Real Estate Appraiser Career
When working as a real estate appraiser, your time will be spent working both in the field and in the office. When you are working in an office, it will be a very standard office environment and will include working with a computer when writing up final appraisal reports. When you are working in the field, the environment will vary considerably based on the project you are working on. You could spend time appraising single-family homes, condo, apartment buildings, office buildings, or any other type of real estate.
A real estate appraiser is responsible for assessing the value of residential and commercial real estate properties. Real estate appraisers are hired by a variety of employers, including banks, mortgage companies, third-party real estate firms, and even larger taxing authorities.
Real Estate Appraiser Career Snapshot
Further details on a career as a real estate appraiser are listed below (statistics from the May 2016 Bureau of Labor Statistics and Onet Online):
is the average annual salary for real estate appraisers.
increase in employment between 2014 and 2024.
have a Bachelor’s degree while 25% have an Associate’s degree.
Real Estate Appraiser Education
In many cases, the type of education that is required to be an appraiser is limited. Most states require that you have at least a high school degree, although some of the larger employers may want to see that you have a college degree as well. Real estate appraisers are also required to pass a variety of licensing exams required at both the state and federal levels. Overall, about 60% of appraisers have at least a bachelor’s degree.
Real Estate Appraiser Job Duties
The job duties of a real estate appraiser require you to appraise and assess the value of a piece of real estate, stay on top of changes to appraisal regulations and real estate market changes, and write up detailed real estate appraisal reports. In some cases, you may also have to spend time defending your valuation and analysis.
Real Estate Appraiser Salaries
The salaries of an appraiser vary considerable. Commercial property appraisers tend to earn more than residential. According to BLS.gov May 2016 reports, the median income for an appraiser in the country is around $52,000 per year. The top 10% earn around $97,000 while the bottom 10% earn around $27,000. Level of education also will play a factor in your total salary.
Real Estate Appraiser Job Outlook
The job outlook for appraisers is generally positive. As the real estate market continues to grow stronger, the need for appraisals will increase. Furthermore, increased regulations have put a higher need for appraisals completed with each transaction. Overall, there is an 8% expected increase in jobs over the next five years.
Real Estate Appraiser Skills & Traits
| Real Estate Appraiser Skill Set: | Required Abilities: | Tools Used by Real Estate Appraisers: | Typical Work Activities: |
|---|---|---|---|
| • Reading Comprehension • Active Listening • Critical Thinking • Judgment and Decision Making | • Oral Comprehension • Written Comprehension • Near Vision • Written Expression | • Carbon monoxide analyzer • Electronic charts or maps or atlases • Handheld distance meters • Laptop computers | • Analyzing Data or Information • Getting Information • Making Decisions and Solving Problems • Interacting With Computers |
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