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.
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
- 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.