What is a Real Estate Appraiser?

A real estate appraiser is an individual that is licensed and experienced in the valuation of property. They give an opinion of value for that property, and the opinion is used in the mortgage process to verify that the loan amount is appropriate for the property. A real estate appraiser comes to its final opinion of value through a combination of three different approaches. The first and most widely used approach is the comparable sales approach. This is where the appraiser uses comparable properties as the main determining factor to come up with the properties final value. The second approach is the cost approach. The cost approach determines value by using the replacement value of the property as the basis for the final value. Finally, the third and last approach is the income approach. With this approach, the appraiser treats the property as an investment and calculates potential income and revenue versus expenses to come to a final value. An appraisal is one of the first steps ...  more

Real Estate Appraisers are problem solvers. Real estate appraisers assemble a series of facts, statistics, and other information regarding specific properties, analyze this data, and develop opinions of value. Each real estate appraisal assignment challenges the appraiser's ability to put analytical skills into practice, exercise sound judgment, and communicate effectively with people. A real estate appraiser must possess strong communication, investigative, and analytical skills. It is essential that real estate appraisers are able to communicate their findings in an orderly, logical, and grammatically correct manner. Clear communication is a sign of clear thinking, and sound, considered judgment. Good real estate appraisers are good detectives. They are naturally inquisitive enjoy knowing where and how to obtain information. A real estate appraiser must be sensitive to new trends and developments in the community and be aware of the countless ways in which data can be misleading. ...  more