Questions about being a real estate appraiser?

Question

I buddy of mine was looking into taking the courses. I was wondering how much do they generally get paid for doing an appraisal? Is it a flat fee or based on the value of the house? How long are the classes? Is there licensing? Any info would be helpful

Answer 1

Typically, it's a fixed fee.  There may be different levels of fees for different types of properties, however.  For example, appraisal of a one-of-a-kind multi-acre state is more difficult that appraising a condo with many comps.

Keep in mind that the ability to get paid is based on getting work.  In a market where few homes are being sold or refinanced, there is little work for appraisers (one exception, see below).  During the housing boom, many people went into this line of work.  Now, there are more appraisers than homes in many areas of the country.  It's hard to get work and would be even harder for a newbie.  As it stands, charging a cut-rate price is unlikely to get you work.

Licensing depends on the area.  Membership in a professional organization is suggested.

What's that exception?  Working for a county.  Counties need to assess properties on a regular basis (some, every year) for tax purposes.  The work tends to be salaried, but it's not quite so dependent on the housing market.

Answer 2

There are 300 required schooling hours and you have to work 3,000 hours as an apprentice under a certified appraiser.   The hard part is getting an appraiser willing to apprentice you.    They need pretty serious insurance to cover any legal mistakes you make, so not many can afford and/or are willing to take the risk for a stranger.

You are generally not paid over minimum wage as an apprentice, which takes about 3 years.

In the past they made money hand over fist, but most of those working right  now need are also collecting a pension, there is not much work out there.

There are no commissions, banks pay about 300 a job.   Self employed (all the ones I knew had to quit) charge more, 400-500.

Answer 3

Generally in my area a residential appraisal costs around $400. There are a lot of factors that change the price. Type of appraisal, location, and other factors that the appraiser decides. The fee is a flat fee for different factors. The classes are 4-5 days long. Licensing is different for each state, usually. Do a search for your states Real Estate Appraisal Board (i.e. Kansas Real Estate Appraisal Board). They will have all of the information you should need to get started. Good luck.