How to Become a Real Estate Appraiser
If you are interested in a career in real estate appraisal, there are a few things you need to know. The first step is to become a certified appraiser. This requires completing an appraisal training program and passing an exam. There are many different programs available, so be sure to choose one that is accredited by the Appraisal Foundation.
Once you are certified, you can start working as an appraiser. However, to become a real estate appraiser, you will need to become licensed in the state where you want to work. Each state has its own licensing requirements, so be sure to check with your state’s department of licensing and regulation for more information.
Real estate appraisers are paid on a per-appraisal basis. They may work for real estate agents or directly for lending institutions.
Education Requirements to Become a Real Estate Appraiser
Appraisers must be familiar with appraisal techniques, real estate laws and regulations, financing practices, market analysis, valuation theory and the general economic base that affects real estate values. Most employers prefer to hire appraisers with a bachelor’s degree in business, economics, real estate or a related field. Many appraisers also have professional designations such as the Certified Real Estate Appraiser (CREA) designation from the Appraisal Institute.
Skills Needed to Become a Real Estate Appraiser
Real estate appraisers must be able to:
- Evaluate real estate and its value
- Understand the legal and financial aspects of real estate transactions
- Analyze data and prepare reports
- Work independently and make decisions on their own
If you have strong math skills and are familiar with computers, these would also be helpful skills to have as a real estate appraiser.
The real estate appraisal profession is expected to grow by 11 percent from 2016 to 2026, making it a great career choice for those interested in working in the real estate industry. If you are interested in becoming a certified and licensed real estate appraiser, start by researching appraisal training programs and contacting your state’s licensing authority for more information.