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Real Estate Appraiser Career Interview
Danny Wiley has worked as a real estate appraiser since 1982. He currently owns his own appraisal company in Tennessee and has served on both the Appraisal Standards Board and the Standards Board of the International Valuation Standards Committee. He is also a member of the Appraisal Institute.
Real Estate Appraiser Career Path
Danny started in the appraisal business before he had even graduated from college.
“I worked part time at an appraisal company to help pay bills as I went through college,” says Danny. “After two years of school, the company I was working for agreed to pay for my last two years of school in exchange for coming to work for them after graduation. I worked there for about 10 years after college.”
Real Estate Appraiser Experiences
Danny has owned his own appraisal company for the past ten years. He didn’t get there overnight, though; he has been working in the appraisal business since 1982. Before he owned his own company, Danny was a partner in a larger appraisal company working under a senior appraiser, and he spent five years on the Appraisal Standards Board.
He was also on the Standards Board of the International Valuation Standards Committee. While on the International Standards Board, Danny has been able to travel to six different countries as part of his duties.
Danny is also a prominent member of the Appraisal Institute.
“I am a past president of the local Appraisal Institute chapter,” he explains. “I hold appraisal designations from the Appraisal Institute and the National Association of Independent Fee Appraisers.”
Danny attended Vanderbilt University where he studied math and physics.
“The problem solving skills they taught me have been invaluable,” he says. “In those classes, I learned many things that I still apply every day. Because of regional differences in real estate, books cannot address everything.”
Real Estate Appraiser Degree Programs
“Being a certified appraiser requires a mix of college education (the exact level required depends on the type of certification) and specialized appraisal education,” Danny explains.
Real Estate Appraiser Job Description
As the owner and chief appraiser, Danny oversees the daily activities of his own company, and he reviews all appraisal reports that his company produces. He also does litigation work and teaches about real estate appraisal.
Real Estate Appraiser Daily Routine
“Appraisers spend some time ‘out in the field’ looking at properties and doing research,” says Danny. “They also spend a lot of time at the computer crunching numbers and writing reports.”
The type of day all depends on what kind of property needs to be appraised.
“Each property is a new challenge,” he adds, “and I think that is one of the great attractions of the profession.”
Real Estate Appraiser: Steps to Success
The main trait an appraiser must have is poise.
“The key to being a successful appraiser is maintaining the confidence to remain independent, impartial and objective,” Danny explains. “In almost every assignment, there is some part who would like to influence the outcome of the appraisal one way or another. Giving in to such pressure might produce some short-term success, but the key to long-term survival is remaining objective.”
Real Estate Appraiser Job Opportunities
A beginning real estate appraiser will find the market challenging but ultimately rewarding.
“There is currently an oversupply of appraisers, especially residential appraisers,” says Danny. “Also, during the trainee period, you must work with someone else, and that naturally limits the income potential.”
However, once an appraiser gets more experienced and well-known, the prospects are much more abundant.
Real Estate Appraiser’s Future Ambitions
Danny would love to just keep doing what he is doing.
“I own a small appraisal company that offers a wide variety of services,” he explains. “I do appraisals, review the work of others, testify in lawsuits, help develop appraisal courses, and many other things. The variety helps keep my mind fresh.”
Advice for Prospective Real Estate Appraisers
The first thing a hopeful real estate appraiser should worry about it what kind of appraisal education they are pursuing.
“Don’t make price your first priority,” Danny advises. “Unfortunately, there are some schools that focus on churning students through the doors rather than imparting good education. If you take cheap classes and get a poor educational foundation, it is hard to recover.”
Danny then recommends finding the right clients once you are out in the field.
“Focus on a diverse client group,” he says. “Some clients get appraisal reports only because of regulatory requirements. Those clients tend to put a lot of emphasis on low fees. We seek clients who are getting appraisals because they want to, not because they have to. Those clients are more likely to recognize and appreciate quality work because they are not just looking for just the lowest bidder.”
