Become a Real Estate Appraiser

Real estate appraisers get to investigate the values of properties for a fee. This means that there are ways to make a significant amount of money in just a few short hours. It also means that you can use your knowledge of real estate values to make good choices for investing in real estate because you will know the many things to check out in making your decision about a property. You can set your own hours and work independently without a boss. Follow these steps to obtain your real estate appraiser's license.

Check with your state licensing board to find out the requirements for getting the appraiser's license. In my home state of Tennessee, it will take 75 hours of coursework and 24 months of supervised work with a licensed real estate appraiser. These requirements are going to vary state to state, so make sure you get the accurate information for the state you live in. Through the state, you should be able to find what the courses are that you must take and which schools online or in person are approved by the state to prepare you for the licensing exam. Going through the state will help you to ensure that the program you enter is a credible one.

You will have to register as a trainee and begin taking courses to get your license. To be registered as a trainee, the requirements from state to state will vary, but it would not be uncommon for you to have to start taking courses in order to register as a trainee.

Find a mentor. Once you have your trainee license, begin working under someone as a trainee. This may be one of the most difficult aspects of setting up shop as a real estate appraiser, but it is necessary. You will need a supervisor to sign off on your training hours and to help you learn the practical application of your craft. If you can find more than one person to supervise you, you are able to use more than one person. If you already know anyone who is working in the field, perhaps you could talk to that person about supervising or mentoring you.

Find a training job. Try to get a job as a trainee for a real estate appraiser's office. This will give you practical experience as well as pay for the time that it will take you to get your license. A bank is also a good place to look for paid training. Network as much as you can while you are still training because a good networking system will be what makes your business strong.

Connect with loan officers. Most of the work done by appraisers is for a loan or loan refinancing. If you have connections to the people handling the loans, you will have a direct line to business.

Once you have obtained your license, you will probably have to work very hard and long hours to build up your business. Remember that initially you will probably not make a lot of money. Be prepared to have to rely on your savings before you get in the black, but do not be discouraged. Anything worth having takes some time to build. As well, when the market is bad, there will be less money to be made because there are simply less people buying and selling real estate.

Do not be surprised if you are pressured by mortgage lenders to value homes at higher prices than you believe that they should be. While you should maintain the best possible relationship with lenders and clients, you do not want to do something that will plague your conscience in the future or bring criminal and civil liability.