Career Development

What Does an Appraiser Do?

Find out what an appraiser does, how to get this job, and what it takes to succeed as an appraiser.

Appraisers are responsible for determining the value of property. This includes items like jewelry, art, cars, and other valuables. They typically work with a specific type of property, such as jewelry or antiques.

Appraisers may also be tasked with providing an opinion on the authenticity of an item or its condition. This can be especially important when dealing with high-value items that might be subject to fraud.

Appraiser Job Duties

Appraisers have a wide range of responsibilities, which can include:

  • Conducting research on recent sales of comparable properties to determine an estimated market value of the property being appraised
  • Communicating with clients throughout the appraisal process to ensure that they understand each step of the process
  • Appraising property for purposes such as mortgage loans, estate settlements, divorce settlements, or tax assessments
  • Conducting inspections of properties to gather data about their condition and features
  • Estimating the market value of real estate using appraisal techniques such as comparative analysis and cost approach
  • Developing appraisal models that consider local market conditions and neighborhood characteristics
  • Inspecting the physical condition of a property to identify defects that could affect its value
  • Interpreting codes, laws, regulations, and policies regarding the appraisal process to ensure compliance with standards
  • Providing professional testimony in court regarding conclusions reached during an appraisal process

Appraiser Salary & Outlook

Appraisers’ salaries vary depending on their level of education and experience, the company size and geographic location. They may also earn additional compensation in the form of commissions and bonuses.

  • Median Annual Salary: $62,500 ($30.05/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of appraisers is expected to grow at an average rate over the next decade.

Demand for appraisers will stem from the continued growth in real estate loans and the need to evaluate property values for tax purposes. In addition, appraisers will be needed to assess damage to properties from natural disasters, such as floods and hurricanes.

Related: In-Depth Appraiser Salary Guide

Appraiser Job Requirements

The following are some of the requirements to become an appraiser:

Education: Appraisers typically need a minimum of a bachelor’s degree in real estate, business or a related field. Some appraisers choose to pursue a master’s degree in real estate or business administration to further their education and increase their earning potential.

Training & Experience: Appraisers typically receive on-the-job training from their employers. This training helps them learn the specific software and methods the company uses to complete their appraisals. It also familiarizes them with the property types and locations the company appraises.

Certifications & Licenses: Appraisers need to earn licensure to work in the field. Each state has different requirements for licensure, so make sure you meet the standards in your area.

Appraiser Skills

Appraisers need the following skills in order to be successful:

Technical skills: Technical skills are the abilities you have that allow you to perform your job duties. For appraisers, technical skills are the knowledge and abilities you have that allow you to accurately value properties. This includes knowledge of real estate, market trends and other factors that affect property values. It also includes the ability to use appraisal software and other tools you may need to do your job.

Communication skills: Communication skills are necessary for appraisers to convey their findings to clients and other parties. They also use their communication skills to explain complex valuation methods to other appraisers.

Analytical skills: Analytical skills are the ability to break down information and find the most important details. Appraisers use analytical skills to determine the value of an object. They may use analytical skills to determine the authenticity of an object, the materials used to make it and the age of the object.

Customer service skills: Customer service skills can help appraisers build rapport with clients and customers. They can use these skills to explain appraisal processes, answer questions and provide information about the value of an object. Customer service skills can also help appraisers build trust with clients and customers, which can help them gather more accurate information about the value of an object.

Business skills: Business skills can help appraisers understand the financial aspects of their job. For example, business skills can help appraisers understand the value of a property and how to determine the cost of renovations. Business skills can also help appraisers market their services and track their business’s financial performance.

Appraiser Work Environment

Appraisers work in a variety of settings, including private offices, government offices, and banks. They may travel to different locations to appraise property, but most of their work is done in an office setting. Appraisers typically work a standard 40-hour week, but they may work longer hours to meet deadlines or to accommodate the schedules of their clients. Appraisers may also be on call to appraise property that is being sold at short notice. The work of an appraiser can be stressful, especially when appraising high-value property or property that is in poor condition.

Appraiser Trends

Here are three trends influencing how appraisers work. Appraisers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Use of Technology in the Appraisal Industry

The appraisal industry is beginning to use technology more often, which is leading to an increased reliance on data-driven analysis. This trend is being driven by the need for appraisers to be more efficient and accurate in their work.

As technology becomes more prevalent in the appraisal industry, appraisers will need to learn how to use it effectively in order to produce high-quality results. This includes learning how to use data-driven analysis tools as well as understanding the importance of using reliable data sources.

A Greater Focus on Data Quality

The real estate market is changing rapidly, and with it, the role of the appraiser is evolving. In recent years, there has been a greater focus on data quality, which means that appraisers need to be able to trust the information that they are using to value properties.

Appraisers can adapt to this change by becoming more familiar with data sources and ensuring that they are using the most accurate information possible. They can also develop relationships with data providers in order to get access to the latest information.

Greater Regulatory Oversight

The mortgage crisis of 2008 led to a wave of regulatory changes that have had a lasting impact on the appraisal industry. One of the most significant changes was the introduction of new regulations that require appraisers to be certified.

This has led to an increase in demand for qualified appraisers, as banks and other financial institutions now have a greater level of confidence in the accuracy of the valuations that they provide. As a result, appraisers who are able to demonstrate their expertise and professionalism will be in high demand.

How to Become an Appraiser

An appraiser career can be a great choice for anyone who is interested in working with art and antiques. There are many different paths you can take to become an appraiser, but most require at least some training and experience. You may want to start by volunteering or interning at a museum or gallery that specializes in art or antiques. This will give you the opportunity to learn about the field and meet professionals in the industry.

You can also pursue certification from organizations such as the American Society of Appraisers (ASA) or the International Association of Appraisers (IAA). These certifications demonstrate your knowledge and skills in the appraisal field and can help you find employment.

Related: How to Write an Appraiser Resume

Advancement Prospects

There are several ways to advance in the field of appraising. One is to specialize in a particular type of appraising, such as real estate, art, or antiques. Another is to move into a management position, such as appraiser supervisor or manager of an appraisal department. Appraisers who own their own businesses can also advance by increasing the size and scope of their operations.

Many appraisers start their careers as trainees or appraiser assistants. With experience, they become certified appraisers and may eventually become senior appraisers or principal appraisers. Some appraisers also become independent consultants.

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