Property appraiser

Property appraiser article illustration

Description

Property appraisers undertake detailed analysis and investigation of properties in order to determine their value for sales, mortgage and insurance purposes. They compare the value of properties taking into account the age, actual state of property, its quality, repairs needed and overall sustainability. Property appraisers make an inventory of fixtures, compose a schedule of condition of property and prepare appraisal reports for both commercial and residential properties.

Property appraisers typically do the following:

  • Verify descriptions of property, such as by consulting public records
  • Inspect property, noting its characteristics
  • Photograph items or real estate
  • Analyze “comparable,” or similar items or properties, to help provide values
  • Prepare written reports on property values
  • Prepare and maintain current data on each real estate property or other tangible asset

When evaluating a property’s value, appraisers note the characteristics of the property and surrounding area, such as its view or a noisy highway nearby. They also consider the overall condition of a building, including its foundation and roof or any renovations that may have been done. Appraisers photograph the outside of the building and some of the interior features to document its condition. After visiting the property, the appraiser analyzes the property relative to comparable home sales, including lease records, location, view, previous appraisals, and income potential. During the entire process, appraisers record their research, observations, and methods used in providing an estimate of the property’s value.

Other titles

The following job titles also refer to property appraiser:

property valuator
real estate appraisal technician
appraiser of property
real estate appraisal technicians
properties appraiser
real estate appraiser
real estate appraisers
property assessor
property evaluator
appraiser of properties
valuation surveyor
building appraiser s
property valuators
valuation surveyors
property assessors
building appraiser
residential appraiser
residential appraisers

Minimum qualifications

Although requirements vary, property appraisers and assessors typically need a bachelor’s degree. Common fields of degree include business, social science, and psychology.

College courses in subjects such as computer science, finance, and business or real estate law may be useful for prospective appraisers and assessors.

Employers may require new workers to take basic appraisal courses and complete on-the-job training that lasts 12 months or more. Property appraisers also may need to work enough hours to meet requirements for licensing or certification.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Property appraiser is a Skill level 3 occupation.

Property appraiser career path

Similar occupations

These occupations, although different, require a lot of knowledge and skills similar to property appraiser.

real estate surveyor
real estate investor
personal property appraiser
letting agent
title closer

Long term prospects

These occupations require some skills and knowledge of property appraiser. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of property appraiser with a significant experience and/or extensive training.

property developer
housing policy officer
construction general contractor
insurance rating analyst
actuarial consultant

Essential knowledge and skills

Essential knowledge

This knowledge should be acquired through learning to fulfill the role of property appraiser.

  • Insurance law: The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.
  • Energy performance of buildings: Factors that contribute to lower energy consumption of buildings. Building and renovation techniques used to achieve this. Legislation and procedures regarding energy performance of buildings.
  • Risk management: The process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the methods on dealing with risks effectively.
  • Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
  • Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

Essential skills and competences

These skills are necessary for the role of property appraiser.

  • Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
  • Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
  • Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
  • Make an inventory of fixtures: Draw up a detailed overview of the fixtures, fittings and furnishings present in the accommodation.
  • Examine the conditions of buildings: Monitor and assess the conditions of buildings in order to detect faults, structural problems, and damages. Assess general building cleanliness for grounds maintenance and real estate purposes.
  • Value properties: Examine and evaluate land and buildings in order to make valuations about their price.
  • Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
  • Analyse insurance risk: Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.
  • Perform property market research: Research properties in order to assess their usefulness for real estate activities, using various methods such as media research and visitation of properties, and identify the potential profitability in the development and trading of the property.
  • Organise a damage assessment: Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.

Optional knowledge and skills

Optional knowledge

This knowledge is sometimes, but not always, required for the role of property appraiser. However, mastering this knowledge allows you to have more opportunities for career development.

  • Fire safety regulations: The legal rules to be applied for fire safety and fire prevention in a facility.
  • Building codes: The set of guidelines that determine the minimum standards for buildings and other constructions in order to protect public health and safety.
  • Architecture regulations: The regulations, statutes, and legal agreements existing in the European Union in the field of architecture.
  • Construction methods: The various techniques and methods for erecting buildings and other constructions.
  • Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of property appraiser. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Advise on risk management: Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
  • Assess construction compliance: Determine whether a construction complies with laws and regulations.
  • Compile appraisal reports: Compile full reports of appraisals of properties, businesses, or other goods and services being appraised using all the data gathered during the appraisal and valuation process, such as financial history, ownership, and developments.
  • Analyse insurance needs: Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
  • Read standard blueprints: Read and comprehend standard blueprints, machine, and process drawings.
  • Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
  • Communicate problems to senior colleagues: Communicate and give feedback to senior colleagues in the event of problems or non-conformities.
  • Perform field research: Participate in field research and evaluation of state and private lands and waters.

ISCO group and title

3315 – Valuers and loss assessors


References
  1. Property appraiser – ESCO
  2. Property Appraisers and Assessors : Occupational Outlook Handbook – U.S. Bureau of Labor Statistics
  3. Featured image: Photo by Pixabay from Pexels
Last updated on February 4, 2023

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