Life As a Real Estate Appraiser
Position Description Appraise real property to determine its value for purchase, sales, investment, mortgage, or loan purposes.
Daily Life Of a Real Estate Appraiser
- Evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values.
- Testify in court as to the value of a piece of real estate property.
- Obtain county land values and sales information about nearby properties to aid in establishment of property values.
- Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
- Estimate building replacement costs using building valuation manuals and professional cost estimators.
- Check building codes and zoning bylaws to determine any effects on the properties being appraised.
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Real Estate Appraiser Required Skills
When polled, Real Estate Appraisers say the following skills are most frequently used in their jobs:
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Speaking: Talking to others to convey information effectively.
Types of Real Estate Appraiser
- Residential Appraiser
- Residential Fee Appraiser
- Licensed Appraiser
- Commercial Real Estate Appraiser
- Real Property Appraiser
Is There Going to be Demand for Real Estate Appraisers?
In 2016, there was an estimated number of 80,800 jobs in the United States for Real Estate Appraiser. New jobs are being produced at a rate of 14.4% which is above the national average. The Bureau of Labor Statistics predicts 11,600 new jobs for Real Estate Appraiser by 2026. Due to new job openings and attrition, there will be an average of 6,700 job openings in this field each year.
The states with the most job growth for Real Estate Appraiser are Utah, Nevada, and Colorado. Watch out if you plan on working in Maryland, Alaska, or Maine. These states have the worst job growth for this type of profession.
Do Real Estate Appraisers Make A Lot Of Money?
The salary for Real Estate Appraisers ranges between about $29,690 and $102,590 a year.
Real Estate Appraisers who work in District of Columbia, Nevada, or California, make the highest salaries.
How much do Real Estate Appraisers make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $54,340 |
| Alaska | $76,080 |
| Arizona | $49,330 |
| Arkansas | $45,180 |
| California | $84,130 |
| Colorado | $79,390 |
| Connecticut | $70,610 |
| District of Columbia | $93,730 |
| Florida | $53,900 |
| Georgia | $54,550 |
| Hawaii | $67,870 |
| Idaho | $53,090 |
| Illinois | $56,520 |
| Indiana | $48,740 |
| Iowa | $78,680 |
| Kansas | $56,800 |
| Kentucky | $46,740 |
| Louisiana | $52,310 |
| Maine | $60,120 |
| Maryland | $63,590 |
| Massachusetts | $70,150 |
| Michigan | $52,730 |
| Minnesota | $69,200 |
| Mississippi | $57,120 |
| Missouri | $55,190 |
| Montana | $46,490 |
| Nebraska | $71,370 |
| Nevada | $94,400 |
| New Hampshire | $70,840 |
| New Jersey | $73,200 |
| New Mexico | $44,710 |
| New York | $63,100 |
| North Carolina | $57,230 |
| North Dakota | $53,840 |
| Ohio | $69,650 |
| Oklahoma | $49,050 |
| Oregon | $69,040 |
| Pennsylvania | $59,830 |
| South Carolina | $54,130 |
| South Dakota | $49,100 |
| Tennessee | $57,320 |
| Texas | $59,310 |
| Utah | $52,280 |
| Vermont | $55,870 |
| Virginia | $60,420 |
| Washington | $69,770 |
| West Virginia | $40,710 |
| Wisconsin | $66,030 |
| Wyoming | $58,600 |
What Tools & Technology do Real Estate Appraisers Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Real Estate Appraisers:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Word processing software
- Microsoft Windows
- Geomechanical design analysis GDA software
- CPR Visual Estimator
- Cost estimation software
- Construction Management Software ProEst
- CPR International GeneralCOST Estimator
- a la mode WinTOTAL
- WinEstimator WinEst
- RealData Comparative Lease Analysis
- Softree Technical Systems Terrain Tools
- Wilson’s Computer Applications RealEasy Appraisals
- Greenbrier Graphics Deed Plotter
- RPIS Silent CMA
- Govern Software Land and Permits Management System
How do I Become a Real Estate Appraiser?
Are there Real Estate Appraisers education requirements?
How many years of work experience do I need?
Where do Real Estate Appraisers Work?
Real Estate Appraisers work in the following industries:
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References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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