What Do Real Estate Appraisers Do (including Their Typical Day At Work)

Job Description

Real Estate Appraisers appraise real property to determine its value for purchase, sales, investment, mortgage, or loan purposes. They also compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.

Other tasks include:

• 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.
• Examine income records and operating costs of income properties.
• Evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values.
• Search public records for transactions such as sales, leases, and assessments.

We asked Real Estate Appraisers how satisfied they are with their job. Here is what they said.

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72% of them said they were satisfied with their job and 41% said they find that their job makes the world a better place or helps to make someone else’s life better.

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Typical Day At Work

On a daily basis, Real Estate Appraisers compute 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.

We asked some Real Estate Appraisers a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	83% said yes
	How important is it to work in a team in this job?	5% said very important
	Do you have group discussions everyday in this job?	47% said yes
	Do you talk or work with customers everyday in this job?	15% said yes
	Do you have to deal with angry customers everyday in this job?	0% said yes
	Do you have to make decisions everyday in this job?	25% said yes

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, home owners, 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.

Working life

More than 40 hours per week

Irregular work schedule that changes depending on weather conditions, customer demand or contract duration.

In a typical work week as a Real Estate Appraiser, you can expect to work more than 40 hours per week.

Is this right for me

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.

You can read more about these career personality types here.

Explore other careers

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/