Real Estate Appraiser - Job Description

Real Estate Appraiser - Job Description Real Estate Appraiser - Job Description A real estate appraiser estimates the value of a single building or piece of land. His or her job is similar to that of an  assessor, who instead considers the values of several properties at once. An appraiser  may specialize in either commercial or residential property. He or she will be called upon to appraise a property before it is sold, mortgaged, taxed, insured, or developed. After visiting a site and observing its characteristics and the characteristics of the location, the appraiser analyzes the property compared to comparable homes.   Quick Facts Median earnings  for appraisers and assessors are $51,850  (2016).*81,000 people work  in this field (2016).*Local governments and real estate companies employ most appraisers.Almost  a quarter of them were self-employed.Most jobs are full-time positions.Real estate appraisers have an excellent  job outlook. The U.S. Bureau of Labor Statistics expects employment to grow faster than the average for all occupations between 2016 and 2026. *The U.S. Bureau of Labor Statistics does not report separate employment figures for appraisers. A Day in a Real Estate Appraisers Life To find out what its like to work as a real estate appraiser, we looked at job announcements posted on Indeed.com. Gather, verify, and analyze data on residential properties including, but not limited to, measuring structures, physically inspecting the exterior and interior of buildings, photographing property, analysis of market sales, and noting architectural quality and intended use of the propertyAssist or conduct internal or in-house appraisals and valuationsKeep abreast of current real estate market conditions and their effect on the apartment and commercial real estate markets in assigned geographic area Assist in the construction of financial models including discounted cash flowResponsible for data management including collection, verification,  and analysis of sales, pending sales and listings, as well as maintaining other information required for the valuation processMaintains property records by indicating any changes in the propertyBe a team player that wants to be a part of something bigger than just his/her jobPrepares and defends division in informal and formal appeal proceedings with assistance as needed from senior appraisers and manager How to Become a Real Estate Appraiser You will likely need  a bachelors degree to work as a real estate appraiser because most states require one for licensing. Course in  economics, finance, mathematics, computer science, English, and business or real estate law will prepare you for this career. A license issued by the state in which you work is required if your job includes appraising properties for transactions that involve federally insured banks or financial institutions. The Appraiser Qualifications Board (AQB) sets minimum standards for education, experience and examination requirements that each state must follow when issuing licenses. There is more information about the AQBs standards on  The Appraisal Foundation  website. What Soft Skills Do You Need? In addition to a bachelors degree and a state-issued license, you will also need these  soft skills, or personal qualities, to succeed in your job: Listening Skills: To meet your clients needs, you must understand what they are telling you.Critical Thinking: The ability to compare various alternatives when making decisions or solving problems is essential.Reading Comprehension: You must be able to understand written documents.Writing Skills: A big part of your job will be writing reports.Verbal Communication: You will need to be able to clearly convey information to clients. What Will Employer Expect From You? Job announcements on Indeed.com reveal that employers are looking for the following qualities when hiring workers: Exceptional analytical and narrative writing skillsLifts (up to 50 pounds), and carries items necessary to complete an inspectionAbility to handle multiple priorities and meet deadlines in a fast-paced environmentStrong technical skills including proficiency in the use of electronic communications and document exchange via the InternetAbility to perform detailed work with a high degree of accuracyStrong math and analytical skillsAbility to handle reasonably necessary stress Is This Occupation a Good Fit for You? Should you become a real estate appraiser? A self assessment will let you learn about your  interests,  personality type, and  work-related values  so that you can decide if this career is a good fit for you. Individuals who have the following traits are best suited for this occupation: Interests  (Holland Code): ECR (Enterprising, Conventional, Realistic)Personality Type  (MBTI Personality  Types): INTJ, ESTJ, ISTJ, ESFJ  Work-Related Values: Independence, Support, Achievement Occupations With Related Activities and Tasks Description Median Annual Wage (2016) Minimum Required Education/Training Assessor Estimates the values of entire neighborhoods of homes $51,850 Individual states set minimum requirements Tax Examiner Checks tax returns for accuracy $52,060 Bachelors Degree Auditor Checks an organizations financial records for signs of mismanagement $68,150 Bachelors Degree Cost Estimator Figures out the approximate cost of completing a project $61,790 Bachelors Degree or Extensive Experience in Construction Sources: Bureau of Labor Statistics, U.S. Department of Labor,    Occupational Outlook Handbook; Employment and Training Administration, U.S. Department of Labor,    O*NET  Online  (visited April 6, 2018).