1.What Do Appraisers Do?
When I decided to become an appraiser, I had little knowledge of the industry. My wife and I had decided that I would change professions because of the needs of our family, but the process of becoming a professional appraiser and understanding the industry has a steep learning curve.
For the past several years, I have noticed several trends as I attend training, seminars, or just during the normal course of business which include: the aging appraiser community, and the dwindling numbers of appraisers. Why is this? I’m glad you asked.
Forget Webster’s Dictionary for a definition of a professional, it does not reflect what a professional truly is. Educated, expert, highly-trained, well-paid, business-like, and other thoughts may come to mind when someone asks you what the qualities of a professional are. Appraisers are no different.
Appraising is a multi-billion dollar business. Although appraisers operate in several industries, I’ll be focusing on the most common, which is the residential real property appraiser. According to the Uniform Standards of Professional Appraisal Practice (USPAP), an appraiser is: one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Appraisers are governed by a set of standards known as USPAP, in addition to state and federal law, lending institution guidelines, and client requirements.
Appraisers always start out working for a company as an apprentice. Later in their career, they may branch out on their own and work by themselves, or start their own employee based company; at which point, they wear several hats like: accountant, marketer, customer service rep, computer-support tech, trainer, and appraiser. Owning a successful business is very fulfilling, and it is something I have wanted to do since I was a kid. I’ll get into the nuts and bolts of the business side in a later chapter.
What We Provide
We provide technical information concerning value of property, rights, and interest to our clients in the form of written or oral reports. We also provide different types of valuation services that utilize our skills without actually creating an appraisal. Some of those services are: consulting, professional analysis, testimony, and litigation. These types of service require specialized training and ethical conduct of a true professional.
Sounds like a worthy profession doesn't it? Well, stay tuned for the next chapter on getting started.