Small Business Idea – A Real Estate Appraiser

By | June 3, 2023

A real estate appraiser estimates real estate values for a variety of clients which may include mortgage lenders, attorneys, homeowners, appraisal management companies, related professionals and investors. The demand is high at times and low at others. This business suffers from the “feast and famine” syndrome so it is good to save money in the good times and work as much as possible.

An appraiser spends much of his time gathering and analyzing data. While doing this travel will be required to the property being appraised. There are two types of real estate appraisers, commercial and residential. Commercial appraisers command higher fees since their work is more complex than residential appraisal work. To get started in this business you should have a solid background in statistics and real estate. Good analysis skills are also very important. To get to the experienced required and aspiring appraiser will begin to work as an appraiser trainee with an appraisal firm or as an appraiser trainee with a government agency usually a county or a city. During this two-year period the trainee will gain valuable experience to get him started as a certified, licensed or general appraiser.

This business allows you to work from home and in a few instances people with disabilities can do this business. As with any professional license continuing education is required. The highest expense involved is car maintenance and fuel. You should advertise to investors, lenders, real estate professionals, attorneys, and appraisal management companies. You can charge usually $200 to $500 per residential appraisal, and $1,000 or more per commercial appraisal depending on complexity of work. For Internet link related to this business do a search for the Appraisal Institute, the International Association of Assessments Officers, the Appraisal Foundation, and Appraisal Buzz.