4 Things I Love About Being a Real Estate Appraiser
If you had asked me when I was young what did I want to be when I grew up, I would have never said, "I want to be a real estate appraiser"! In fact I didn't even know what a real estate appraiser was. I wanted to be a teacher which is exactly what I became. My husband was a real estate appraiser and I began to take an interest in what he did. I guess I was compelled to the profession because as much as I enjoyed teaching I found myself wanting to go with my husband on inspections and help him research data. After much contemplation I decided to make a big career change and become a real estate appraiser. It was a little scary to leave the comfort of the steady pay check from the school district and leave the teaching profession but I have never regretted it. I have now been appraising for 8 years. Here are some things that I love about being a real estate appraiser:
A few tools appraisers may use while performing inspections.
1. Interesting- When you are a real estate appraiser you get appraise a variety of properties. Yes we get to see some beautiful luxury homes as well as unusual homes. We have been in luxury homes with every kind of built in feature and we have been in vacant REO properties that have been trashed, some with messages scrawled on the wall or the most unusual items that have been left behind. Talk to any real estate appraiser and he or she will have interesting stories of interesting places or things they have seen in the course of inspecting properties.
Interesting sights you see inspecting real estate in North Texas
2. People-You get to meet and connect with interesting people as a real estate appraiser. Now I know some are you are saying, "real estate appraising can be lonely and isolating" and yes it can be if all you do is sit behind a desk and review appraisals. However, in our business we meet a wide cross section of people in North Texas as we meet with them to inspect property, we also connect with home builders, developers, investors, home owners,real estate agents, AMCs and of course fellow real estate appraisers. In the course of appraising property we have met professional athletes, some musicians, and many people who have very interesting occupations.
3. Challenging- Appraising real estate involves in depth research,observation, and analysis. When we appraise real estate, it is not just a simple matter of finding three comparable sales , filling out a form and giving a value. Appraising is a complex process of researching markets, the subject property and comparable sales. There are many things that an appraiser must consider and analyze in each assignment such as which approaches to value to use, market stability,the highest and best use of the property both "as-is" and "as vacant", determining adjustments for differences between the subject property and the comparable. As more and more data is available to us there is a much greater need for statistical analysis to be used as we appraise property. It is not easy to become an appraiser. The requirements have increased through the years. Appraisers are always continuing their education as the industry is not static . It changes in response to regulations, changes in real estate and the mortgage industry. Frustrating at times but I love a challenge!
4. Important- I do no take lightly the role that real estate appraisers play. Sometimes appraisers are blamed for overvaluing property and causing the whole housing meltdown and then appraisers are blamed for impeding recovery by under valuing. So it is important for us to get it right! Appraisers can help lending institutions have confidence in the value of their collateral. Appraisers can help buyers not overpay for property and then live in a home that is worth less than what they owe. Appraisers can help sellers know what to list their property with pre-listing appraisals. Appraisers can help home owners appeal high property tax values. What we do as appraisers is very important and it crucial for us to provide reliable, well supported, credible values for our clients.
What do you think? Are you a real estate appraiser? What do you love about appraising real estate?