Appraisers estimate the values of properties before a final sale. They must be licensed and pass through certification requirements. Residential appraisers are expected to exercise good judgment, to give an expert analysis to the parties involved in a property sale. Interpersonal, report writing, analytical, project management, and mathematical skills are essential attributes of appraisers.
Duties and Responsibilities
•Evaluate neighborhoods and land where the property is situated
•Obtain sales information and county land values to determine property value
•Photograph exterior and interior properties
•Inspect properties to assess conditions, construction, functional design and special features
•Check building codes and zoning by-laws to know any effects on the assessed properties
•Prepare written reports to estimate the value of the property
•Compute final estimation of residential property value, considering replacement costs, depreciation, value comparisons and income potential of similar properties
How to Become a Residential Property Appraiser
The level of education needed to become an appraiser depends on the appraising you wish to do. To appraise residential properties, you will need an associate’s degree.
Real estate appraisers come from various academic backgrounds, but an excellent background in business, math, economics or computer science can be helpful. Aside from these requirements, real estate appraisers need to earn a state license so that they can practice their profession. The licensing requirements differ, depending on the certification you wish to earn.
A certified residential property appraiser can appraise residential properties worth over $250,000 or any property, as long as the loan amount is below $250,000. To obtain your certification, you must attend an appraiser training (200 hours) in a classroom setting, have an associate’s degree and have more than 2,500 hours of work experience for at least 2 years.
While you are working on meeting these requirements, you could work as a trainee. Most of the time, you’ll have to attend a minimum of seventy-five hours of appraiser training before you can be qualified for a trainee position.
Real estate appraisers must have:
•Solid business and math skills
•A thorough understanding of assessment methodology
•Accurate attention to details
•Customer service skills
•Strong analytical skills
•Time-management and organizational skills
Schedule and Work Environment
Real estate appraisers divide their time between the properties they are evaluating and their office. They usually evaluate lots of properties every month and spend significant amounts of time working in the field. Most of them work alone, regardless of whether they are part of a large company or they are self-employed. While this might be a lonely profession for some people, others like working alone. Appraisers often need to work over 40 hours every week. Their schedule is often determined by the needs of their clients.
Real estate appraising is one of the best jobs in the world. Appraising uses your math skills, personal skills and detective skills. This profession can also give you free time to spend with your family by allowing you to set your own hours.