Real estate appraisers Job Description: Overview, Education & Training Requirements, Job Outlook and Salary
Submitted by: Gypsy Santiago
Job Overview: Real estate appraisers are responsible for investigating all aspects of a land or building to determine their value, which is then used for loan, investment, sale, purchase or mortgage purposes. They work for thrift institutions, commercial banks, insurance companies or independent appraisal firms. Their work mostly involves being on field, starting with the visit of a property, followed by inspecting its condition, design and construction along with measurements. Once necessary information are gathered, appraisers will take these into consideration and use standard formulas to assess the property’s reproduction costs, losses in value, location, trends and other factors.
Education, Training and Knowledge Requirements: To become real estate appraisers, they must possess a high school diploma and at least two years college in economics, business administration or any similar field. They should then obtain claims management certification and basic appraiser licensure before holding a job. Banks, federal agencies, big companies and other employers may require a bachelor’s degree in valuation sciences, real estate or other fields. Continuing education is necessary to upgrade knowledge in construction practices and property valuation.
Skills & Abilities: Real estate appraisers should have excellent research skills and a thorough understanding of appraisal procedures. They should have solid math and business skills and extensive knowledge in mathematics, science and statistics. Appraisers should also be analytical, detail-oriented, inquisitive, highly organized and critical thinkers, and be able to handle technologies used in collecting data and recording information. They should also have effective communication and interpersonal skills and be able to work well with others and independently.
Duties:
The job of appraisers in the real estate industry include (but are not limited to) Managing on-site appraisals of properties, submitting reports about the physical condition of properties, recommending replacement or repairs of mechanical systems in commercial buildings, such as plumbing, heating or air-conditioning; researching public records of property information, such as tax assessments, leases, sales or outstanding liens; reporting results of appraisal inspections; testifying in court; supervising clerical staff; and maintaining knowledge of real estate market conditions.
Earnings & Job Outlook: Employment growth for real estate appraisers is expected to grow faster than average through 2014. Since this career depends largely in the current economy and fluctuating interest rates, those with more experience are likely to land jobs first. Salary varies largely based on training, experience and industry. In 2004, the Bureau of Labor Statistics’ published median annual salary was $43,390, with the top 10% earned $81,240 per year.
Gypsy Santiago is a professional resume writer and career search strategy/career branding coach with years of experience in assisting job seekers prepare for the job market. She helps create career-targeted resumes, provides useful tips about career transition, offers future career ideas and guide jobseekers about effective job search techniques.
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Word Count: 433 Date: Sat, 7 Aug 2010 Time: 8:54 AM
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