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.
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.
$58400 per year
$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 states||Hourly||Annual|
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).
Recommended degree level
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.
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.
|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.
|Attention to Detail|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose A Real Estate Appraiser as your career.
|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)|
|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
Is this job meaningful
More than 40 hours per week
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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They appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
They compile data from various sources, such as maps, reports, and field and file investigations, for use by city planner in making planning studies.
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.
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.
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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