Real estate appraising isn’t for everyone. Some people like the structure of going into an office from 9 to 5, reporting to a boss, and being a cog in the wheel. That is not the life of a real estate appraiser, so be prepared to take control of your career.
7 Reasons You May Want to Become a Real Estate Appraiser
If these seven aspects of an appraisal career sound interesting, then appraising may be the right career for you.
Reason 1. Make your own schedule
You determine when and how much you want to work, assuming that you the owner or sole proprietor of your appraisal business. If you want to work 9 to 5, then you can. Or you can put in some hours at night and sleep in. You have the flexibility to work long days to get more done, short days to enjoy your time, and take off days when you want a break. Going to properties should be done at a reasonable time of day, but writing appraisal reports and administrative work can be done at any time. You have control over how much or how little you work, and, to some extent, when that work gets done. A career in real estate appraising gives you freedom from the 9 to 5.
Reason 2. Earn good money
The Bureau of Labor Statistics note that real estate appraisers earn an average of $58,030 per year. That is above the national average of $49,630 (sources: BLS Occupational Employment and Wages, May 2016 and May 2016 National Occupational Employment and Wage Estimates United States). We wrote about the very strong demand for real estate appraisers, and it appears that the demand will continue to get even better. The amount that you earn as an appraiser depends on how much and how hard you want to work.
Reason 3. Great job outlook
The barrier of entry to become a real estate appraiser is relatively high compared to other professions in real estate, like becoming a Realtor. Real estate appraisers are required to have a certain level of education (Associates Degree for Licensed and Bachelors Degree for Certified), many hours of courses completed, and hours as a Trainee. Those requirements can be intimidating for some. Additionally, the average age of real estate appraisers is 53 years old, according to Inman. Considering the aging appraiser population with fewer people entering the field, there will continue to be a sufficient demand of work available for real estate appraisers.
Reason 4. Work environment
A real estate appraiser’s office is their car, the properties they appraise, and, yes, an actual office. That actual office can be in your home or an office space that you rent. Working for an appraisal company likely means working in their office. Unlike the 9 to 5, fluorescent lit, cubicle life, appraisers have more flexibility and a more diverse work environment.
Reason 5. Your job is important
Consider the person shopping for a home. They are about to make one of the biggest financial and emotional decisions of their life, and will likely need a mortgage to help them afford it. Your extensive training and experience qualifies you to look at the data, the comps, and the property to put an objective and impartial value on the property. The lender, the Realtor, and the home shopper are affected by the value of the property. You are an integral part of that home shopper’s transaction and the bank’s confidence to lend.
Reason 6. You determine your success
You decide your own career path. Work for a company, where you are provided work and know how much you will be earning. Or be independent, where you market yourself to get your own clients, possibly work with an AMC, and find that the financial risks and rewards are greater than at a company. Real estate appraisers have options of how they want to work, and that determines their financial success more than most other careers.
Reason 7. You enjoy real estate
Your world will revolve around real estate, so you hopefully enjoy it. You will become a real estate valuation expert in the market that you appraise properties. You will go into a many of properties, research recent real estate transactions, apply values to floor plans and conditions of properties, talk to banks about real estate, talk to Realtors about real estate, and talk to people you meet about real estate when they find out that you’re a real estate appraiser. Get ready to be immersed in real estate.
What’s next?
If you are considering a career as a real estate appraiser, check on the online qualifying educations courses available for your state. Appraiser Sidekick is partnering with Mbition for online appraisal courses.