Real Estate Appraiser Salary
Job Description for Real Estate Appraiser
Real estate appraisers are responsible for assessing the value of a property. Most real estate appraisers are contracted by an individual or a business (via an appraisal company) to perform a series of routine checks that will go on record to establish a property's worth. Appraisers' duties vary based on type of property and specific circumstance. For example, assessing the value of a commercial building may take substantially longer than an assessment of a single home. However, appraisers working on personal homes typically deal with multiple jobs at a time.Read More...
When real estate appraisers assess a property, they perform a number of checks to establish flaws and strengths in the property. They check the physical well being of the property and make note of newer installations. All assessments are done in the context of relative property value; for example, if a home is high in value physically but resides in an undesirable neighborhood, appraisers weigh location in their evaluation.
Whether real estate appraisers spend a lot of time on-site or in the office depends largely on the size of their current workload. For large appraisals, substantial time may be spent in the appraiser's office, as the physical inspection of a building may not take relatively long. However, if appraisers are working on multiple smaller properties, they may split their time evenly between the field and the office. Appraisers typically work on their own, and overtime is frequently required.
An associate's degree is commonly required for this position, as well as state certification. Previous experience in a similar position is frequently preferred.
Real Estate Appraiser Tasks
- Calculate estimates of the value of property for sales, mortgages, and loans.
- Create written reports detailing estimation process and results.
- 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.
Common Career Paths for Real Estate Appraiser
As Real Estate Appraisers transition into upper-level roles like Commercial Real Estate Appraisers, it's possible that they won't see a change in salary. Commercial Real Estate Appraisers earn the same amount as Real Estate Appraisers on average. Many Real Estate Appraisers choose to become Residential Real Estate Appraisers and Real Estate Appraiser & Assessors as their careers advance. However, folks in those positions report median salaries of $8K less and $19K less, respectively.
Real Estate Appraiser Job Listings
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Pay by Experience Level for Real Estate Appraiser
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Real Estate Appraisers who reported more years of relevant experience also reported higher earnings. Workers in their first five years can expect to earn $43K, but people who have been around for five to 10 years earn a noticeably bigger sum of $60K. For Real Estate Appraisers, 10 to 20 years of experience on the job amounts to an average salary of $74K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $81K on average.