Career in Appraisers of Real Estate

Appraisers of real estate estimate the value of properties for a number of purposes such as assessing property tax, conforming proper collateral for mortgages, setting good sales price, etc. Appraisers, usually, specialize in evaluating a certain kind of real estate such as commercial properties or residential buildings.

Nature of Work
Appraisers of real estate estimate the value of any genre of real estate from farmland to larger shopping centers. Appraisers estimate the value of properties for the purpose of property tax. Appraisers assess all type of real estate properties employing similar methods. Appraisers have to work with assessors in the areas they are familiar with.

Appraisers take into consideration the unique characteristics of the real estate and surrounding areas such as a particular architectural style of a building. They also note additional aspects of a property such as condition of the foundation, roof of building, and any renewal.

Appraisers along with assessors examine the property and then estimate the value by considering things such as lease records, equivalent home sales, view, location, income potential, and previous appraisals. Appraisers and assessors prepare detailed report based upon their observation and research. Appraisers prepare reports using computers. The use of computer has made it easier to work within prescribed time duration.

Appraisers and assessors use the electronic map to attain the appropriate information about the property. At times, appraisers use digital photos to document the physical appearance of a building. Appraisers deal with independent clients and lay emphasis upon assessing one property at a time.

Some real estate appraisers specialize by the type of real estate they appraise such as golf courses, residential properties, or strip malls. In short, commercial appraisers are able to appraise any real property; however, they may specialize in a property used for commercial purposes such as hotels and stores.

Work Environment
Assessors and appraisers spend ample amount of time in preparing, researching and writing reports. However, the arrival of advanced computer technologies has minimized the workload of appraisers. The emergence of digital technology has specially affected the self-employed appraisers. These appraisers are called independent fee appraisers. They work in their respective offices and do research.

Appraisers who work with private institution, usually, spend much of their time in the office. Independent fee appraisers, generally, work over forty hours a week in addition to working on the weekends and evenings. On the contrary, appraisers who are privately employed, usually, work forty hours a week. At times, they have to work on weekends and evenings.

The offices of independent fee appraisers are relatively small. Nonetheless, private institutions such as mortgage broker offices and banks may hire many appraisers in one office. In some states, assessments are made by counties, while in other states assessments are made by municipalities.

Educational Qualification
There is no certain educational qualification required to become appraisers. The educational qualification varies by state and sometimes by the type of property. However, appraisers must be certified or licensed. Prospective appraisers are advised to check with their respective state to decide the specific requirements.

Some employers seek candidates who have completed a bachelor's degree or equivalent for the position of appraisers. A degree in related area such as finance, economics, or real estate is preferred. Some employers offer on-the-job training to their employees. They organize special training sessions to hone employees' basic skills required to execute the tasks. An appraiser has to cope with following responsibilities.

Responsibilities

• Prepare land diagrams that are used in appraisal reports
• Estimate final property values considering factors like replacement costs, depreciation, income potential, value comparisons, similar properties, etc.
• Estimate building replacement value using building evaluation manuals and specialized cost estimators
• Examine land and neighborhoods where properties are located
• Assess the location and type of nearby services like schools, shopping centers, parks, and other features to examine their impact on the property values
• Scrutinize properties to assess condition, construction, special features, and functional design
• Attain sales information and county land values about neighborhood properties to facilitate establishment of property values
• Take photographs of exteriors and interiors of properties to facilitate estimating property value, complete appraisal reports, and substantiate findings
• Write reports that estimate properties value, outline methods, and appraisal standards
• Maintain public records for transactions such as leases, sales, and assessments
• Evaluate legal description of properties by means of comparing them to county records
• Verify building codes and zoning regulations to determine effects on the properties
• Assess income record and operating costs of income properties
• Interact with persons familiar with surroundings and properties such as home owners, contractors, and realtors to attain relevant information

Employment Opportunities
Candidates holding a bachelor's degree get into the field of real estate easily. Qualified real estate appraisers with utmost experience in real estate or related field may become senior real estate analysts or senior appraisers. As per the US Bureau of Labor Statistics, job opportunities in the realm of real estate are expected to grow in near future.