The process of becoming a real estate appraiser is a lengthy one. This guide will help you understand what a real estate appraiser does and how to become one.
Giving a price tag to any house is a challenging task. You can never assess the actual value of your house on your own. That’s where a real estate appraiser steps in. They can provide complete residential, commercial appraisal & consulting services. Professional appraisers at Nicro Realty can evaluate the house and deliver a price estimate that does justice to both the buyer and the seller.
However, there’s a high demand for real estate appraisers but a low supply. The job market is huge for them as the property business requires people for evaluation and assessment. Since it takes time and effort to acquire a real estate appraiser license, most people don’t pursue it. Even though it is a lucrative career opportunity, the path can seem tricky.
We are here to solve the challenges. In this article, we will clear all the confusions related to becoming a real estate appraiser. The article will involve discussion on what is a real estate appraiser, what does a real estate appraiser do, how to become a real estate appraiser, real estate appraiser salary, and much more.
What is a real estate appraiser?
A real estate appraiser is also known as a real property appraiser. He or she evaluates and assesses the house and provides an estimate of the market value of any property. Appraisers are an important element for commercial appraisal & consulting services. They also help mortgage lenders to assess whether a house has high enough value to serve as security for a loan.
Getting the right price for any property can be difficult. By understanding what is a real estate appraiser, you’ll start valuing their efforts. They help you find a fair value for any property without you losing any money.
What does a real estate appraiser do?
A real estate appraiser at Nicro Realty does a wide variety of tasks. They focus on providing an unbiased estimate of the house’s value. They inspect the property and assess it based on several different factors. Here’s what a person with a real estate appraiser license does in their daily job –
- Inspect the property for exterior and interior condition
- Evaluate the amenities offered and facilities in the house
- Check for safety codes and regulations
- Gather complete information about each aspect
- Compare the house to similar ones for reaching a value
- Understand client needs to complete the appraisal
- Communicate the appraisal result by sending a report
By understanding what does a real estate appraiser do, you’ll be able to hire an expert in all the activities. Appraisers need to have excellent analytical, thinking, and writing skills for completing the appraisal. Ensure that the appraiser you hire has all three qualities.
How to Become a Real Estate Property Appraiser
There are a few steps to become a professional real estate appraiser. While it takes a little time and effort, all the wait is worth it. Here are the things you need to know –
1. Understanding the minimum requirements
The first step is to understand the minimum requirements. You need to be 18+ to become eligible for becoming an appraiser. There are different qualification criteria in multiple states. You must check what are the requirements that you need to fulfill. It will include the age, skills, education, and much more.
2. Become a trainer
You have become a trainee appraiser and work under a supervisory appraiser for a certain number of hours. You need to complete courses for basic appraisal principles and procedures. A supervisor will mentor you in appraiser work by giving you opportunities to learn in the local market. You can find a supervisor on LinkedIn and Indeed. By racking up experience, you are more likely to pass the exam.
3. Complete the coursework
Before taking the exam for achieving a real estate appraiser license, you must complete the coursework. There are a certain number of hours you need to study in the coursework. After that, you can take the exam and pass it. If you can’t complete the exam, you have to retake it after going through the required course again.
4. Pass the state exam
You have one calendar year to pass the state exam, pay the fee, and get your license. Your supervisor or trainer will guide you throughout the process, even after you give the exam. The state exam is essential for you to become an appraiser as it ensures that you are qualified enough to appraise any property. If you are interested in commercial appraisal & consulting services, you need to take the exam.
5. Apply for real estate appraiser license
After getting complete information on what is a real estate appraiser and the role, you are ready to apply for a license. The application is sent to the office of the real estate appraiser, along with the form, course completion certificate, and the application payment. The process is similar to that of becoming a real estate agent.
6. Get approved
The final step is to receive approval from a certified real estate appraiser. You can now work for yourself, schedule your projects, and keep all the income to yourself. You would want to be self-employed after you get the approval. The final stage is to apply and receive your real estate appraiser license. Once that is done, you can apply with banks and mortgage lenders who will notify you about the jobs.
Real Estate Appraiser salary
A returning question is, “What is a real estate appraiser’s salary?” The average income of an appraiser ranges between $40,000 to $60,000 per year. It depends on your education, experience, and networking skills. It is important to have a wide network as it will help you get more jobs if you are self-employed.
Trainee appraisers will make less money than licensed and certified appraisers. Nicro Realty pays a good real estate appraiser salary as it has certified and qualified appraisers with years of industry experience.
Real Estate appraisers play a critical role in determining the value of any residential or commercial property. There are different qualifications and exams for becoming a commercial or residential appraiser. However, the process remains the same. Hiring an appraiser for evaluating the true value of your property can be the best decision you can make.