Real estate appraisers are an essential part of the real estate industry. They are professionals who provide accurate assessments of the value of a property, which is essential in determining the current market value. Appraisers must be knowledgeable in the tools and techniques used in assessing the value of a property and must also be familiar with local real estate laws and regulations. The job of a real estate appraiser is a highly specialized one and involves a lot of hard work. But how much does a real estate appraiser make? That is a question that many aspiring appraisers have asked. In this blog post, we will look at the income potential of real estate appraisers and discuss the factors that influence their pay. We will examine what drives the salaries of real estate appraisers, as well as the various qualifications and certifications they need in order to be successful in their profession.
Licenses for real estate appraisers
Real estate appraisers can choose from three different types of licenses. Appraisers begin as trainees before becoming licensed appraisers. For trainees to become licensed appraisers, who can then evaluate residential buildings such as houses and smaller apartments, they must complete 1000 hours of work experience and pass the real estate licensing exam.
Then, appraisers can earn certification as residential appraisers, enabling them to evaluate more expensive residential structures and apartment complexes. The highest level of license is the certified general appraiser. These experts can evaluate both residential and commercial properties, and they frequently work for private companies that perform appraisals for business developers.
The various license levels for real estate appraisers are described in more detail below:
Trainee appraisers may work for independent appraisal companies or public institutions. The typical requirements for becoming an appraiser trainee include completing 75 hours of appraising coursework, including courses on principles, procedures, and professional conduct. Be advised, however, these requirements can vary by state. Part-time or full-time employment is possible, but the typical wage is a flat rate determined by the number of completed appraisals. Trainees must be supervised by a licensed real estate appraiser. Compensation is usually between $1000 and $3000 per month. Appraiser trainees can take a real estate licensing exam after acquiring 1000 hours of experience and completing licensing training courses. A few salaried trainees or part-time appraisers continue working in the field without passing this test.
Licensed residential appraiser
Trainees must complete an additional 75 hours—or four courses—of appraiser education in order to become licensed residential appraisers, although state requirements may differ. Appraisers have many more options after passing the real estate licensing examination. Appraisers can now evaluate homes’ property values on their own and can work alone, for a company, a government agency, or a bank. At this level, appraisers are able to offer appraisals for homes with one to four units and a value under $1,000,000 They can also appraise fewer valuable complexes.
Certified residential appraiser
Licensed appraisers must complete an additional 50 hours of coursework to earn the title of certified residential appraiser. Courses include statistics, case studies and electives. In addition, this level requires passing the Certified Residential Real Property Appraiser Exam and having at least 1,500 total hours of experience. A college degree or other coursework may be required. Certified appraisers can evaluate properties worth more than $1,000,000 and pricey complexes. Many licensed residential appraisers specialize in valuing large estates, particularly for divorce and tax assessments.
Certified general appraiser
The Certified General Appraiser license is the highest level of appraisal authorization. A degree, 3,000 hours of work experience, and 300 hours of course work are all necessary for this. Commercial and non-commercial properties of any value can be valued by certified general appraisers.
How much do real estate appraisers make?
How does license level affect salary?
Beginning appraisers are called appraiser trainees. They usually work part-time and are paid per appraisal. As their experience and expertise grow, appraiser trainees typically earn between $50 and $150 per appraisal. Appraisers have the option to take the real estate appraiser licensing exam after completing 1000 hours of training. Average salaries for appraisers with this level of licensure range from $35,000 to $80,000 depending on the employer.
How to make more money as a real estate appraiser
The amount appraisers earn is determined by many factors. Real estate appraisers may hold a variety of positions with different employers. Many appraisers work independently. The type of certification, the employer, and the amount of education and experience an appraiser has are factors that affect salary.
There are several options appraisers may consider making more money. Appraisers typically receive much higher compensation for each type of license. Trainees make between $1,000 and $3,000 per month. Earnings for licensed real estate appraisers range from $35,000 to $85,000 annually; if they take on management roles, they can earn more. The average salary for certified residential appraisers is $10,000 higher than that of licensed real estate appraisers. Average salaries for certified general appraisers are $25,000 higher than those for licensed real estate appraisers.
Another consideration is working hours. Working independently, appraisers are typically paid for each appraisal. In 2018, the average appraisal cost about $400. Appraisers may be able to make significantly more money than the industry average by scheduling two or more appraisals per day. This does, however, require working longer hours. On the other hand, some people might choose to accept lower pay in exchange for the predictable hours and benefits of working for the government or a lending institution.
Working on larger homes tends to net more. Certified residential appraisers can work on the largest of homes. While it is prohibited, appraisers are permitted to charge by square footage. Larger home appraisals can run between $500 and $750 or more. Large apartment complex appraisal costs may even be higher.
Real Estate Appraiser Salary (2019) – Real Estate Appraiser Jobs
What type of appraisers make the most money?
They make about $10,000 more annually on average than certified appraisers. Certified general appraisers, who hold the highest level of certification, make about $15,000 more a year than certified residential appraisers.
Is becoming an appraiser hard?
It takes a lot of effort and perseverance to become a real estate appraiser. You would need to complete all of the coursework requirements as well as acquire the necessary work experience. Therefore, before making an investment in this career, many people would like more assurance.
Is an appraiser a stressful job?
The median age of appraisers is close to 60 years. People who are just starting out do not want to work long hours for little pay and no benefits. They constantly develop new report formats and raise the bar for quality. It makes it extremely stressful, and in this profession, stress never takes a vacation.
Do you have to be good at math to be an appraiser?
Software such as Excel make complex equations much easier. However, in order to be certified by a state and the federal government as an appraiser, a person must still be able to perform all of the math, much of which is extremely complex, with a simple pencil and paper.