Appraisers and Assessors of Real Estate Career Description
One of the more outstanding features of the professional real estate appraiser's job is that they will be appraising property in areas that they are familiar with. Valuation of property is affected by the locality, and the region and a Real Estate Appraiser who is local is important. The term Real Estate Appraiser is generally used in reference to valuing a property for collateral or help set a selling price, or perhaps to settle an estate. While the term real estate assessor is more often found used in reference to a valuation for tax purposes.
Real Estate Appraisers Career Specializations
Very often the Real Estate Appraiser will specialize in a specific type of property. Some may specialize in industrial property or residential property or commercial property.
Job Duties and Responsibilities
The Real Estate Appraiser will use all appropriate documentation methods including photographs of any architectural features or geographical features of note that affect the valuation of the property. They will also take notes and write reports on their valuation of the property. They are responsible for submitting a complete and valid report to the employing agency or individual.
A Real Estate Appraiser is usually on the go. A relatively small number of hours are spent in the office while most of the real estate appraiser's work is done on site. The Real Estate Appraiser may carry around a small laptop or PDA as well as various other types of equipment. A self-employed or independent appraiser may work more than the standard 40 hour work week. Most property appraisals are done during daylight hours and writing the reports may take place during evening hours.
Employment Outlook and Opportunities
30% of real estate appraisers are reported to be self-employed. The remainder of these is reported to work for independent appraisal firms and a fewer number still or banking and mortgage institutions.
Job growth for the Real Estate Appraiser industry is expected to be faster than normal. A 2006 job outlook growth report published by The US Department Of Labor indicates that the demand for real estate appraisers will grow with the amount of real property. This may be balanced in part by software and in theaters which allow one appraiser to take on more than a single client. There is a trend by loan institutions to contract you real estate appraisers to evaluate property for loans or mortgages purposes. The drop in the housing market can hurt the Real Estate Appraiser with only a single specialty such as in residential properties.
How much does a Real Estate Appraiser make - Real Estate Appraiser Salaries and Wages
Earnings for Real Estate Appraisers with 1 to 4 years experience are reported to be in the range between $30,669 and $57,763 per year.
Earnings for Real Estate Appraisers with 5 to 9 years experience are reported to be in the range between $38,984 and $63,511 per year.
Earnings for Real Estate Appraisers with 10 to 19 years experience are reported to be in the range between $46,567 and $84,950 per year.
How to Become a Real Estate Appraiser
Education for Real Estate Appraisers
Any Real Estate Appraiser who is required to have a license is also required to have a bachelor degree. Most practicing real estate appraisers and major in economics finance or real estate. There are also requirements for specific courses that are not part of the bachelor degree program and must be taken separately.
There is a federal law requiring a state issued license or certification for any Real Estate Appraiser who is involved in a federal transaction with a loan amount greater than $250,000. Stay requirements for licensure will vary, some require specific coursework, and others require on-the-job periods as well.
Federal law does not cover transactions that are not federally related or over $250,000 in value; however some states require any Real Estate Appraiser involved in any transaction to be license or certified.
For certain types of licenses required by some states are those dealing in specialty property the licensing standards and coursework are even stricter.
The student interested in a real estate degree or advanced certification is advised to thoroughly research their state's requirements. There are many online schools that can offer a real estate appraiser's degree and help the individual interested in a career as a Real Estate Appraiser to satisfy state requirements.
Real estate appraisers have the opportunity for advancement however this comes with experience. Certifications or state recognized designation also will help establish the real estate appraiser.