About Real Estate Appraisers

Real estate appraisers estimate the value of property — including both residential and commercial property — for reasons that include sale, refinance, divorce settlement, or estate settlement.  Real estate appraisers work in geographic areas they are familiar with, so they are aware of the factors that may affect the value of property.  When appraising the property, real estate appraisers take into consideration the location, the condition of the property, and whether it possesses any unique features.  Real estate appraisers then compare the property to other like properties in the area, including those that have sold, to come up with a value.  Other considerations that go into an estimate might be lease records, previous appraisals, and whether or not the property has any potential for income.

Education requirements for real estate appraisers vary by state, with some states requiring licensure or certification.  Real estate appraisers working in states that require licensure must also possess a bachelor's degree.  While a degree in finance, real estate, or business administration may help, courses related specifically to appraising must typically be taken at appraisal organizations or at community colleges.  In most states, on-the-job training is part of the licensing process.

Real estate appraisers generally work during the standard workweek, but spend a good portion of their time sitting at computers doing research and analysis.  When they are not at their desks, they are visiting the properties they are appraising.

In addition to having good knowledge of real estate and property in their area, real estate appraisers must have good attention to detail, and must have good analytical and math skills.  The ability to communicate and listen to others, as well as to get along with people, is also necessary.

Job opportunities tend to keep pace with real estate sales, as well as real estate activity generated by foreclosures, refinances, divorces, and estate settlements.  Those with bachelor's degrees, as well as those with experience, will have more favorable opportunities than those who don't possess degrees and experience.  About one-third of all real estate appraisers are self-employed.

For information about appraiser license requirements, visit the Appraisal Foundation website.  For more info about real estate appraisers, visit the American Society of Appraisers, the Appraisal Institute, and the National Association of Real Estate Appraisers websites.