How do I get started as an appraiser?
An appraiser is a great career choice and getting started is simpler than you might think. The first step is to find a good school. We have listed schools that are top schools in the nation in appraisal. When choose a school you need to first determine which type of school is good for you and this depends on where you live. Some states have great live schools that you can attend where other states may be limited because of population. Either way you can find a wealth of free information from this website on how to become a real estate appraiser.
When looking for a school, consider the following: Is the school an accredited school in the state? Are they approved to offer appraiser course from the state. Once you have selected a few candidates request information from them so you can see their course offering and price. A good school will give you everything that you need in order to get your appraisal license. They will include not only the proper course work, but also the state preparation that you will need to know in order to pass the state exam.
Once you have taken a look at both the materials as well as the pricing you can then make a selection. Ask the school what else they will be able to do for you once you get your license. Will they help you find an appraisal job or give you information on how to best find employment? Most schools that have been in the industry for many years already have a good idea where you can find employment and how to go about increasing your changes of finding a job.
Can I work for a company or do this as a home business?
Actually you can do either one depending on what you want to accomplish. If you are looking into starting your own appraisal business you’ll need to start developing great contacts within the appraisal industry. Like most tight industries you’ll need to build your business from the bottom and treat every contact with the utmost respect and importance. Remember, everyone that you meet in this business you’ll probably work with at one point in your career and relationship building is the key to success
The first step if you would like to run your appraisal business from home is to go out and talk to real estate agents that are currently listing homes. Every agent will need an appraiser. If you become an agent’s top appraiser then anytime they sell a home and have a client you’ll be called to do the appraisal. By working directly with agents you’ll let them do a big percentage of the leg work in finding new clients.
The second step is to consider local advertising mediums including newspaper, internet and even local radio and TV. A word of caution, advertising can get expensive and you need to look at it as a long term branding tool. The cheapest way and a way that you can control your budget is to use the internet. Go to www.Google.com and they will tell you how you can open up an account and use it for advertising.
Now if your intent is to work for a company as their appraiser your only task is to get a job. The company will have homes for you to appraise. Most of the top banks all have appraiser were their only job is to go out and appraise homes that the bank does the financing for. You’re typically paid a salary regardless of how many homes you appraise. A good percentage of the time you don’t even need to enter the home to do the appraiser. What you’ll do is run comps in the area on homes that have sold and then do a drive by appraisal on the condition of the outside of the house.
What is the outlook for real estate appraisers nationwide?
Real Estate appraisal is a great business and as long as individuals are purchasing and selling homes you’ll have a great career. A big misconception is that if the real estate market goes down that appraisers are out of work and this really isn’t the case. Of course business is always good when homes are selling as soon as they come on the market but even in slower years people are still turning over property that needs an appraisal. The key for you is to be strong and stay with the career during the ups and downs of the ever changing real estate market.
What other types of appraisers are there?
Once you have become an appraiser trainee you can work towards becoming a Certified Residential appraiser. This appraiser status can typically be met once you work a given number of hours as a trainee. Once you get this license you can appraise properties up to a certain dollar amount. Check with your state to find out more about the requirements. After you are a Certified Residential Appraiser you can work hard and become a Certified General Appraiser. At this status you can appraiser anything regardless of value. This requires more school. It is recommended that you take things one step at a time, you can always make it your long term goal to be a top Certified General Appraiser.
An example of what a Washington Certified Residential Appraiser would need:
A certified residential appraiser may appraise residential real estate without regard to transaction value, and of commercial real estate with a transactional value of not more than $250,000.
- Education: At least 120 hours of approved courses, including at least 15 hours of professional standards and ethics (USPAP) instruction, and at least 20 hours of instruction regarding the income approach as used in commercial appraisals.
- Experience: At least 2,500 hours of appraisal experience in not less than 24 months, including not more than 25 percent commercial appraisal experience. All claimed experience must be in writing and on file.
- Continuing Education: 28 hours every two years
A Certified General Appraiser might need the follow:
A certified general appraiser may conduct appraisals of residential real estate and commercial real estate without regard to transaction value.
- Education: At least 180 hours of approved courses, including at least 15 hours of professional standards and ethics (USPAP) instruction, and at least 40 hours of instruction regarding the income approach as used in commercial appraisals.
- Experience: At least 3,000 hours of appraisal experience in not less than 30 months, including not more than 50 percent residential appraisal experience. All claimed experience must be in writing and on file.
- Continuing Education: 28 hours every two years
Again, please check with your state as every state has unique requirements. Below is a list of appraisal state agencies in your state so you can call or e-mail them any questions you might have. The sites have a wealth of information about appraisal. You will also find downloadable forms that you will need to take your state exam.
Alabama www.reab.state.al.us
Alaska www.dced.state.ak.us/occ/papr.htm
Arizona www.appraisal.state.az.us
Arkansas www.state.ar.us/alcb
California www.orea.ca.gov
Colorado www.dora.state.co.us/real-estate
Connecticut http://www.ct.gov/dcp/site/default.asp
Delaware http://dpr.delaware.gov/
Florida www.myflorida.com/
Georgia www.grec.state.ga.us
Hawaii www.state.hi.us/hirec
Idaho www.ibol.idaho.gov
Illinois www.idfpr.com/dpr/re/APPRAISAL.asp
Indiana www.in.gov/pla/bandc/appraiser
Iowa www.state.ia.us/iapp
Kansas www.accesskansas.org/kreab
Kentucky www.kreab.ky.gov
Louisiana www.lreasbc.state.la.us
Main www.maine.gov
Maryland www.dllr.state.md.us
Massachusetts www.mass.gov/dpl/boards/ra
Michigan www.michigan.gov
Minnesota www.state.mn.us
Mississippi www.mrec.state.ms.us/default.asp
Missouri http://pr.mo.gov/appraisers.asp
Montana www.mt.gov
Nebraska www.appraiser.ne.gov
Nevada www.red.state.nv.us
New Hampshire www.nh.gov/nhreab
New Jersey www.state.nj.us
New Mexico www.rld.state.nm.us
New York www.dos.state.ny.us
North Carolina www.ncappraisalboard.org
North Dakota www.governor.state.nd.us
Ohio www.com.state.oh.us/real/appmain.htm
Oklahoma www.oid.state.ok.us/agentbrokers/realestate.html
Oregon www.oregonaclb.org
Pennsylvania www.dos.state.pa.us
Rhode Island www.dbr.state.ri.us/real_estate.html
South Carolina www.llr.state.sc.us
South Dakota www.state.sd.us
Tennessee www.state.tn.us/commerce/boards/treac
Texas www.talcb.state.tx.us
Utah www.commerce.utah.gov/dre/applicensing.html
Vermont www.vtprofessionals.org/opr1/appraisers
Virginia www.state.va.us/dpor/apr_main.htm
Washington www.dol.wa.gov/app/appfront.htm
West Virginia www.wvs.state.wv.us/appraise
Wisconsin www.drl.state.wi.us
Wyoming www.realestate.state.wy.us
