Real Estate Appraisal Careers
by Dona DeZube
from finance.monster.com

Monster Finance Careers Expert

Real estate appraisers have it made. They have the potential to earn six-figure incomes working from home as their own bosses. Or they can work part-time, typically earning about $300 or more each time they write an appraisal telling a homeowner or lender what a single-family property is worth.

The education needed to become an appraiser is relatively easy, too. In most states, you need only a high school diploma and 90 hours of appraiser classes to sit for the state trainee appraiser licensing exam. The requirements for becoming an appraiser are different in each state, though, so you need to check the specifics in the state in which you want to work.

But after you pass the exam, there's a catch. You've got to convince a licensed appraiser you're a worthy trainee. Then, you'll need to spend about 2,000 hours working as an apprentice to your mentor appraiser. While working as an apprentice, you could be paid as an employee or as an independent contractor who splits fees 50/50 with the master appraiser.

"That's where the hard part comes in," explains appraiser Bill Johnson, owner of United Residential Appraisals in Davidsonville, Maryland, who has paid past trainees $25,000 to $35,000 a year. Despite their education, appraiser trainees aren't ready to work independently. "If I send a trainee out to inspect a property, I have to go out with him at first," he says. "That cuts back on the amount of work I can do."

And sometimes aspiring trainees find themselves caught in a classic catch-22: If the real estate market is booming, appraisers may be too busy to take on a trainee. If it's slow, appraisers won't have enough business to share.

Sell Yourself

If it's that hard to break into the appraisal guild, should you try to land a job before completing your education and exam? "Get the [trainee] license first," advises Ian Bayne, managing partner of Advisory Appraisals in Natick, Massachusetts. "It shows commitment."

How do you convince an appraiser to take you on? When Bayne hires appraiser trainees, he looks for a solid work history, persistence and experience in commission-based sales. Bayne suggests sending a resume to all the appraisers in your area and then following up by phone to see who might need a trainee. "Be persistent," he says. "As an appraiser, you're going to be doing work off-site, so if someone doesn't follow up a resume with a phone call, I think they probably aren't going to follow up on their off-site work."

You may also be able to find a mentor by joining an appraiser trade association, such as the Appraisal Institute, which runs a scholarship and mentoring program for diverse candidates seeking to get into real estate appraisal.

Having connections in the real estate or lending market that can bring work to your employer is another way to sell yourself. If you have a skill appraisers need, such as expertise in computer networking or marketing, pitch that. To convince your future mentor that you're serious, offer to repay the company for the cost of your training if you leave within a set time after completing your internship.

Appraise Your Career Options

Once you've finished training and are a state-certified appraiser, you may want to pursue a specialty. Gary Taylor, MAI, SRA, immediate past president of the Appraisal Institute, touts the organization's advanced-level courses as a good tool to help you decide whether commercial real estate, residential real estate or even golf course valuations is the right niche for you. Taylor is also president of Rogers & Taylor Appraisers in Hauppauge, New York.

Eventually, you might set up your own shop, or work your way up to a review appraiser position in a larger shop. Other options include working for a large, national appraisal company, such as LandSafe (a subsidiary of Countrywide Credit Industries), a bank or a local firm.