Out of the several jobs that demand attention to detail and observation, a career as a real estate appraiser is a prominent one. In this article, we will look at the salary ranges so that you will be better prepared during negotiations with your prospective employer.
An appraiser is a professional whose prime responsibility is to assess the present real estate market conditions and find out the value of the property to be dealt with. The value finalized can be used for purposes such as loans, mortgage, home buying, home selling, etc. The salary range largely depends on the amount of work they do, location, and the type of property, whether commercial or residential.
Those specializing in commercial real estate appraisal focus on evaluation of commercial property. Commercial appraisers possessing a work experience from one to four years can expect a pay starting from about USD 36,000 to USD 62,000 yearly. Those with an overall experience of five to nine years can earn anywhere between USD 49,000 to USD 71,000. After 10 to 19 years in the industry, the salary range goes up to USD 50,000 to USD 95,000. Over 20 years of experience in property assessment can get you around USD 62,000 to USD 101,000.
The states of New York and California show the pay range to be around USD 52,000 to USD 106,000 and USD 59,000 to USD 95,000 per annum, respectively. States like Georgia and Texas also have a good earning potential from about USD 46,500 to USD 92,500 and USD 41,000 to USD 92,000 annually. Coming to the city-wise classification, New York City can offer about USD 70,000 to USD 144,000; Dallas also has a considerable earning scale from USD 49,000 to USD 141,500 per year. On the other hand, real estate appraisers in Miami are considered to get a yearly pay ranging from USD 50,000 to USD 105,000.
These appraisers deal with residential properties or houses for evaluation and price assessment. One to four years of experience in real estate appraisal can make you eligible for a salary ranging from USD 28,000 to USD 49,000. The salary range rises from USD 28,000 to USD 49,000 for those possessing five to nine years experience. Those having a work experience of 10 to 20 years can expect to be paid anywhere up to USD 73,000 per annum. Professionals with over 20 years of expertise can even earn up to USD 98,000, if not more.
California and Florida are reported to be the highest paying states for residential real estate appraisers. The pay scale in these two states ranges from USD 48,000 to USD 88,000 and USD 42,000 to USD 85,500 respectively. The pay range in Maryland and Illinois starts from USD 25,000 and USD 37,000 respectively, and scales up to USD 78,000 per annum. In Seattle, the salary ranges anywhere between USD 42,000 and USD 132,000 per year. In cities like Phoenix, Atlanta, and Los Angeles, the highest pay is approximately USD 74,000 annually.
These are just a few determinants of the real estate appraiser’s salary. For trainees, the annual remuneration can range anywhere between USD 23,600 and USD 45,000. If you are wondering how to get into this field, you basically require a bachelor’s degree, a certification in real estate appraisal, and a state license for practicing the job.