How to Become a Real Estate Appraiser or Assessor
Learn how you can become a real estate appraiser or assessor.
What Do Real Estate Appraisers and Assessors Do?
Real estate appraisers are an important part of any real estate transaction, whether for a home, place of business, farm or other land. Appraisers and assessors draw on a number of factors to provide an objective and impartial estimate of the value of land and buildings. The reports and information they prepare may be used to:
- Assess property tax
- Confirm adequate collateral for mortgages
- Confirm a property's price for sale or purchase
- Settle an estate
- Aid in a divorce settlement
- For any other legal or financial reason that involves real estate as an asset.
An appraiser's report includes a photo tour of the property, during which the appraiser takes photographs to include in the document. The report and other information are delivered to the client in print or electronic format. A real estate appraiser spends more time out of the office than behind a desk, but may have to work evenings or weekends to accommodate clients. Commercial property appraisers and assessors may take weeks to produce a report on a large or complex property.
Differences Between Appraisers and Assessors
Appraisers
- An appraiser must be familiar with comparable home sales, lease and ownership records, land use and tax records, and various other factors that may contribute to a property's value, such as location, view, previous appraisals, and income potential.
- Many appraisers specialize in a particular type of property, such as residential real estate, multi-family dwellings, commercial office space, golf courses, casinos or restaurants.
- An appraiser may work independently, or for an agency or corporation that employs many appraisers.
Assessors
- City and county governments usually employ assessors who determine property values for tax purposes.
- These professionals use the same types of information and processes as private appraisers, but report the results to government tax officers rather than to clients.
- They also tend to valuate properties en masse in entire communities and neighborhoods based on annually updated computer algorithms, rather than individual properties as private appraisers do.
Appraiser and Assessor Salary
According to the U.S. Bureau of Labor Statistics' 2012-13 Occupational Outlook Handbook, the median national annual salary for appraisers and assessors of real estate is $48,500. Actual salaries may vary greatly based on specialization within the field, location, years of experience and a variety of other factors.
Education and Licensure
An appraiser must be licensed to practice in most states; however, some states have differing requirements, so it is important to research the requirements in your area. It will also help to note what type of properties you will be working with, whether federally owned or private. Appraisers in most states are required to have a bachelor's degree and complete specific training courses to qualify for licensing and continuing education opportunities.
