The real estate industry is filled with different lucrative job opportunities. One of the most common opportunities in the real estate industry is the role of a real estate appraiser.
This is quite an interesting career path, and it requires a set of different skills. One needs to be efficient in communication and have a great knowledge of construction and real estate properties. Knowledge of finance also assists the aspirants in staying ahead of the competition.
Are you interested in becoming a real estate property appraiser? If yes, read this article to know all about real estate appraisers.
What Is A Real Estate Appraiser Job?
Real estate appraiser jobs are one of the most lucrative career options in the real estate industry. These jobs involve professional appraising different types of real estate properties. Some of their common responsibilities include evaluating properties, establishing market values, and providing credible reports on appraisal data. The major purpose behind the work of a real estate appraiser is to determine property value for different reasons like sales, taxation, mortgages, insurance, and development.
Types Of Real Estate Appraiser Jobs
There are two different types of real estate appraiser jobs.
- Residential real estate appraiser
- commercial real estate appraiser
Here are details of both types of property appraising jobs –
Residential Real Estate Appraiser Jobs
Residential Real Estate Property Appraisers deal with residential properties. These can include detached homes, townhouses, condominiums, semi-detached homes, and more. Additionally, work to generate an impartial estimate of a property and its current market value. Residential appraisers may work as full-time workers or work part-time while doing other jobs. Some common terms that identify them would be –
- A residential property valuation specialist
- Valuation surveyor
- Land valuer
Commercial Real Estate Appraiser Jobs
Commercial real estate property appraisers deal with commercial properties. Their process is comparatively more complex and takes an immense amount of time. They often conduct appraisals for tax assessment. Or they have to do it ahead of any property transaction. Some common terms that identify them would be –
- CRE appraiser
- Commercial property valuer
- Valuation surveyor
- valuation specialist
What Does Real Estate Appraiser Job Involve Doing?
As I said before, real estate property appraisers have to appraise a real estate property. They usually appraise different types of properties, such as – residential and commercial. They formally conduct real estate appraisals before a property is mortgaged, sold, developed, or insured.
The key aspects of their tasks involve gathering relevant data from both external and internal sources. Most of the time, an appraiser has to make an on-site visit to the property they are going to appraise. Then, the process continues with inspecting the building, interviewing their clients, and drafting a detailed report of the entire process.
This might complete the appraisal process, but there is more to their responsibilities than we see up close. A real estate appraiser needs to build and maintain their industry connections. They also have to stay updated with the regulations, the latest updates, and the current best practices.
Below is a more simplified description of the responsibilities someone with a real estate appraiser job needs to carry out.
Real Estate Appraiser Responsibilities
Here are some of the common responsibilities of real estate appraisers –
- They have to estimate a property value depending on a few known parameters like – intended use, the physical state of the property, its location, and market value.
- A real estate property appraiser has to also visit the property personally and check the condition it is in. They inspect both the interior conditions and the architectural build of the property.
- While visiting a site, a real estate appraiser gathers evidence related to the property. They use these data and market insights to formulate an appraisal report.
- Next, they ensure that the appraisal report is signed and approved by the management. They need to complete this before any transactions related to the property occur.
- A real estate appraiser has to also maintain all the information needed for the property valuation process. These include inspection records and documentation.
- Real estate property appraiser jobs require the professional to adhere to the federal and state regulations for real estate appraisal and trades. It is also necessary to stay updated with the current best practices.
- A real estate appraiser must also stay updated with the market and the current tradings. This helps them rate properties accurately based on current trends and regulations.
- The property assessment process is full of complex inspections and measurements. If an appraiser, by chance, finds any discrepancy in the property while inspecting, they have to report it to the management ASAP.
Eligibility For Real Estate Appraiser Jobs
Are you willing to become a real estate property appraiser? In that case, you have to create a career roadmap and build a list of required education and skills that you need to push your way through to the top.
Here is a list of skills and educational requirements you would need to become a real estate appraiser –
- You can start with a bachelor’s degree in mathematics, finance, business, or similar.
- It is mandatory to have a real estate license according to the state certification programs of each state.
- One must have at least 1 year of experience as a real estate appraiser. It would be good to enroll in a real estate mentorship program and learn from seasoned industry professionals.
- One must develop exceptional analytical expertise and skills to work with financial data.
- Real estate appraiser jobs require a professional to develop a strong knowledge of building materials, construction, and building techniques.
- The skill to interpret market research data and use it during the appraisal process is one of the crucial skills one needs for the job.
- Key soft skills like organizational skills and management skills are also part and parcel of your eligibility for the job.
- The appraisal process, client interviews, and reporting to the managers require efficient communication skills. One must be skilled in communication to ace one’s position as a real estate appraiser.
- An important part of the job is to provide your customers with efficient service in a courteous manner. One must be able to provide efficient customer service on this job.
Bottom Line
The requirement for residential and commercial properties would remain consistent. This makes the importance of real estate appraiser jobs a great opportunity. This content has all the information you need about real estate appraisers. We have listed down the responsibilities and the eligibilities one must have to become a real estate appraiser.
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