Considering a career as an Appraiser? Find out all you need to know to decide whether this career is right for you.
- What does an Appraiser do?
- How to become an Appraiser?
- What is an Appraiser's Salary?
- How does the future look for an Appraiser?
What does an Appraiser do?
The role of an Appraiser is to valuate real estate, personal property or a business entity and communicate the valuation to a financial decision maker.
Valuation of any type of property or business can take any multitude of forms and can be necessary to a variety of individuals for many different reasons.
As an Appraiser, you may be hired by a national corporation who will contract out services. You will help evaluate data using complicated valuation techniques and software developed for the industry in which you are involved.
Or as an Appraiser, you may be hired by many different levels of government to valuate property for taxing purposes, to valuate personal property for repossession, to determine the value of government owned land or government run organizations and much more.
Banks and lending corporations often employ the services of Appraisers for their expertise in evaluating data to valuate companies based on tangible and intangible assets. Appraisers will also be used to apply complicated valuation techniques to make educated guesses of the future value of businesses, real estate or other forms of personal property.
For those who have been in the industry for many years, opportunities to begin a private practice are significant. Through constant assessment of probability and determining the value of business and property, those Appraisers who branch off on their own have very high success rates in business.
Key actions or skills necessary for a successful career as an Appraiser include but are not limited to the following:
- Strong computer skills with the ability to use the latest valuation software
- Stay current by reading your industry's business journals and information portals for market trends
- Keep current with new valuation technologies both conceptually and with currently developed valuation software
- Develop and use your communication skills in order to express your highly researched opinions
- Finally, learn to make good friendships for networking purposes and to simply lead a happy life. Everyone likes to do business with happy people!
How to Become an Appraiser?
Educational requirements may vary slightly depending on the company, the area you wish to work and your previous work experience.
For most entry-level Appraiser careers, the minimum educational requirement is the completion of a Associate's degree in Accounting or business.
Starting in January 2008, in order to receive your initial license, you will need 150 hours of education to receive your initial Appraisal license.
You will need 200 hours in order to receive your residential Appraisal license and 300 hours plus the completion of a Bachelor's degree in Accounting or Finance to receive your General Appraisal License.
We recommend you begin by earning at least a Bachelor's degree or even an MBA in Accounting or Finance. The individuals making the highest salaries in this industry are those with not only great motivation but also with the highest degree of education.
In a hurry? Request free information from some of the top online schools offering Master's or MBA programs in Accounting.
Beyond a quality education and the development of skills necessary to succeed as an Appraiser, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities on Appraiser association portals such as The American Society of Appraisers; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly. You may find Appraiser job openings under newspaper or online classifieds (Craigslist or Monster.com).
What is an Appraiser's Salary?
As an Appraiser, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for an Appraiser in real estate is $44,500.
However, the top 10% of Appraisers in real estate are pulling in an average of $86,200.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company, acquire all associated certifications and lastly, earn yourself an advanced degree.
Request information from some of the top online schools in the United States. Online schools are becoming more popular for the working professional and are already highly respected in the business arena.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for an Appraiser?
Appraisers are in demand now more than ever. With the downturn in real estate, many are seeking the expertise of Appraisers before making any large financial decisions both in the private and banking sectors.
In the business valuation industry, highly educated Appraisers are vigorously sought after and extremely valuable. It is becoming much more laborious to determine the value of companies as technology advances and profit is accumulated through various avenues that only a few years ago had not existed.
The U.S. Department of Labor believes between 2004 and 2014, Appriaser career opportunities will increase by 23% from 101,700 to 124,900.
The future looks bright for the Appraiser profession, so go ahead and get started!
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