According the Wikipedia, “Real estate appraisal is the practice of developing an opinion on the value of a property, usually its market value. Therefore, a person that is involved in this process can be identified as a real estate appraiser. Real estate appraisers normally provide their services to businesses as well as individual private clients in the processes of purchasing, selling, mortgaging, etc of real estate. Therefore, the demand available in the market for this profession is enormous. The objective of this article is to provide an overall view of the scope of this profession and to give you an idea of how the business should be managed. Therefore, if you are an individual that is interested in becoming a professional real estate appraiser, then attention to following information would be very useful.
Since this is a profession that is subjected to variety of rules and regulations, you should hold the required qualifications and skills to become successful and to gain a good recognition in the market. In US, even though the US department of labor did not impose any degree requirements to become an appraiser, starting from 2008 all the appraisers and assessors who need a license will be required to have bachelor’s degree or the equivalent credit hours. These degrees may be related to economic, finance, real estate, etc. Apart from the professional skills, other skills such as, mathematical skills, appraisal skills and ability to pay attention to detail would also be very helpful in developing a good image in the market place. The activities involved in this profession can be discussed in detail in the following section of this article.
Real estate appraisers have to estimate the value of property for a variety of purposes, such as to assess property tax, to confirm adequate collateral for mortgages, to confirm or help set a good sales price, to settle an estate, or to aid in a divorce settlement. Therefore, all the calculation/valuations should be as accurate as possible and they should reflect the true values free from bias. Further, valuation of all types of property should be conducted in a similar manner and you will also have to produce reports the relevant parties regarding the research and observations.
With the information given in this article, it is clear that real estate appraisal is something that involves variety of complex activities and processes, which requires a significant knowledge and experience to become successful. Therefore, if you are a person that has all these abilities and proper experience, then this can be identified as an area that would be able to give a significant return for your investment/effort.