The collateral appraiser has an important job in the appraisal and loan process. He or she must conduct appraisals and property ratings, and have a thorough knowledge of investment in equity and loans. This is a job that pays well, upwards of $88,000, according to the Certified Compensation Professionals analysis.
What Collateral Appraisers Are Expected to Do
Many factors are considered during the appraisal process, and property evaluation is so potentially expensive it saves money to work with someone who understands the market and construction technique well. Many factors go into appraisal property, and it’s not limited to just quality of construction or style. Appraisers consider all aspects including the location, and whether it’s located near noise, the quality of roofing and siding, the foundation strength, and other factors.
Even when the process of evaluating a property is complete there is still a complex system of steps. Appraisers must research homes after the initial visit, and compare the price of other homes in the same area, and reference former appraisal records. The future is always an unanswered question and the property appraiser must anticipate what uncertainties lay ahead and how price is affected.
After the research stage, it’s time to explain the property, as well as describe the criteria for assessment. The most important element of the job is to be thorough and document all findings, since the initial reactions of agents or property owners are not always kind when learning of your discoveries. As a professional collateral appraiser, you explain your findings and back up these assertions with solid evidence. The variables have to be considered, not to mention the type of property being used as collateral. You may find it appealing to single in on residential properties or commercial properties.
Education and Responsibility
Education can help a student to prepare for the difficult road ahead, teaching essentials such as real estate, business administration and economy. The level of education is flexible since different types of appraisals merit different educational requirements. Usually companies hire bachelor’s degree graduates. However, some workers are hired with only an associate’s degree. The subject of interest can vary; some students take a traditional approach, centering on business, while others flex their intellectual strengths through math, computer science or management.
However, education is only the first step in the career path. After graduation, a state license is required, and this is subject to state regulations, including mandatory working hours for experience. Certification as a Residential Real Property Appraiser is also a milestone, and will let you appraise certain properties that cost over a specific amount. The number of hours varies by the state; 200 hours of training in addition to 2,000 hours of experience is common.
If you love working in real estate, but value the “truth” of the industry over the hard sell, this is an ideal job for you. Imagine working in a job that rewards honesty and attention to detail. You will be revered as an expert and paid well for your efforts.