Real Estate Appraiser Careers Information
Real estate appraisers are responsible for determining the value of a piece of property. By studying the property itself, the building(s) located on it, its neighborhood, and the relative value of similar properties, real estate appraisers give an estimate of what that property should sell for.
Beyond visiting the property, an appraiser must conduct research of past sales data and perhaps even to talk to people who live/work in the area. One part science and one part art, the job of the real estate appraiser requires a great deal of skill and experience.
Real Estate Appraiser Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
- Associate of Science (ASBA) - Business Administration
- B.S. in Business Administration - Finance
- B.S. in Business Administration - Health Care Management
- B.S. in Business Administration - Human Resource Management
American Intercontinental University: Online
Post University: Online- Bachelor Degree: B.S. in Business Administration
- Bachelor Degree: B.S. in Business Administration - Finance
- Bachelor Degree: B.S. in Business Administration - Management
- Bachelor Degree: B.S. in Business Administration - Marketing
Real estate appraiser careers may specialize in certain types of real estate.
Commercial appraisers evaluate large properties such as apartment buildings, stores, and hotels.
Residential appraisers work with single to four family homes. In general, appraisers work on only one property at a time and are hired by banks or property owners.
Assessors, on the other hand, work for the government and are charged with valuing property for tax purposes. While they may asses only one large property on occasion, most often they work with entire neighborhoods and business districts to give more general property values. As you might expect, the work of appraisers and assessors is often complimentary.
Real Estate Appraiser Careers Path
Most real estate appraisers have a Bachelor’s degree in disciplines as diverse as finance, computer science, mathematics, English, or business/real estate law. Beyond this, most states require appraisers to be licensed, have many work hours of experience, and to take continuing education classes. Until these requirements are met, appraisers are known as trainees and are limited in the work they can perform.
Assessors, on the other hand, often are not required to have any particular degree or licensure, though those hired usually have education levels and experience similar to that of appraisers.
Real Estate Appraiser Careers: Compatible Personality Traits
Excellent analytic skills, excellent written and oral communication skills, excellent research skills, good with people, diligent, eye for detail, flexible schedule is necessary
Real Estate Appraiser Interview
To find out what it takes to be successful in a real estate appraisal career, Read More from a Real Estate Appraiser…
Real Estate Appraiser Careers: Salary Expectations
The average annual salary for real estate appraisers and assessor is $47,370 a year, with the middle fifty percent earning between $34,330 and $66,640. The average annual earnings for those who work for local governments is a little lower at $43,550.
For independent appraisers, however, salary is highly dependent on the fees charged and the number of properties appraised. As appraisers gain knowledge, experience in a particular region, and a good reputation, they can charge more for their appraisals and earn more money.
Real Estate Appraiser Careers: Job Outlook
The job outlook for real estate appraisers is mixed. According to the Bureau of Labor Statistics, the field is projected to grow by 5%, which is less than the national average.
New appraisers will be needed to replace those who will be retiring in the coming years, though increased productivity due the internet and technology means that some of these positions will disappear when the current worker retires.
Appraising work is also closely tied to the housing market and economy in general. During recession times, when fewer people are buying and selling property, there is less need for real estate appraisers. Assessors are not usually as affected by economic cycles. Those appraisers willing to relocate to lively real estate markets are the most likely to find work.
Real Estate Appraisal Associations and Resources
Slightly off the Footpath
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://bls.gov/oco/ocos300.htm (visited November 9, 2011).
