).
Secondly, you will be required to complete an appropriate examination based on the level of appraisal license you qualify for.
Finally, you will need to demonstrate that you have experience with all of the different aspects of the appraisal process. When you are preparing for your licensing, you will need to keep a log of all the time you spend working on appraisals. Normally, to earn this experience you will be working in a practice with already licensed appraisers so they can supervise your efforts. Any appraisal work you do during this period must conform to the standards set forth by the USPAP.
If you already have an appraiser license in another state, you can also become licensed in Colorado via reciprocity agreements. To do this, you would need to apply and submit the history of your initial licensing in that state.
Before you begin working on your appraiser license, it would be a good idea to at least complete high school and some college. The skills you will need to complete the coursework and to be an effective appraiser are going to be honed when you finish formal education. Additionally, you’re going to pay attention to the details and have excellent interpersonal skills because you are going to be working with people. You also need solid math skills and good written communication abilities.
Advancement is possible in this field by gaining more experience. However, you will need to complete additional examinations in order to move up the appraisal ladder.
Real Estate Appraisal Jobs Outlook & Salary
Through 2016, the demand for real estate appraisal jobs is expected to grow at a rate of about 17% which is faster than the average career in the United States. As long as real estate activity continues to increase, the need for appraisers will also increase. Even in the housing market downturn, appraisers may be needed to help banks assess the homes which have been foreclosed on so they can be auctioned off or returned to the market.
If you are looking for the largest demand, focus on major cities, such as Denver. You’ll find the most real estate activity in those metropolitan areas.
The salary for real estate appraisal jobs in 2006 was around $44,000. However, self-employed appraisers who work in major cities tend to earn higher salaries.
Conclusion
Pursuing real estate appraisal jobs does require a great deal of experience and education to ensure that you understand the best way to help your clients and to provide accurate information for their needs. While your earnings may not be great initially, you can begin advancing and earning a higher salary as your reputation grows.
