So, You Want to Become a Luxury Real Estate Appraiser?
Are you interested in acquiring the knowledge necessary to become an appraiser of luxury real estate? There are a lot of compelling arguments to consider making this lucrative evaluation niche your area of expertise. You will not only be able to charge greater rates while completing a smaller number of assignments each month, but you will also be able to assess bespoke, high-end properties that are both interesting and difficult to value. The following is a list of useful advice that might assist you in becoming an appraiser of luxury real estate.
1) What is a luxury real estate appraiser?
A luxury real estate appraiser is someone who evaluates the value of expensive residential and commercial properties for high-end buyers. You must have a background in assessing property value, marketing and sales. To become a luxury real estate appraiser, you must take coursework or training at a community college or university’s continuing education department. You also need to register with state licensing boards as an appraiser. Appraisers work on independent contracts, so you’ll be your own boss as you grow your business and client base.
2) The 5 easy steps to becoming a real estate appraiser
A lot of people dream about becoming a luxury real estate appraiser, but it’s not always an easy process. With these five tips, though, you’ll be well on your way to that first appraisal.
-1. Get Your Education: Some states require licensure, so make sure you’re aware of the requirements in your state. You will need to get at least two years of experience as a licensed professional before you can apply for licensure as a certified residential appraiser. If your state requires the GRI designation or other qualifications, those are also necessary before applying for licensure.
-2. Gain Work Experience: Getting work experience is crucial if you want to become a luxury real estate appraiser. Ask yourself how much time you want to spend away from home and whether being away from home would be worth earning more money (the salary may vary depending on where you live).
-3. Pass The Test: There are two major licensing exams available, with slightly different requirements (and they do cost money). Check the State Appraiser Licensing Board website and contact them if you have questions about which one is best for your situation. They should be able to provide all the information you need.
-4. Network: Networking is critical when looking for work, especially in such a competitive field like this one. Attend events related to your profession and become active on social media so that potential clients know who you are when they search for someone like you! If possible, join organizations related to appraisal–you never know who might show up!
-5. Build Your Portfolio: Finally, once you’ve taken all of these steps toward becoming a luxury real estate appraiser, it’s important to build your portfolio while continuing to network and attend events in order to maintain your contacts and gain new ones!
3) Step 1: Get a degree in appraisal science or a related field
The first step to becoming a luxury real estate appraiser is to get a degree that’s relevant to the field. You should consider an appraisal science degree or one related to business, finance, or accounting. An associate’s degree might also suffice if you plan on going back for an advanced degree later on. Once you’ve graduated and have some work experience under your belt, it’s time for step 2.
4) Step 2: Complete an internship
An internship is one of the best ways to become a luxury real estate appraiser. The opportunity will give you hands-on experience, which is extremely valuable to any newbie. You’ll learn what it’s like to work with clients, how the profession operates, and the daily tasks that go into being an appraiser. Plus, internships usually come with an educational component that can help you get your credentials up to par.
5) Step 3: Get certified
Now that you’re past step two, all you have to do is get your certification and education and you can become a luxury real estate appraiser. There are many different types of schools for this certification, but most will require at least 2 years of schooling to complete. You’ll need to work with your school about which courses are the best for becoming a luxury real estate appraiser.