When people think about careers in the real estate industry, they automatically almost always think about buying and selling homes. It’s true that real estate sales are a staple of the industry. However, there are numerous other types of jobs you can do in real estate without being an agent.
Becoming a home appraiser, for instance, is a career that is available in the real estate industry. In South Carolina, you must obtain an appraiser’s license. Making a decision to go to school to obtain a license in a specialized field is no small matter. Such a decision will require a financial investment as well as a lot of time and effort, which is why it’s a good idea to try to determine ahead of time if you’d be a good fit for the field.
Common attributes of successful home appraisers
A home appraisal is a professional opinion of the value of a home. The following list includes characteristics that increase your chances of being successful in the appraisal industry and also the likelihood that you would enjoy this type of work:
- Ability to offer an unbiased opinion
- Good at managing time
- Organizational skills
- Self-motivated and able to work independently
- Keen eye for detail
- Natural sense of curiosity
If you tend to rush through a project or cut corners, becoming a licensed appraiser might not be the best career choice for you. However, if you like to take your time and pay attention to detail in your work, then appraisals might come natural to you!
What is the purpose of a home appraisal?
The home serves as collateral when lenders agree to loan money to a home buyer. Lenders want to make sure that the loan amount a buyer is requesting aligns with the market value of the home. You might also be asked to conduct an appraisal for someone who wants to refinance a home mortgage.
That’s where you’d come in as an appraiser. You might determine that a home is worth exactly what a seller is asking for it. Then again, your professional opinion might be that a home is worth substantially less than a seller has listed it for on the market. As a licensed appraiser, your opinion helps the bank protect itself from loaning out more money than a home might be worth. It also helps a buyer avoid overpaying on a house.
How long does it take to earn an appraisal license?
In South Carolina, you’re required to fulfill an apprenticeship before becoming a licensed home appraiser. To obtain a license, you’ll also need to complete a total of 150 hours of pre-license education. Many people go on to upgrade their appraisal license to Certified Residential, which requires additional learning time, as well as an associate’s degree.
Home appraisals will always be needed as long as homes are being bought and sold. If you think you’d enjoy this type of work, it’s a good idea to do some research and, if possible, to speak appraisers in your area for recommendations that might help you get started in a new career.