Appraisers: Salary, career path, job outlook, education and more
Appraisers typically value one property at a time, and they often specialize in a certain type of real estate:
- Commercial appraisers specialize in income-producing properties, such as office buildings, stores, and hotels.
- Residential appraisers focus on appraising properties in which people live, such as single unit homes and condominiums. They only appraise properties that house one to four units.
When evaluating a property's value, appraisers note the characteristics of the property and surrounding area, such as a view or noisy highway nearby. They also consider the overall condition of a building, including its foundation and roof or any renovations that may have been done. Appraisers photograph the outside of the building and some of the interior features to document its condition. After visiting the property, the appraiser analyzes the property relative to comparable home sales, including lease records, location, view, previous appraisals, and income potential. During the entire process, appraisers record their research, observations, and methods used in providing an estimate of the propertys value.
- Education Required
- Although requirements may vary by state, certified appraisers and assessors of residential or commercial property usually need at least a bachelors degree.
- Training Required
- Employers generally require candidates to take basic appraisal courses, complete long-term on-the-job training, and work enough hours to meet the requirements for licenses or certificates.
- Job Outlook
-
The projected percent change in employment from 2016 to 2026: 14% (Faster than average)
(The average growth rate for all occupations is 7 percent.) - Licenses/Certifications
- Federal law requires appraisers to have a state license or certification when working on federally related transactions, such as appraisals for loans made by federally insured banks and financial institutions. The Appraisal Foundation (TAF) offers information on appraisal licensing. There is no such federal requirement for assessors, although some states require certification. For state-specific requirements, applicants should contact their state board.
- Median pay: How much do Appraisers and Assessors of Real Estate make?
- $51,850 Annual Salary
- $24.93 per hour
Careers for Appraisers and Assessors of Real Estate
- Assessors
- City assessors
- County assessors
- Land appraisers
- Personal property assessors
- Property appraisers
- Real estate appraisers
- Real estate assessors
- Real property evaluators
- Residential fee appraisers
- Tax assessors