Job Profile of a Real Estate Appraiser
There are innumerable work profiles in the job market, making it difficult for a candidate to choose the right career. The key in making the right career decision lies in understanding your interests and doing a thorough analysis of the concerned career. Real estate is a booming field and a real estate appraiser is an integral part of this sector.
His primary task is evaluating the price of a property after doing thorough research. The accurate value of a property is required during the purchase or sale of the property, or during mergers, for application of loans, etc. The job also comes with a huge responsibility on some occasions, the testimony of an appraiser is required in court hearings to evaluate and confirm the value of a property in matters of dispute.
Where does he work?
Real estate appraisers work for real estate companies, in mortgage firms, insurance companies, banks or work privately.
What are his duties?
- The chief duty of the concerned person is appraising a property. To accomplish this task, he has to inspect the property and evaluate factors like construction and plan of the property.
- He should keep himself abreast with the trends that govern the real estate market.
- After evaluating all the factors he has to prepare reports; the reports generally include photographs, descriptions of the concerned property, blueprint of the property, and the final assessment of the valuation.
- To determine the exact value of the property he can scrutinize public records of loans and leases.
- During the inspection process, he also has to consider the impact of neighboring structures, like commercial establishments or educational institutes, on the value of the said property.
- To determine the exact value of the property he should consult realtors, property owners, and contractors to gain required information concerning the property.
What are the educational qualifications to become one?
The requirements to become a real estate appraiser are not very stringent, although the licensing procedure that is mandatory in appraising federally governed transactions is quite strict. The following three licenses are widely accepted – the State Licensed Appraiser license, the Certified General Real Property Appraiser license, and the State Certified Residential Real Property Appraiser license.
The State Office for Real Estate Appraisers (OREA) manages the licensing procedure and also conducts the necessary examination. The candidates working to get a license to have to complete an internship at real estate companies, or with independent appraisers, or financial institutes; this is a part of the licensing procedure. There are many colleges and educational institutes that offer courses in real estate appraisal. It is important that you become a licensed appraiser, as you will have the authority to validate any property.
What additional skills should I have to be successful in this field?
The desirous candidate should have strong command over mathematics and logic. The appraisers are expected to have sound knowledge of accounting, management principles, human resources and word processes. The appraiser should have the ability to solve complex problems, and at the least should have documenting skills to describe the property with all its landmarks.
How much can I expect to earn?
We cannot provide an accurate salary figure as the pay is influenced by plenty of factors, including the state of working and the type of appraising, that is, private or public. Commercial appraisers can expect to earn around $85,000 per year. The work experience of the person can influence the salary figures to a huge extent. State appraisers are entitled to get benefits in the form of sick leaves and health plans.
What are the future prospects in the field?
The scope of the concerned field is a factor you should pay keen attention to. Most appraisers specialize in a particular type of evaluation or climb the ladder to become senior appraisers or real estate analysts. After sufficient years of experience, appraisers can also become consultants.
Becoming a real estate appraiser is indeed tough; it demands hard work from the candidate along with expertise in many concepts, especially in mathematical evaluation and in the understanding of business terms. The desirous candidate should also be ready to travel as his work requires him to visit and inspect the land property. The career is suitable for you if you have it in you to become an appraiser.