What Does a Real Estate Appraiser Do?

Real Estate Appraisers are the persons who find the true and unbiased valuation of a property. This process is mostly used by banks to arrive at the fair market value of the property. Banks hire independent Real Estate Appraisers to find the valuation of the property and the borrower bears the cost. The true value of the property depends on the number of factors that include location, age of the property, materials used while making the property, etc. 

Real Estate Appraisers' work revolves around gathering information about the properties, analyzing the information, getting the valuation of the property by using the collected information, and maintaining the property records. 

Following are the duties and responsibilities of Real Estate Appraisers

• Conducting assessments of real estate, be it commercial or residential property, before it is sold, insured, taxed, or mortgaged.
• Evaluating the properties for market values.
• Visiting the sites physically and inspecting the property.
• Determining the ratings of the properties by gathering facts and information from internal and external sources.
• Analyze, Track, and perform all procedures for documentation.
• Being updated with the market trend.

Steps to become a Real Estate Appraiser

Following are some simple yet important steps to become a Real Estate Appraiser.

Make a Decision

Making a decision is one of the important steps to pursue a career in any field. Make the decision based on your Intentions and liking and the growth you want to indulge in. Weigh down all the pros and cons of pursuing a career in Appraising. Predict and project all the possibilities that lie in the field of Appraising in real Estate. Keep note of each and every detail you gather regarding your career in Real Estate. On the basis of all the details that you had gathered make a list of all the courses and colleges that offer the course of Real Estate Appraiser. Look out for all the possibilities even abroad for better understanding and better choices. Compare all the parameters of pursuing the course in India as well as abroad. Consulting someone who has been in this field can help you to easily understand the course.

Choosing the right set of Subjects

There is no well-defined structure in 10+2 to choose a particular subject to become a Real Estate Appraiser. But one needs to have basic knowledge of Mathematics, Chemistry, and Physics as these subjects are the building blocks for any course and entrance exam. Take a good amount of knowledge from graduation and learn the concepts of Appraising.

Preparation for Entrance Examination

Having an in-depth knowledge of what are the exams for entry to some of the best colleges for Real Estate Appraising can help ease the pain in many ways. Be updated with the syllabus and keep track of any changes in the syllabus. Be updated with the list of entrance exams and always have a look at the notification of the particular exam. Prepare using Model Test Papers, Previous Year Papers, and mocks. Make a formula sheet or notebook to revise it out daily as this can also be useful while revision.

Finding a Perfect college

Finding the best-fit college is a tedious task. Look out for the colleges according to your needs and expectations. Find out the best colleges for the program and have a detailed knowledge of the college like the Fees, Alumni, Placements, Faculty, Facilities, Infrastructure, etc. Talk to Alumni of the respective college to get some detailed information about the college. Do deep analysis and research of the college before opting for any college.

After Qualifying Exam

After qualifying for the entrance exam, candidates can be called for further rounds of admission which might include Group Discussions and Personal Interviews. Some colleges might even choose to take an aptitude test or an extempore. Some colleges offer admission via the Counselling rounds wherein different rounds of counseling for admissions are conducted to offer deserving candidates. Some PG Colleges even require your previous Work Experience, Academics, Social work, Certifications, Accolades, etc. to offer admission.

Types of Real Estate Appraisers

Real Estate Appraisers have different types as per their job roles in the market. Some of which have been discussed below.

Real Estate Agent

Real Estate Agent works as an interconnecting link between a buyer of the property and seller of the property. He is entrusted with showing some of the best properties at reasonable rates to the buyer and bringing the best clients that can offer the value of the property to the seller. Real Estate Agents keep track of consumers' needs and show properties according to their needs. He/she also keeps track of documentation and negotiations involved in the property.

Mortgage Support Specialist

Mortgage support specialists are the persons that broker a loan on behalf of the buyer and finds the best loans available for the consumer. He/she also educates the buyer about different loans and their methods. Mortgage Specialists analyze the credit report of the prospective buyer and find loans according to the report. Mortgage Support Specialists help borrowers connect with lenders and find the best fit in terms of the borrower's financial situation. He/she also collects paperwork from the borrower and passes that paperwork to the lender for approval purposes.

Real Estate Manager

Real Estate Managers overlook day-to-day operations of the real estate unit. Real Estate Managers supervise maintenance workers, prepare financial statements, negotiate contractor, supplier, and vendor contracts and they may also determine rental income rates. Real Estate Managers sometimes act on behalf of the owner and preserve the value of property 

The Responsibilities of Real Estate Managers might include doing light handyman and cleaning work, supervising and coordinating building maintenance and work orders, resolving tenant concerns and complaints, showing and leasing vacant units, advertising, collecting and depositing rent and communicating regularly with the property owner on the status of the property.

How to Become a Real Estate Appraiser in India?

Choosing to pursue a career in Real Estate is one of the exciting career paths. The course description of becoming a Real Estate Appraiser from School Level, UG, and PG Preparation is discussed below.

School Level Preparation:

A career in Real Estate doesn’t require a requisite set of subjects. Students can choose any set of subjects according to their choice of study. Students can choose Chemistry, Physics, Mathematics in their 10th as these are essential subjects and these subjects act as a foundation for any upcoming entrance exams. Having a keen interest in social activities right from the 10th can help a student to find a pathway to make a career in Real Estate Appraising.

How to Become a Real Estate Appraiser after 12th?

The Undergraduate and Postgraduate level preparations to become a Real Estate Appraiser have been discussed below.

UG Preparation

• After a Candidate has cleared 10+2, He/she will have to appear for various entrance exams that are taken for admissions in any Graduation course.
• After clearing the written entrance exam, he/she can be called for Group Discussion/Personal Interview/ Merit Rounds.
• After clearing all stages, the next step is document verification. Candidates are called for verifying the documents.
• If a candidate clears all the stages and his/her document is found to be in perfect order he/she is offered admission.

PG Preparation

• After a Candidate has cleared Graduation, He/she will have to appear for entrance examinations that are taken for admissions to Postgraduate programs.
• The candidates need to appear for internships during their final years of the program. This will allow them to gain necessary experience for the course. 
• Candidates should start preparing for the various RETs or GATE for admission to the PhD courses.

Courses to Become a Real Estate Appraiser

The courses that one needs to pursue to become a Real Estate Appraiser have been discussed below.

B.Com

B.Com is a 3-year undergraduate course that equips students with all the required knowledge of finance, Accountancy, Economics, etc. To be a Real Estate Appraiser there is no well-defined set, of course, to be followed but candidates from the background of finance, Economics, Accounting, and Statistics are considered. need to have a good knowledge of finance, accounting, and statistics.

Admission Process

BCom admissions are based on scores obtained in 10+2. Some colleges or universities might conduct entrance exams on their own.

Eligibility Criteria for Exam

• Candidates should have completed their 10+2 from any stream from a recognized board.
• Candidates should have secured at least 50% marks in 10+2.

Check: BCom Entrance Exam

BBA

BBA is a 3-year undergraduate course that imparts skills of managing a business and administering the business. BBA teaches students subjects like Managerial Economics, General Management, Principles of Management, Macroeconomics, Human Behavior & Ethics at Workplace, Direct Tax & Indirect Tax, Human Resource Management.

Admission Process

There is no national-level entrance exam conducted for admission to the BBA course. However, some colleges choose to conduct entrance exams on their own to offer BBA admission to some of the brightest minds.

Eligibility Criteria for Exam

• Desirous Candidates should have passed 10+2 from a recognized board with at least 50% in 10+2.
• Candidates can belong from any stream (Science/Commerce/Arts).

MBA

MBA is a 2-year Postgraduate course that imparts skills of managing a business, administering the business, doing market research for growth of the company, analysis of the current market scenario. MBA teaches students subjects like Direct Tax & Indirect Tax, Managerial Economics, Principles of Management, General Management, Macroeconomics, Human Resource Management, Human Behaviour & Ethics at Workplace,

Admission Process

MBA Admissions is done on the basis of entrance examinations such as CAT/XAT. However, many colleges conduct their own entrance exams such as SNAP, IIFT, MICAT, etc. CAT and XAT are one of the toughest management entrance exams in India. After clearing the entrance exam, students are called for Group Discussion and Personal Interview. Based on the performance in GD/PI and entrance exam, a student is offered admission.

Eligibility Criteria for Exam

• Desirous Candidates should have passed Graduation from a recognized University with at least 50% in Graduation.
• Candidates can belong from any stream.

How to become a Real Estate Appraiser Abroad?

Apart from India, many other countries offer courses that can at a later stage help an individual to become a Real Estate Appraiser. Australia, US, UK, and Canada are some of the most opted countries to pursue higher education. To become a Real Estate Appraiser, one has to do Graduation/ Post-Graduation in Commerce, Business, or any other related field. Courses provided in these countries along with their colleges are discussed below please have a look.

Australia

UK

USA

Canada

Benefits of Becoming a Real Estate Appraiser

A career as a Real Estate Appraiser yields many benefits over the period of time. Some of which include:

• Salary- Real Estate Appraisers earn a monthly salary of INR 25,000 to INR 30,000 on average at the start of their careers. After gaining a few years of experience, they can make INR 60,000 to INR 1,00,000 per month.
• Networking- Appraising helps you meet many people and that helps you to expand and have great networking. This networking can help you professionally and non-professionally.
• Sense of Community- Being a Real Estate Appraiser can give you a sense of pride and can make you feel that you are actually doing something good for the benefit of society.
• Opportunity to be an Entrepreneur- Most of the Appraisers work on their own terms and work solo. This can give you an opportunity to be an entrepreneur.
• Become an Expert- As an appraiser you will be a trusted source of real estate. Based on your appraising skills you will be entrusted to give the customers the right set of information regarding a property.

Skills Required to become a Real Estate Appraiser

Following are some of the skills a Real Estate Appraiser is entrusted to have in him/her.

Salary of Real Estate Appraiser

The salary of a Real Estate Appraiser can be competitive in the initial stages as the salary mainly depends on the performance of the candidate and his expertise in coordinating and communicating. The better he/she is in his/her work the better wage he/she can expect. The average salary of a Fresher as a Real Estate Appraiser can range from INR 3,00,000 to INR 4,00,000 per annum.

Average Annual Salary

Specialization Wise Salary (Fresher)

Gender Wise Salary

Experience Wise