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How to Become a Real Estate Appraiser: Career Guide, Courses, Jobs, Scope, Salary

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Ahana Bhaduri

Senior Content Specialist

Real Estate Appraisers are the persons who find the true and unbiased valuation of a property. Their work revolves around gathering information about the properties, analyzing the information, getting the valuation of the property by using the information collected, and maintaining the property records.

According to an IBEF report, the Real Estate Industry will contribute a whopping 13% to the Indian economy and is expected to have a market size of USD 1 Trillion by 2030. According to an India Today report, this will create more than 75 Million job opportunities in India.

Candidates can take up various Real Estate courses at the certificate, Diploma, UG and PG Level to pursue a career as a Real Estate Appraiser. Some of the relevant courses are BCom, BBA in Real Estate and Urban Infrastructure, MBA in Real Estate Management and many more. Admission to these courses are done on the basis of merit list or entrance examination The average fees of the course varies from INR 50,000 to INR 10 Lakh per annum.

Real Estate Appraisers are hired in companies such as DLF, Oberoi Realities, Phoenix Mills, Godrej Properties, NBCC India Ltd. Prestige Estates Projects, India bulls Real Estate Ltd. etc. offering an average package of INR 2,00,000 – INR 3,00,000.

How to Become a Real Estate Appraiser: Quick Facts

Industry Real Estate
Eligibility 50% in 10+2 from a recognized board for Bachelor’s
50% in Graduation from a recognized university
Average Starting Salary INR 2,40,000 to 4,00,000 per annum
Job Opportunity Real Estate Appraiser, Real Estate Agent, Remote Real Estate Appraiser, Real Estate Manager, Mortgage Support Specialist.

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

College Average Fees (INR)
University of Sydney 22,00,000
University of New South Wales 20,60,000
University of Queensland 57,20,000
Trinity College 19,50,000
Monash College 16,00,000
University of Melbourne 41,00,000
University of Canberra 47,00,000
University of Technology 21,00,000
Deakin University 36,34,000
Queensland University of Technology 52,00,000

UK

USA

College Average Fees (INR)
San Mateo Colleges of Silicon Valley 12,00,000
Lawrence Technological University 35,00,000
University of Texas 10,00,000
University of Washington 1,16,34,000
DePaul University 27,00,000
University of Utah 89,16,000
University of Maryland 1,13,75,000
Boston University 64,52,000
University of Colorado 31,27,000
University of Central Florida 31,20,000

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:

  • SalaryReal 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.

Administrative skills Communication skills
Listening skills Ability to motivate others
Planning skills Understanding of Property Valuation
Research skills Understanding of documents relating to Properties.

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

Name of Organisation Average Annual Salary
Govt -
Private INR 3,00,000 to INR 4,00,000.

Specialization Wise Salary (Fresher)

Specializations Salary
Real Estate Appraiser INR 3,00,000
Real Estate Agent INR 3,00,000
Mortgage Support Specialist INR 4,00,000
Real Estate Manager INR 5,25,000

Gender Wise Salary

Gender Salary
Male INR 3,00,000
Female INR 2,50,000

Experience Wise

Experience Salary
Fresher INR 2,50,000
Experienced INR 4,00,000

How to become a Real Estate Appraiser: FAQs

Ques. What are the skills that a Real Estate Appraiser should have?

Ans. Real Estate Appraisers should have good communication skills, organizational skills, Interpersonal skills, Researching, Analytical skills, Time Management, and should be detail-oriented. These are some of the skills a Real Estate Appraiser possesses.

Ques. What are the duties and responsibilities of a Real Estate Appraiser?

Ans. Following are the duties and responsibilities of Real Estate Appraisers

  • Conducting assessment 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.

Ques. What are the career prospects of a Real Estate Appraiser?

Ans. A Person wanting to pursue a career in Real Estate Appraisal can choose to be any of the - Real Estate Appraiser, Real Estate Agent, Remote Real Estate Appraiser, Real Estate Manager, Mortgage Support Specialist.

Ques. Which books would you recommend for getting knowledge on Real Estate?

Ans. Real Estate Appraisers can prefer the following books. These books can help you get more knowledge about Real Estate. These books can be found on Amazon also.

  • The Millionaire Real Estate Investor by Gary Keller, Dave Jenks, Jay Papasan
  • One Rental at A Time by Michael Zuber
  • The Appraisal of Real Estate by Marcy Elizabeth Geraci
  • The Art of Real Estate Appraisal: The Complete Guide for Homeowners and Real Estate Professionals by William Ventolo and Martha Williams
  • Real Estate Appraisal from A to Z – Expert Real Estate Advice by Guy Cozzi
  • Real Estate Appraisal Practice: A Collection of Examples by Jeffrey Johnson and Anthony Lesicka
  • Fundamentals of Real Estate Appraisal by William L. Ventolo, Martha R. Williams.
  • The Appraisal of Real Estate, 12th Edition by Appraisal Institute
  • Appraising the Appraisal: The Art of Appraisal Review by Richard C. Sorenson
  • Dictionary of Real Estate Terms (Barron’s Business Guides) by Jack P. Friedman, Jack C. Harris, and J. Bruce Lindeman.

Ques. What are the various options that I can look for to become a Real Estate Appraisal?

Ans. There is no well-defined set of education required to be a Real Estate Appraiser. People from any background can choose to become a Real Estate Appraiser but candidates from a background in Real Estate, Business, Management, Statistics are preferred. 

Ques. How should one prepare for the role of Real Estate Appraiser for Interviews?

Ans. Keep track of the company’s performance in past years as well as in months. Keep noticing the changes made by the company and know the leaders behind the making of that company. Be resourceful of the company’s background.

Ques. Can I do any other bachelor's degree along with any other bachelor's degree?

Ans. Yes, there is an option of pursuing two courses at the same time but only one of the courses can be regular and the other course has to be either online or distance education.

Ques. Can I expect any scholarship from the college during my course?

Ans. Many colleges do offer Scholarships to students. Some colleges offer scholarships to meritorious students some offer them to lower-income students. Every college has its defined criteria for rolling out scholarships. Apart from scholarships from colleges, Students can also avail the benefit of scholarships from the Central Government or State Government.

Ask your question

Answered Questions

SR

Sangita Roy

26 Aug 21

Among the mentioned programs PGDMM and PGDPM are comparatively newer and provide some really good courses for students with computer and IT backgrounds. If you want to take the GATE exam and get into NITIE through PGDIE then in the 2nd year of your course you will get a wide range of electives available. Here are some of the electives. 

  • Advanced IT for Industrial and Manufacturing Engineering
  • Business Process Integration and Management
  • Computer Integrated Manufacturing
  • Data Analysis and Decision Making
  • Data Analytics
  • Data Communications and Networking
  • Data Mining for Business Intelligence
  • Decision Support Systems and Expert Systems
  • E commerce
  • E customer Relationship Management
  • ERP, etc. 

Most of the courses here are Computer sector-related and related to the programming and software side whereas some of them are related to the IT sector and mainly deal with the hardware side. 

But make a note that IE is not an M.Tech course. It is a management course. So, you will get placed in management roles post your degree. 

...Show More

AK

Asha Kiran

30 Sept 21

One of my friends studied at NICMAR. According to him, the scope of a project manager in any sector, unlike only in construction, can change or be in the same field later on in his career.

You get the overall view and conception of a project manager. It is majorly the course’s purpose.

Generally experienced people go for this course, but even if you are a fresher this course provides the same scope.

The course covers subjects like construction management at an advanced level, contracts management, quantity surveying, financial studies. They also teach many project management software like Microsoft Project, Primavera, Candy, etc.

Many top companies come every year to hire candidates with packages around 6-8 LPA. Therefore it is a good choice to study at NICMAR.

...Show More

KM

Krishna Mehar

20 Aug 21

It's a subjective question and mostly depends on your profile. PGDMM would be advantageous, if you are a fresher, especially with a mechanical or manufacturing background. It is better in terms of securing a good profile, a good package (Avg. 12 LPA), and robust manufacturing domain command.

A few years of work experience would be preferable for the PGDPM course, but it is not required. It's a safe option to play for both freshmen and those with a little experience because it improves your profile, package, and adds the rich experience of a top MBA school - NITIE.

...Show More

SR

Shivansh Rajak

18 Aug 21

Yes, NITIE takes admission for PGDPM and PGDMM through GATE. In order to take admission, you need to follow the steps mentioned below. 

  • At first, apply for admission by filling the application form
  • Then based upon your GATE score and marks scored in 10+2 and engineering, you will be shortlisted for Group Discussion or Personal Interview which will be called in the ratio of 1:3 or 4 depending on their requirements. Here are the cutoff trends for 2021.
Category  GATE Cutoff
General  609 
OBC 473 
SC 345 
ST  317 
Physically disabled  473 

After going through all the above steps you will be shortlisted for admission based on your performance in Group Discussion or Personal Interview and GATE score also.

...Show More

PA

Pooja Arora

15 Sept 22

SCMHRD Infrastructure Management is better. The institute is widely recognized in the industry and ranks among the top B-Schools in the country. In this Infrastructure Management course, you will get to learn in detail about infrastructure policies, contract management, project finance, and other aspects of infrastructure such as airways, roads, rails, ports, urban development, renewable energy, etc. You will get to choose project execution or project finance according to your expertise. 

100% of MBA IM students get placed each year. SCMHRD average package is around INR 6-8 LPA. Fortress Financial Services, ABPS Infrastructure, Capgemini, etc. were among the major recruiters. 

...Show More

NK

Nitin Kumar

16 Aug 21

These courses were first inaugurated in the year 2014, and ever since then, students undeniably acquired satisfactory placement offers. 

  • The seats in NITIE Mumbai depend upon which category you belong to.
  • The current seat availability is about 304, considering each course. This is one reason why both the courses are equally good to pursue. 
  • Both PGDPM and PGDMM offer better results in terms of placements.
  • Talking about the scope, it is almost the same for both the courses. The opportunity either course will bring is similar and has less to no difference at all. 
  • Both the subjects will allow students to sit for summer internships, as will be brought in by different firms. 
  • Also it will permit all of them to sit for the final placements likewise.
  • The average salary offered for PGDPM is 12-15 LPA while for PGDMM, it is 11-12 LPA

The only separate piece of information this has is that in PGDPM, students are preferred by recruiters if they come with a minimum work experience of about 2 to 3 years. 

...Show More

AS

Atul Sharma

18 Aug 21

One of my friends is studying at NITIE, and as per his insights, both the programs are excellent. The final choice depends upon the area of your interest. Consider the following points before making the final choice.

  • PGDPM concentrates on teaching project management along with functional areas like Finance, HR, and others. It is a strategic level course that creates professionals for every sector or industry.
  • PGDMM is a course focusing on the manufacturing and operational part of a business. It builds skilled professional that is well-equipped with the latest technologies.
  • As per the past placement statistics, the average package for PGDPM is INR 11.5 LPA, and for PGDMM is INR 10.8 LPA.

Apart from the above points, detailed information about the two programs is available on the institute webpage. You can compare the programs and make your final choice. Overall, the scope of both programs is high.

...Show More

VR

Vivek Rai

08 Jan 21

AIIM offers quality education in infrastructure management in a specialized as well as scientific manner. The success of AIIM is due to the interdisciplinary approach of the institute. This brings a systems perspective to challenges in various areas such as infrastructure, energy, health care, education, allied sectors, etc.

Leaders at AIIM:

AIIM has dedicated leaders who work hard for the betterment of the institute. 

  • Shri Gautam Adani is an Infrastructure visionary with unparalleled achievements.
  • Dr. Preeti Adani is a guide for social development and works hard towards making a difference in Education and Social welfare.
  • Dr. Malay Mahadevia, who believes in achieving the toughest challenges and possesses a great contribution to the Indian Infrastructure.

Features:

  • The faculties at the institute are great. Many of them are involved in research and consultancy in the industry related to infrastructure. They often collaborate with industry personals to adopt an industry-need-oriented approach in teaching methodology. 
  • The curriculum is designed in a way to develop academic excellence, skill-set, decision-making qualities required in the current industry. 
  • The institute has collaborated with the highly reputed industry leader in Infrastructure Management - Adani Group. The participants of the short, as well as long term programs, get to learn from internationally distinguished faculties. They can also get in touch with the head-hunters of the sectors.

The placement statistics in recent years at the institute are mentioned below. 

Average CTC

INR 7.5 LPA

Highest CTC

INR 12.5 LPA

AIIM campus has been providing an atmosphere for intellectual excitement, productive interaction, and professional growth. It will surely help you with professional growth.

...Show More

AN

Anand Nair

08 Jan 21

The opinion on whether Adani Institute of Infrastructure Management is good or not may vary. One of my friends had a good experience, pursuing this course. 

This course was earlier meant for executives but due to quality education, the institute is running this program for freshers as well as executives for the last five years.

PGDM in Infrastructure Management - Features:

  • The faculty quality is overall good. Apart from regular lectures, the institute also conducts guest lectures.
  • The facilities provided by the institute are also satisfactory.
  • The management at AIIM also uses their resources by inviting executives to share their experience and knowledge.
  • Site visits are arranged as per the requirement of the course.

Placements:

  • The average placement package received by the students was 7.5 LPA while the highest was 12.5 LPA.
  • The placement record has been 100% and students are being recruited by top companies that include ADANI, TATA, Reliance, KPMG, L&T.
  • Getting placement in Adani Group is easy, but students need to perform well to secure placements since Adani does not hire the whole crowd.

The institute is improving day by day with its experience of batches in all the courses. The fresher can enjoy the course but if you have more than 3 years of experience, think before joining AIIM.

...Show More

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