Real Estate Appraiser, Residential Salary
Annual compensation for Residential Real Estate Appraisers is typically heavily supplemented by bonuses and commissions and totals around $53K (including $66K from bonuses and commissions). Career length is the biggest factor affecting pay for this group, followed by geography. The majority of Residential Real Estate Appraisers claim high levels of job satisfaction. Residential Real Estate Appraisers who participated in the survey are largely men, dominating at 67 percent. Health benefits are not claimed by all — just over two-fifths lack any form of coverage — but the greater part have medical insurance, and slightly less than half have dental, too. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Real Estate Appraiser, Residential
A residential real estate appraiser assesses homes' values for loan, tax, insurance, and other purposes. The appraiser evaluates single-family homes, land, and condominiums, among other residential properties. To obtain an objective and accurate valuation for property, the appraiser needs examine factors such as the history of the property, market trends, an in-person assessment of its condition, and the selling prices of similar homes in the area. After the appraisal has been carried out, the appraiser makes a report documenting the evidence for their valuation; these documents are then given to the appropriate parties, such as the appraiser's manager, a bank, and/or the customer intending to purchase the home.Read More...
Residential real estate appraiser positions may be freelance or involve working for an appraisal company. These appraisers generally work on their own, and supervision is often done remotely. The job may involve working in an office or from home and requires visits to properties in order to carry out the appraisals. Adherence to deadlines is important, and there may be productivity goals that need to be achieved.
A minimum of a high school diploma or equivalent is usually necessary for this role, as is status as a licensed certified real estate appraiser. Additional education may be required or preferred. Residential real estate appraisers must be able to read and understand blueprints, maps, and plans relating to properties. They also need to have excellent problem solving, analytical, and communication skills. Additionally, these professionals must work well in a team environment, as well as on their own with minimal supervision.
Real Estate Appraiser, Residential Tasks
- Conduct inspections of properties to identify factors which could influence property value.
- Research property sales history, value of neighboring homes, and the value of homes in the region.
- Calculate estimates of the value of property for sales, mortgages, and loans.
- Create written reports detailing estimation process and results.
Common Career Paths for Real Estate Appraiser, Residential
For Residential Real Estate Appraisers, progressing to a Real Estate Appraisal Manager role may result in a significant raise. On average, a Real Estate Appraisal Manager can earn $78K annually. The most common career progression for Residential Real Estate Appraisers leads to becoming a Real Estate Appraiser & Assessor, where pay is typically $42K. However, many Residential Real Estate Appraisers also opt to become Commercial Real Estate Appraisers, a position that pays $65K on average.
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Pay by Experience Level for Real Estate Appraiser, Residential
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Residential Real Estate Appraisers with a rich background of experience are typically rewarded with larger paychecks. Workers in their first five years can expect to earn $39K, but people who have been around for five to 10 years earn a noticeably bigger sum of $51K. For Residential Real Estate Appraisers, 10 to 20 years of experience on the job amounts to an average salary of $56K. Old hands who claim more than two decades on the job enjoy average earnings of $64K.