Real Estate Appraisers: Salary, Job Description, How To Be One and More

Stanley TanLeave a Comment



Real Estate Appraisers jobs information
pros and cons of being a Real Estate Appraiser

Real Estate Appraisers

Other names for this job might include Appraiser, Bank Appraiser, Certified Real Estate Appraiser, Certified Residential Real Estate Appraiser, Commercial Real Estate Appraiser, Engagement Director, Home Appraiser, Licensed Appraiser, Property Appraiser, Real Estate Appraiser


  • $58400
    Salary
  • 72%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Low
    Job growth
OwlGuru Rank

B



Real Estate Appraisers: Know It All In 1 Minute


In this career summary, you will find out what the job of A Real Estate Appraiser is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



Job description

Real Estate Appraisers appraise real property to determine its value for purchase, sales, investment, mortgage, or loan purposes.

  • Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.
  • Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
  • Collect and analyze relevant data to identify real estate market trends.
  • Inspect properties to evaluate construction, condition, special features, and functional design, and to take property measurements.

Read more about what does A Real Estate Appraiser really do at work and what is it like being and working as one.


Become one

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Salary

Average salary
$58400 per year

Hourly wage
$28.08 an hour


Real Estate Appraisers with little to no experience tend to make between $27040 and $37400 while the more experienced ones make over $73680 per year.

Top 5 paying statesHourlyAnnual
DC$44.18$91890
CT$40.03$83250
CA$37.37$77740
AK$35.6$74060
NJ$33.35$69370

1 of the easiest ways to increase your salary as A Real Estate Appraiser is to move to a higher paying state like DC. Right now, the highest paying states for Real Estate Appraisers are DC, CT, CA, AK and NJ.

However a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be 2x higher than where you are currently at now.

3 other factors that can increase your salary as A Real Estate Appraiser is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Real Estate Appraisers make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Real Estate Appraisers what degree they had when they got the job and most of them said they had a Bachelors degree followed by Associates degree.

Other than that we also asked them what did they major in and here are the most popular majors that came up.

Real Estate Development
Real Estate

Another popular question from our readers is what makes A Real Estate Appraiser successful or would they be good in this career.

Well, we found that most successful Real Estate Appraisers have these 5 skillsets.

Reading Comprehension
Active Listening
Critical Thinking
Writing
Judgment and Decision Making

In addition to that, 1 common characteristic among successful Real Estate Appraisers is they are good at Integrity. Here are the top 5 common characteristics.

Integrity
Attention to Detail
Analytical Thinking
Independence
Dependability
= Hot in-demand that most employers are looking for

Read more about what it really takes to become A Real Estate Appraiser and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose A Real Estate Appraiser as your career.

PROS
Suitable for people who likes to start and carry out projects
Suitable for people who wants independence and likes to work on their own and make decisions
This career is perfect for people who love to work indoors.
Good salary (earns more than 50% of the other careers)
CONS
Not suitable for people who likes to work with designs
It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
72%

Is this job meaningful
41%


Working hours
More than 40 hours per week

Working schedule
Irregular (Changes with weather conditions, production demands or contract duration)


On a normal working week Real Estate Appraisers work More than 40 hours per week.

72% of Real Estate Appraisers said they were satisfied with their job and 41% said they feel like their job is making other people’s lives better.



Is this right for me

Best personality for this career
The Persuaders and The Organizers


You can read more about these career personality types here.

People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

They also like following set procedures and routines. They like working with data and details more than with ideas.



How we can help

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Rank: B+
Salary: $58010

They appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
Rank: C+
Salary: $43070

They compile data from various sources, such as maps, reports, and field and file investigations, for use by city planner in making planning studies.
Rank: B
Salary: $63500

They investigate, analyze, and determine the extent of insurance company’s liability concerning personal, casualty, or property loss or damages, and attempt to effect settlement with claimants. Correspond with or interview medical specialists, agents, witnesses, or claimants to compile information. Calculate benefit payments and approve payment of claims within a certain monetary limit.
Rank: B
Salary: $63500

They review settled insurance claims to determine that payments and settlements have been made in accordance with company practices and procedures. Report overpayments, underpayments, and other irregularities. Confer with legal counsel on claims requiring litigation.
Rank: B
Salary: $80420

They operate real estate office, or work for commercial real estate firm, overseeing real estate transactions. Other duties usually include selling real estate or renting properties and arranging loans.






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Related to Real Estate Appraisers Career Information

Real Estate Appraisers job description, Real Estate Appraisers salary, Real Estate Appraisers information, what is the job of a Real Estate Appraiser like, pros and cons about Real Estate Appraisers, colleges and universities for Real Estate Appraisers, is Appraisers, Real Estate the right career for me, Quite Hard careers to get into, careers in Business and Finance

Additional resources

http://www.bls.gov/OOH/business-and-financial/appraisers-and-assessors-of-real-estate.htm
http://www.appraisers.org/
http://www.appraisalinstitute.org/
http://www.iaao.org/

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Real Estate Appraisers
Written by: Stanley Tan
Real Estate Appraisers appraise real property to determine its value for purchase, sales, investment, mortgage, or loan purposes.
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