Salary, Job Description, How To Become One, and Quiz
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Real Estate Appraisers
Real Estate Appraisers appraise real property to determine its value for purchase, sales, investment, mortgage, or loan purposes.
Table of contents
What they do
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.
Typical day
On a daily basis, Real Estate Appraisers compute the final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential. They check building codes and zoning bylaws to determine any effects on the properties being appraised.
A typical day for a Real Estate Appraiser will also include:
- Examine the type and location of nearby services, such as shopping centers, schools, parks, and other neighborhood features, to evaluate their impact on property values.
- Verify legal descriptions of properties by comparing them to county records.
- 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.
- Evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values.
Other responsibilities
Besides their typical day, Real Estate Appraisers also examine income records and operating costs of income properties. They may also inspect properties to evaluate construction, condition, special features, and functional design, and to take property measurements.
On a weekly to monthly basis, Real Estate Appraisers search public records for transactions such as sales, leases, and assessments. They might also prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
In addition, they interview persons familiar with properties and immediate surroundings, such as contractors, homeowners, and realtors, to obtain pertinent information.
Although specific duties may vary, many of them photograph interiors and exteriors of properties to assist in estimating property value, substantiate findings, and complete appraisal reports.
To some Real Estate Appraisers, it is also their responsibility to collect and analyze relevant data to identify real estate market trends.
Featured Schools
What is the job like
Job satisfaction
Is this job meaningful
72% said they were satisfied with their job and 41% said they found their job meaningful.
I am a self employed real estate appraiser who works independently. One of the great things about being an appraiser is that each day is different. My Typical Day Researching data for an appraisal or two which involves looking up the public records, MLS data, and bringing it in the field to do the inspections … Read More
Providing a market appraisal is so much more than putting a figure on it. As an appraiser and chartered surveyor in one of the most expensive areas in London, Belgravia, the majority of my time on a job is spent providing advice to a client on what things are impacting on or have the future … Read More
Pros
Suitable for people who like to start and carry out projects.
Suitable for people who want independence and like 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 careers out there).
Cons
Not suitable for people who like to work with designs.
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week).
How much do they make
Average salary
Average hourly wage
Entry-level Real Estate Appraisers with little to no experience can expect to make anywhere between $32,990 to $43,400 per year or $16 to $21 per hour.
| Salary by experience | Annual | Hourly |
|---|---|---|
| Highest (Top 10%) | $107,090 | $51 |
| Senior (Top 25%) | $80,790 | $39 |
| Median | $58,650 | $28 |
| Junior (Bottom 25%) | $43,400 | $21 |
| No experience (Bottom 10%) | $32,990 | $16 |
This table shows the top 10 highest paying industries for Real Estate Appraisers based on their average annual salary.
| Salary by industry | Annual | Hourly |
|---|---|---|
| Federal Executive Branch | $98580 | $47.39 |
| Postal Service (Federal Government) | $92500 | $44.47 |
| Credit Intermediation and Related Activities | $80870 | $38.88 |
| Wholesale Electronic Markets and Agents and Brokers | $80520 | $38.71 |
| Management of Companies and Enterprises | $79560 | $38.25 |
| Computer Systems Design and Related Services | $78040 | $37.52 |
| Electric Power Generation, Transmission and Distribution | $75890 | $36.49 |
| Nondepository Credit Intermediation | $75150 | $36.13 |
| Insurance Carriers | $74980 | $36.05 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | $72680 | $34.94 |
View more salary by industries here.
Where can they work
Where can Real Estate Appraisers work? Here is a table showing the top 10 largest employers of Real Estate Appraisers including the average salary in that industry.
| Employers | Total Employed | Annual Salary | Hourly Wages |
|---|---|---|---|
| Local Government | 23360 | $60750 | $29.21 |
| Real Estate | 19370 | $67140 | $32.28 |
| Credit Intermediation and Related Activities | 2290 | $80870 | $38.88 |
| State Government | 1880 | $63100 | $30.34 |
| Nondepository Credit Intermediation | 1480 | $75150 | $36.13 |
| Management of Companies and Enterprises | 1000 | $79560 | $38.25 |
| Other Professional, Scientific, and Technical Services | 940 | $70180 | $33.74 |
| Federal Executive Branch | 620 | $98580 | $47.39 |
| Agencies, Brokerages, and Other Insurance Related Activities | 590 | $58760 | $28.25 |
| Management, Scientific, and Technical Consulting Services | 510 | $63690 | $30.62 |
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What is the work day like
Working hours
Working schedule
How often do you use email in this job?
Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Real Estate
Real Estate Development
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.
People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.
People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.
People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.
You can read more about these career personality types here.
People who are suitable for this job tend 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.
Take this quiz to see if this is the right career for you.
Work Values
Which values are the most important to a person’s satisfaction for this job?
You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.
You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.
You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.
You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.
You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.
You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.
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