According to recent reports, the real-estate appraisal industry has been in need of new blood. Over the last couple of years, there’s been heavy decline in trainees obtaining their certification with some areas dropping from over 1,000 trainees to 55 in a ten year span. In recent years, adjustments have been made on the strict educational guidelines and the evolution of technology has allowed a new opening for an aspiring appraiser to join the industry workforce easier than before. Whether you are new to the world of home value appraisals or a freshly trained appraiser ready for the next step, read on to see how you can make it in the business!
Quick 101: Becoming an Appraiser
Looking for a career or ready to step out into a new job opportunity? A real-estate appraiser is defined as someone who will provide unbiased and impartial assessments about the value of a property. To become a real estate appraiser you have to meet the minimum requirements by the Appraisal Qualifications Board (AQB), an independent board from The Appraisal Foundation. Those requirements include: education, experience, and acquiring licensing or certification. In 2018, the AQB drastically changed their requirements on curriculum to make it easier for trainees to fully complete their education and certifications or licensing.
Now you’re probably asking yourself: am I the right fit for this industry? If you are a driven self-starter, mentally analytical as well as creative, and have excellent communication skills, then you’re looking in the right place. As a real estate appraiser, you are your own boss. You dictate your hours, fees, and approach to the job, but it also means establishing yourself as your own business owner which can feel daunting to tackle on your own. That’s where we want to help you out!
Ready to Start Your own Business?
If you’ve already completed your certification and are a fully certified appraiser, congratulations! You’re probably thinking about your next step! Depending on what type of certification or license you’ve earned, you could be looking into growing into home, commercial, or even non-lender markets. However you also might be thinking about starting your own business in one of these markets instead of joining a group practice. Well, how do you get started?
In this series, we will provide in-depth information about how you can get started building your appraisal business, including:
- Choosing a Niche Market and Setting up Long-Term Goals
- Initiating a business entity, like a Limited Liability Company (LLC)
- How to build a Client List
- Learning How to Sign-up for Professional Liability Insurance (E&O)
- Maintaining your Bookkeeping and Financial Planning
- Establishing a Workplace Setup or Office
- Creating a Strategic Brand and Marketing Plan
Striking out on your own doesn’t have to be frightening or miserable! Once you get the tools and direction you need, it’s all about taking the leap in your new career as a real estate appraiser.