A home appraiser is a qualified and licensed professional who helps determine the home’s fair market value. Each appraisal they provide is objective and unbiased.
This article explains more about:
- What the role of a residential property appraiser is like
- Whether there is a great demand for such jobs
- How much you’re likely to earn
- How to get started
Are Appraisers in Demand?
According to projections from the U.S. Bureau of Labor Statistics, it’s expected that there will be around 25,200 job openings available each year, on average, over the decade, for occupations such as appraisers, examiners, claims adjusters, and investigators.
As you can imagine, a real estate appraiser course makes perfect sense if you want a career that’s always in demand, and being a real estate appraiser trainee gives you the chance to fully understand what’s involved.
Is It a Good Career Choice?
Becoming a residential property appraiser can be an excellent career choice.
Firstly, there will always be a demand for property appraisals. Secondly, if you learned how to become a home appraiser in Texas and qualified, you could easily become one in other states.
Is It a Dying Niche?
In a word, no.
Whenever people buy or sell residential properties, there will always be a need for the services of a qualified home appraiser.
Appraiser Versus Real Estate Agent: Which Is the Better Choice?
You might be wondering whether you should be an appraiser or a real estate agent.
As a home appraiser, you’d visit people’s homes to determine their fair market value.
On the other hand, a real estate agent’s job would involve helping people buy and sell residential properties. So, it wouldn’t be a good career choice if you got an investigative nature.
Why Is It So Hard to Get an Appraiser?
Most property transactions are required to be backed by an appraisal. Unfortunately, due to the sheer number of appraisals being ordered, it’s becoming hard to obtain an appraisal promptly.
Home Appraiser Salary
When it comes to making a career change, one of the things that you will undoubtedly need to consider is your salary. The good news is that you’ll receive a high average salary as a home appraiser.
How Much Does a Real Estate Appraiser in the United States Make?
A real estate home appraiser’s salary will make the training and time investment worthwhile.
In the United States, an average home appraiser's salary is $53,195 per year, equating to $25.57 per hour.
What Is the Highest Salary for a Real Estate Appraiser in the United States?
Depending on the area, you can see insurance appraisers' salaries being as high as $67,652.
When you compare a home inspector’s vs appraiser’s salary, it’s worth noting that while home inspector salaries are higher than those of appraisers, you’ll need to spend some time looking for new clients and work.
Is Being a Real Estate Appraiser Stressful?
Real estate appraisers have certain deadlines to meet. In addition, the work can also be stressful if there is a constant stream of residential properties to appraise, which could mean you may have to work longer hours.
Do Appraiser Trainees Get Paid?
Appraiser trainees usually work part-time and get paid per appraisal.
How to Become a Trainee/Apprentice Appraiser
Naturally, there is a lot to learn about insurance appraisals, especially if you’re new to the industry.
Before becoming a licensed home appraiser, you must first become a trainee or apprentice appraiser.
You’ll likely want to start looking for appraiser trainee jobs. But, before you can do that, you’ll need to consider things like TALCB appraiser requirements and, of course, learn about the trainee appraiser’s salary.
What Does a Trainee Appraiser Do?
Trainees may get to know how to appraise real estate for purchase, investment, or mortgage valuation. In addition, they will also learn how to compile the right information to provide accurate property appraisals.
What Is an Acceptable Appraisal Experience?
Acceptable appraisal experience varies by state. So, please check out the requirements in your state.
Can You Be an Appraiser in the Multiple States?
Each U.S. state is responsible for licensing real estate insurance appraisers. One of the questions that many people new to the industry ask is whether you can be an appraiser in multiple states.
Generally speaking, you would need to get licensed in each state where you wish to work. However, the good news is some states offer reciprocity, meaning appraisers can apply for equivalent licenses in other states.
What Is a USPAP Course?
A USPAP (Uniform Standards of Professional Appraisal Practice) course focuses on the ethical behavior and competent performance requirements needed to become an insurance appraiser.
Several USPAP courses exist, and they take between seven and fifteen hours to complete. They are foundation courses that you must pass before becoming a licensed residential appraiser.
Certified Residential Appraiser Versus Certified General Appraiser
There are two main types of appraiser: a certified residential appraiser and a certified general appraiser. The former applies only to residential property appraisals, while the latter covers commercial premises too.
USPAP Validity Period
The USPAP is valid for two years. So, shortly before it expires, certificate holders who initially took the 15-hour course must take a seven-hour USPAP update course.
How Do You Get USPAP Certified?
Before you can become a licensed residential appraiser, you’ll need USPAP certification. To become a trainee appraiser, you’ll need 75 hours of qualifying education within the last five years and an appropriate supervisory appraiser or trainee appraiser course.
To become a certified appraiser, you must have 200 hours of qualifying education, plus college-level education appropriate for the course. Moreover, you’ll need 1,500 hours of experience before taking the exam.
How to Become a Licensed Residential Appraiser
Whether you’re considering a job as a certified residential appraiser in Texas or Colorado, you’ll need to have proper certification.
That means participating in certified residential appraiser classes and courses until you achieve the minimum requirement for taking a USPAP exam.
In Conclusion
The above guide has given you a thorough understanding of how to become a home appraiser.
You will need to spend a lot of time studying the appraisal process as a trainee before you can gain certification and subsequently apply for a license in your state.
