What are pros and cons working as real estate appraiser?

Question

I have years exp. as remodeler, decorator and small biz owner. Would like to consider this as new career.

Answer 1

*PROS*
- Decent pay (though this depends on which market you're in and whether you hold a general or residential license)

- Good hours (some have flexible hours...though this can depend on where you work)

- Good profession to be in if you enjoy research and have solid writing skills

- Work remains interesting because each appraisal you do will be on a different property (each with its own unique characteristics and challenges)

- Typically have a say in which appraisal assignments you'll accept

- If you obtain a general appraiser license, you're not bound by property type...residential appraisers can only appraise residential properties; general appraisers can appraise *any* property type (land, industrial, retail, office, residential, etc...)

- Not limited to only writing appraisals...appraisers can also perform consultation services (i.e. market analysis, feasibility analysis, etc.) and/or become review appraisers (where you review another appraiser's work)

*CONS*
- Need to invest a lot of hours in education and experience to obtain license (the minimum number of hours varies from state to state)

- The minimum education requirements will be increasing nationwide effective January 1, 2008 (visit http://www.appraisalfoundation.com/ for more details)

- Will need to invest a lot of money for coursework tuition and licensing fees

- Can be difficult to find a mentor to obtain experience hours

- If working solo, can be difficult to develop a client base when you first start out

- Could be difficult if there's an oversupply of appraisers in your market (increased competition can drive down appraisal fees)

- Fluctuations in the national and/or local real estate market can affect the appraisal field (decreased assignments in the area can also increase competition and drive down appraisal fees)

- Some assignments can be extremely complex and stressful

- Can sometimes be difficult to obtain data (depending on the assignment and property type)

- Can be held legally liable if you do not conform to USPAP (the professional ethics that an appraiser has to abide by)...should carry liability insurance

Answer 2

Beware of a market crash - Real estate prices in countries like the USA and the UK are at historic highs - a simple reversion to the mean (an unfortunate certainty) will create a slump which in turn will have negative consequences on both the businesses you mention.