Essential Skills For An Appraiser

Appraisers & Appraiser Trainees have to be. . .

Detail Oriented

You have to keep track of everything. You never know when an appraisal could be questioned, reviewed or taken to court. You have to take meticulous notes about research you've conducted, people you have spoken to and places you have visited, AND, you have to make sure that you stow it in the work file.

Resourceful

Research is a big part of appraisals, especially commercial appraisals. I spend whole days sometimes picking through public records, zoning maps and tax maps to try and find information that is pertinant to an appraisal, or to its comparable sales. Here is a recent example: I had a one acre parcel of commercial land on a very well-traveled highway. The parcel sold for $100,000, which is extremely low for our market area? Why? It turned out that the parcel was land-locked. Without the parcel next to it there was no way to gain entrance to the site. The person who paid $100,000 for the parcel owned a small strip center that adjoined the property.

Personable

Yes, its true, you have to be personable and sometimes you have to bite your tongue. You could find yourself in a situation where you have to bring your own business. You will be meeting clients and will have to bend to fit their schedules. You will be required to verify information via the telephone, sometimes this information is somewhat personal, i.e. "Can you tell me the expenses that this building had in a typical year?" I reference biting the tongue because you will encounter people who are downright rude. Yes, it happens. I hate to say this, but Realtors almost never want to help you. You will have to have people skills to succeed.

Computer Literacy

Many appraisers went for years not having to rely on computers. When a job comes across your desk, you need to search comps via your local market MLS or a commercial service such as CoStar, review deeds and transaction data via public record, check tax maps and zoning (you can't do all zoning online) and prepare your report, all via computer. Yes, computer skills are essential.


Math Skills

Now I'm only just beginning, but I find that I use finance math and geometry the most. There are plenty of jobs that require for intense calculations, but I think you could make a living without being a math genious. You do need basic math skills and you have to be precise, there are a lot of formulas that you will learn in your basic courses that will address all this. You should also purchase and be familiar with an HP 12C financial calulator. I love mine, and you will use it for your entire career.


You May Have To Get Dirty Sometimes

This is true, sometimes you have to go into crawl spaces, attics, muddy yards, flower beds, etc. You may find your self in a situation where you have to trek through a few acres to get to the parcel of land that you are appraising. Dress appropriately.


Be Able To Run While Being Chased

This is just to make sure you are still paying attention. In all seriousness, I had a job offer from a company who did a lot of litigation work, they told me that there could be times (forclosures especially) when the person living in the property is hostile and doesn't want you there. People have been chased by dogs, tenants, homeowners, just keep your safety in mind.

Next time, Tips For Finding A Mentor