We are in a world where people want to manage their businesses, decide who they work for, control their time, and still earn a good income. This is the typical life of an Appraiser.
So, if you’re considering taking up a career as an appraiser, you are making a great choice. But, to begin your career on a good note, you must learn a step-by-step process to guide you in your journey.
Appraising can be an interesting and rewarding career. Individuals, Companies, and top cooperate organizations often demand this service because it provides a market value estimate for a property’s worth based on extensive analysis, knowledge, and research.
Unlike realtors and estate agents, you need the right training, certifications, and licensure to become an Appraiser. As you read through, you will discover that the cost and requirement of enrolling in appraisal training cannot be compared to the reward.
Table of contents
Who is an Appraiser?
An Appraiser is someone who estimates the market value of a product, especially in real estate. Uniform Standards of Professional Appraisal Practice (USPAP) defines Appraisal as;
One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Such expectation occurs when individuals, either by choice or by requirement placed upon them or upon the service they provide by law, regulation, or agreement with the client or intended users, represent that they comply.
From the above definition, you can deduce that appraisers are specifically trained and licensed to act independently of the buying and selling parties, and their opinions must be unbiased.
Let’s examine what appraisers do and why their career is in demand. We’ll discuss in detail the education and qualification you must possess to be a part of this profession.
What Does an Appraiser Do?
Appraisers perform a lot of job functions. Apparently, their roles are to provide objective, impartial, and unbiased opinions about the value of a property. They assist individuals who own, manage, sell, invest in, and/or lend money to the security of real estate. Some of the job functions of an appraiser include but are not limited to the following;
- Determine the value of a property for potential buyers.
- Estimate the value of household amenities, such as a swimming pool, finished basement, or built-in bar.
- Take note of the safety code violations for the appraisal report
- Analyze the layout of the property, inspect the square footage, and determine whether or not it’s a single-family dwelling
- Conduct a business valuation to determine the market value of a commercial real estate
- Conduct a thorough inspection of the interior to know the condition
Why Should I Become an Appraiser?
People consider a career in real estate appraisal for many reasons, which include but are not limited to a few listed below;
- Earn a good income: Data from BLS show that the median annual wage for appraisers was $57,010 in May 2020. This is far above the national average salary.
- Great Job Outlook: There will be sufficient demand for real estate appraisers due to educational requirements and age limitations. Becoming an appraiser demands training and licensure; individuals above age 53 cannot practice.
- You determine your success: As an appraiser, you can decide your career path, how you want to work and who you work for. This helps you determine your income.
How Long Does It Take to Become an Appraiser?
The process of becoming an appraiser varies, depending on the appraisal discipline. Becoming a Real estate appraiser typically requires a certain number of hours of education and experience, as indicated below;
- Appraiser Trainee – 75 hours
- Certified Residential Appraiser- 150 hours
- Licensed Residential Appraiser- 210 hours
- Certified General Appraiser- 300 hours
What Education & Qualifications Must Appraisers Have?
To become a real property appraiser, you must meet the minimum education, certification, and experience requirements set by the Appraisal Qualifications Board (AQB).
To that effect, you must take Appraisal Institute courses and seminars because the Appraisal Institute offers quality education.
The minimum Criteria for Appraisal Education Hours are indicated below.
Step #1. Appraiser Trainee
Enrolling in the trainee program is the first step to becoming a real property appraiser. An Appraiser Trainee typically works directly under the supervision of an appraiser who is certified in good standing and may appraise those properties that his or her supervising appraiser is permitted to appraise.
To become an Appraiser Trainee, you must take a 75-hour course and cover coursework including Basic Appraisal Principles, Basic Appraisal Procedures, National Uniform Standards of Professional Appraisal Practice (USPAP) Course.
Step #2. Certified Residential Appraiser
To become a Certified Residential Appraiser, you must have completed your Appraiser trainee program.
A Licensed Residential Appraiser may oversee non-complex 1-4 residential units having a transaction value less than $1,000,000 and complex 1-4 residential units having a transaction value less than $250,000. This classification, however, does not include the appraisal of subdivisions.
The Certified Residential Appraiser program consists of 150-hour coursework.
Step #3. Licensed Residential Appraiser
The Certified Residential Appraiser may oversee 1-4 residential units without regard to transaction value or complexity. To become a Licensed Residential Appraiser, you must take up a 210-hour training.
Coursework in this training includes the following;
- Real Estate Finance, Statistics, and Valuation Modeling
- Advanced Residential Applications and Case Studies/ Part 1
- Advanced Residential Report Writing (elective) / Part 2
Step #4. Certified General Appraiser
The Certified General Appraiser oversees all types of real property. To become a Certified General Appraiser, you must enroll in a 300-hours program.
Who are the Best Online Real Estate Appraiser Training Providers?
Below is a list of top Real Estate Appraiser Training providers arranged in no particular order. Each appraisal education providers have their unique advantage in the market place. These providers offer Real estate appraiser training online. They also provide dozens of appraisal courses that teach individuals how to determine the value of a property.
You can select the one that best suits your demand.
- VanEd
- McKissock Learning
- OnCourse Learning
- Hondros College
- Appraisal Institute
#1. VanEd
Cost: $350/per course
VanEd is a popular online school that offers appraisal licensing and continuing education courses. This school curriculum features a wide range of Pre-licensing Courses and Exam Prep for Trainee appraisers.
According to realestatecareerhq.com, VanEd has successfully serviced over 23,000 licensing students and 48,000 continuing education students since 1997. Unlike other providers, VanEd offers its students a trainee exam prep program.
They also have a Basic Education Package for students pursuing a trainee license. So, rather than purchasing one course at a time, you can get a complete package for $850, saving 20%.
#2. McKissock
Cost: $209.95/per course
If you are seeking an All-rounded Appraisal School, McKissock is the best option for you. McKissock Learning is one of the few providers that offers a broad selection of courses.
They feature pre-licensing courses for all levels of appraisal licenses and CE courses. The most amazing part is they are available in most of states.
However, McKissock allows you to spread the payment into four months for students who might not have the entire tuition upfront.
Another remarkable thing about MsKissock is; Their instructors are active appraisers with hands-on experience. They equip students with practical skills to excel in the appraisal field.
#3. OnCourse Learning
Cost: $139.30
OnCourse is a great option for Corporate Group Training. They offer courses across several industries, such as real estate, appraisal, and inspection. Most providers refer their students to OnCourse.
Furthermore, OnCourse uses the Learning Management System(LMS), which supports corporate group learning. This allows them to easily manage the administrative tasks for their students and review their study progress.
This provider offers training at a fair cost of $139.30. However, you can opt-in for their package plan at $629.30 and $839.30.
#4. Appraiser eLearning
Cost: $ 119.95 per course
Appraiser eLearning features a great program for those seeking Practical CE Courses. These education providers differ from others; They do not offer pre-licensing courses. Instead, they focus mainly on providing CE appraisal lessons across 29 states.
The cost of enrolling in Appraiser eLearning is dependent on the length of the individual course. The more condensed the course materials are, the higher the price. A 3-hour course costs $69.95, whereas a 7-hours lesson is $ 119.95.
#5. Appraisal Institute
Cost: $880.00 (bundle package)
The Appraisal Institute program is exclusively designed for individuals seeking to pursue Professional Designation. This is one of the largest real estate appraisal schools with over 18,000 members across 50 countries.
Appraisal Institute offers its students a wide range of networking opportunities and a pre-licensing education for all license levels, CE courses, and professional designations.
What Skills Are Required to Become an Appraiser?
If you want to succeed in your real estate appraisal career, you need certain skills. You can learn the application of the skills during the required coursework and training.
- Writing skill
- Analytical skills
- Customer-service skills
- Math skills
- Organizational skills
- Problem-solving skills
- Time-management skills
How Much Does it Cost to Become an Appraiser?
The cost of attending appraisal training usually varies by program provider and the type of package you want. A typical online provider offers individual courses and membership packages with courses and advanced resources.
Packages include Unlimited Learning, Get Started, and Advanced Pro. In summary, the individual courses fee range is $200 to $300 for 15-hour courses and $400.95 for 30-hour courses.
How Much Do Real Estate Appraisers Earn?
Generally, the appraiser’s salary depends on the experience level and licensing. The current average annual income for real estate appraisers is $60,287, according to PayScale.
However, a trainee earns as low as $20,000, while appraisers with higher qualifications and experience may earn $150,000 or even more. Appraisers’ income grows as they become more experienced.
What is the Job Outlook For Real Estate Appraisers?
The US Bureau of Labor Statistics speculates that employment of appraisers and assessors of real estate is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.
Conclusion
Becoming an Appraiser is very easy as it does not require much education. The cost of enrolling in the training is minimal compared to other professions. We have compiled a wide range of information to guide you in becoming an Appraisal. In fact, to get the best out of this profession, we advise that you connect with the top Appraisal training providers on our page.
Frequently Asked Questions On How to Become an Appraiser
The average annual income for real estate appraisers is $60,287, according to PayScale.
Enrolling in an appraisal school ranges between $200 to $500.
Writing skill
Analytical skills
Customer-service skills
Math skills
Organizational skills
Problem-solving skills
Time-management skills
Reference
- The Appraisal Profession: appraisalinstitute.org
- 6 Best Online Real Estate Appraiser Training Providers: fitsmallbusiness.com
- What Does an Appraiser Do?: realtor.com
- 7 Skills That Real Estate Appraisers Need: appraisersidekick.com
- Top 5 Real Estate Appraisal Schools: realestatecareerhq.com
- How Much Do Home Appraisers Make?: investopedia.com
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