“A rising tide lifts all boats, ” was a term frequently used by President John F. Kennedy and in the housing boom, it’s no wonder that a lot of real estate related professions have enjoyed great prosperity, including real estate appraisers. Whenever there’s any sort of real estate transaction, an appraiser will be needed to assess the value of the home. The bank calls on one whenever someone wants a mortgage or a refinance or a home equity line of credit, so that they have confidence that the home is valued enough to be collateral for the loan. The government calls on one when it’s time to reassess tax assessments or when it wants to buy property. When I bought my house, an appraiser was used to justify the price I was paying over the asking price.
Here are the common duties of a real estate appraiser:
- Collect and analyze data from multiple sources, everything from blueprints to public records
- Stay current on government regulations, zoning laws and appraisal standards
- Understand construction and be familiar with building materials
- Know the marketplace, the local area and the trends affecting it
- Inspect properties and produce written reports.
If you fancy being an appraiser, expect five years before you can start earning the big bucks. The first two will be spent in courses and on-the-job training before you take your state licensing or certification examinations. Getting designations will take another two or three years. Designations refer to becoming a designated member of a regional/national/state recognized appraisal or assessor organization or association, which is more important for states without mandatory licenses. (more info at the US. Dept. of Labor )
And how much can you pull in?
Preliminary results from a nationwide survey conducted this year by the Appraisal Institute indicate that 34 percent of appraisers had gross incomes of $100,000 or more in 2003; of those, 7 percent earned between $150,000 and $200,000 and 9 percent earned $200,000 or more. Another 13 percent earned between $80,000 and $100,000.
via CNN Money .