People often wonder, how much does a real estate appraiser make?
Well, according to Payscale.com, the average real estate appraiser salary is nearly $61,000 per year.
Oftentimes, real estate appraisers make a percentage of the work they help their employer do. Entry level real estate appraisers make 30% to 35% of the cost of a job while higher licensed real estate appraisers can make anywhere from 30% to 50% of a contract. With the right education, work experience, and licensure, a commercial appraiser can make an average of $101,000 per year or more depending on how many jobs they take on.
Your home appraiser salary will significantly depend upon the level of licensure that you obtain. A certified general appraiser will make more than a certified residential appraiser.
Make sure you look up the qualifications in your area for what it takes to become a licensed real estate appraiser because every state has different requirements for every separate real estate appraisal license there is.
Factors to Consider For a Real Estate Appraiser Salary
There are many variables to consider for an appraiser salary. Among them are:
Your Level of Licensure
The more certifications you have as a real estate appraiser, the more jobs you can legally appraise. Real estate appraisers make more money for bigger pieces of property or commercial appraisals but need to be appropriately licensed to do so.
Additionally, with that higher level of licensure, you will have much better job prospects. Real estate companies are always looking for real estate appraisers who have higher licenses since they can charge more for the work done by that professional.
Once you obtain additional levels of real estate appraisal licensure, you will be able to earn a higher home appraiser salary. If you are an independent contractor, these licenses add job opportunities for you. Your practice as a real estate appraiser will be able to grow with the ability to appraise any piece of property.
Who You Work For
Whether you are an independent contractor, work for a real estate company, or work for the government, there are many opportunities out there to make a good home appraiser salary. Setting your hours as an independent contractor is appealing. However, real estate appraisers who work for a real estate company or the government will make more money.
Real estate companies and the government make more money because they are able to take larger contracts and more appraisal jobs than just one independent contractor. By fulfilling larger contracts, these entities are able to charge more money per job. But, because there is a lot of specialized work to do, they have to have the workforce to complete the job. The benefit of these large contracts is that real estate companies and the government pay a higher real estate appraiser salary compared to independent contractors who cannot take on such contracts.
How Many Jobs You Take
How often you work and the number of jobs you take on will certainly affect your real estate appraiser salary. Real estate appraisers typically set their hours. They also often work on an as-needed basis for their clients depending on the contracts they have accepted. The more jobs you take on and the hours you work will determine your real estate appraiser salary.
Where You Work
The location where you work will have a great impact on your home appraiser salary. If you work in a city, there is a constant stream of work for real estate appraisers as properties are bought and sold. Additionally, if you live in an area where there is a lot of real estate development or real estate sales happening, there is a greater need for real estate appraisers to ensure property prices are being set fairly.
The constant stream of work from these real estate appraisal jobs if you work in a busy area will earn you a higher real estate appraiser salary. There are opportunities for real estate appraisers around the country. But keep in mind, in areas where there are fewer properties being bought and sold, there are less contracts for appraisal jobs.
Your Education
Beyond getting licensed, if you want to continue to grow your career as a real estate appraiser, you should continue your schooling to get an associates or bachelors degree in either real estate, accounting, finance, or economics. Certified general appraiser is the highest level of license you can get as a real estate appraiser but if you want to be one, you will need to obtain a bachelor’s degree and fulfill the other requirements needed for licensure in your area.
Check with your state government to know exactly what it takes to become a licensed real estate appraiser. There are multiple routes to obtaining a license through both education and work experience while licensed. Once you become a general appraiser, you can appraise any job and work for a variety of different institutions. With any additional education and license status, you will have the ability to make a high real estate appraiser salary.
Training Needed to Become a Certified Real Estate Appraiser
It takes about a year to become a real estate appraiser. You do not need a college education, although some college-level courses might be required.
To become a real estate appraiser, you first complete a short course to become a real estate appraiser trainee. You will continue with coursework after you become a trainee. As essentially an apprentice, you will also work under a certified real estate appraiser.
After you complete all the courses needed and the hours required as a trainee, you can take the test in your area. Once you pass the test, the real estate board will send you a certification to be a licensed real estate property appraiser.
Once you are licensed as a real estate property appraiser, you can continue your education and training by becoming a certified general appraiser. A certified general appraiser can take on any job no matter the size and scope of what needs to be appraised. Plus, general appraisers can have a real estate appraiser trainee underneath them to help with any work. You will certainly make a higher real estate appraiser salary if you become a certified general appraiser because of your added skills and expertise.
Depending on where you want to be a real estate appraiser, the qualifications will vary from state to state. Make sure to research the qualifications in the area where you want to work.
Explore a New Real Estate Appraiser Career
Stratford Career Institute is proud to offer an introductory real estate appraiser course to help you determine your interest in a real estate career.
You will learn everything that a real estate appraiser does including:
- Roles and Activities of Real Estate Professionals
- Basic Valuation Concepts
- The Business Side of Real Estate
- Ethics and Liability for Real Estate Professionals
- Legal Considerations in Appraisal
- Real Estate and the Economy
- License Law and Real Estate Math
- The Appraisal Process
Enroll in our online course today!
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Stratford Career Institute offers an affordable online class to help you see if a real estate appraiser career is right for you!