How to Find Success in Your First Year as an Appraiser
June 27, 2018 |
As a real estate appraiser, you have the most important role in the property-buying process. Without you, sellers can’t sell their homes and buyers can’t buy them. Now that you’ve completed your training and are gainfully employed. So far, so good. Here are some tips to make sure you flourish in your first year as an appraiser.
1. Carve Out a Niche
As an appraiser, you’ll value all kinds of properties, maintain real estate data, and follow the latest developments that influence the property market. Specializing in one particular property type, however, will let you carve out a niche — something that could benefit your career in the long-run.
You might want to join a real estate company that concentrates on commercial properties, for example. Or one that focuses on government buildings. Targeting specific segments of the real estate market will help you develop your craft.
Aim to become a specialist, not just another generalist.
“Ultimately, supplementing your broad base of skills with a sprinkling of expert knowledge is your best bet,” says The Guardian.
2. Keep Your Ear to the Ground
Property markets fluctuate without a moment’s notice. Population changes, the economy, unemployment, interest rates — all of these can influence house prices. That’s why it’s important to keep up to date with the latest developments. Keeping an ear to the ground will ensure your appraisal values are always accurate.
Value a property too low, and sellers won’t sell it. Value a property too high, and buyers won’t buy it. It’s essential, therefore, that you get things right.
“When everything goes smoothly, the home appraisal is just another box to tick on a closing checklist,” says Investopedia. “When the appraisal value is lower than expected, the transaction can be delayed or even canceled.”
Luckily for you, there are loads of resources that provide the latest industry trends. Sign up for Appraiser News, a free bi-weekly email newsletter delivered to appraisers across the United States. It features insightful tips and developments from the Federal Housing Administration. Alternatively, listen to Bloomberg’s Real Estate podcast or tune into “The Property Man” on FOX Business.
3. Ride it Out
There are around 80,000 real estate appraisers in the U.S., and all of them had to start somewhere. Your first year in the job might feel like a challenge at times, but hang on in there — you’ll soon get into the swing of things. Yes, there will be long hours and constant deadlines, but you’ll soon realize this role is a rewarding one. Work closely with your colleagues, and if there’s something you don’t understand, just ask. You can also brush up on your skills or further your career with a continuing education course.
“You will fail, and you will succeed,” says Bill Giannini, writing for RealtorMag. “Just because you have a fantastic month doesn’t mean the next month will be just as good. And just because this month was horrible doesn’t mean the next won’t be better.”