Probably one of the most well-known but seldom talked about careers in real estate is that of a real estate appraiser. Appraisers provide professional, objective opinions about the market value of a piece of real estate. There are many reasons to get an appraisal, including if a property owner wants to obtain a loan, change their property taxes, insure a property, settle an estate, establish value or, of course, sell their property. In order for an appraisal to be useful, it must, ultimately, “reflect a credible estimate of value”. Appraisers are responsible for identifying the end-users of the appraisal, including who requested the appraisal, as well as the intended use and the purpose of the report. They also must include a full description of the property including location attributes, physical attributes, legal attributes and economic attributes as well as easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances and division of interest in the property. All of these items and many other small details are used to create as comprehensive a picture of the value of the property as possible.
By now, being an appraiser probably sounds like a pretty interesting job, but it is also probably clear that you need an attention to detail. Appraisers must be certified in the state in which they wish to work and may work for corporations or individuals. Presently, there are many new restrictions on appraisers thanks to the real estate market crash, so make sure that if you decide to become involved in this business you understand exactly how, for whom and in what capacity you can legally work. Real estate appraisers can be salaried or work on contract or commission. They can make more than $100,000 a year and often work flexible but long hours. There is a higher demand for real estate appraisers than ever and there will be a lot more work in the future. Most appraisers are pretty busy today so be patient with them!