Monday, November 26, 2012

Overview of a Real Estate Appraiser

In order to become a real estate appraiser, you have to take classes, pass a test, and then be approved by the state to become appraiser.  Each state has different requirements on how to become an appraiser at different levels.  In Texas, there are five different levels of appraisers;

  • Appraiser Trainee
  • Provisional Real Estate Appraiser
  • State-Licensed Real Estate Appraiser
  • Certified Residential Real Estate Appraiser
  • General Certified Real Estate Appraiser

Here is one of the Texas Real Estate Appraisal Licensing Websites, Real Estate Express.com. The page that comes up is the Texas requirements for each level of appraisers listed above.  Each specifies the amount of Classroom Hours, Appraiser Experience, College- Level Requirements, and passing of an Exam.

On a daily basis, real estate appraisers might do the following depending on their specialty:

  • Visit their current real estate property that is going to be appraised
  • Evaluate the properties unique features and the features of the area around the property, the condition of the property, and any renovations that may have been made in the past
  • Estimate the property's value based on earlier information gathered
  • Write up reports of the estimated property value

Right now it is believe that there are just enough and maybe too many appraisers in the United States.  I make this conclusion because the growth rate for appraisers in 2010 is 7%, according to the Bureau Labor of Statistics, which is a slower growth than the average career.  It may not be growing at a faster rate because there are already enough appraisers for the demand of real estate appraisals or because they believe that the demand for appraisals will not be growing in the future.  This conclusion could be proven wrong if there is an increase in the demand for real estate which will ultimately affect appraisers.

Real Estate Appraisers are paid differently based on what type of appraiser they are and who they are working for.  Some firms pay appraisers salary, some pay strictly commission, and some have a base pay plus commission.  If you are an independent appraiser and work for yourself, you get paid on how much you are charging for each individual appraisal.

Appraisal Firms in the United States:
  • National
    • Metro-West Appraisal Co, LLC
    • United States Appraisals
    • Nationwide Appraisal Management
  • Local
    • Lowery Property Advisors, LLC
    • Pinnacle Appraisal Group, LLC
    • Paramount Property Analysts
    • Brazos Valley Appraisals

These firms and many more firms are listed on the Real Estate Appraiser Directory Website. This website has plenty of information about different types of appraisal firms.  It has blogs, forums, testimonials, appraiser listings, and much more for someone looking for a career in an appraisal firm or for a property owner looking to have their real estate appraised.

This is a video of a Real Estate Appraiser that is a stand up comedian.  He brings humor into the appraiser's day to day life.




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