Introduction
This is the second post in our series on “How to Make More Money as an Appraiser.” We started out with “How to Make More Money: Managing Your Time.” Let’s move on to how to make more money by getting your certifications completed!
Make More Money
It makes sense that the more complicated your appraisal certifications, the higher your income rises.
According to McKissock, average income varies for appraisers according to license and hours worked per week. How does each licensing upgrade help your income? Let’s find out!
Licensed Residential Appraiser
In 2019, Licensed Residential Appraisers earned an average of $63,750 and worked an average of 37 hours. What exactly can a licensed appraiser do?
A Licensed Residential Appraiser may perform any appraisal that falls into one of the following categories:
- Non-complex one-to-four unit residential properties with a transaction value less than $1,000,000.00
- Complex one-to-four residential units having a transaction value less than $250,000
How do you qualify for the Licensed Residential Appraiser certification? You must pass the classes and examination for at least 150 hours of state-approved coursework, including the 15-Hour National USPAP Course.
You’re also required to pass a Licensed Residential Real Property Appraiser exam approved by the Appraiser Qualifications Board (AQB). In addition, 1,000 hours of experience are required to be obtained in no fewer than six (6) months.
Certified Residential Appraiser
With the Certified Residential Appraiser certification, the average income in 2019 was $73,861 and the average hours worked was 40 hours a week.
To earn reach this level, an appraiser can appraise:
- One-to-four unit residential properties without regard to transaction value or complexity
- Any type of real property where the transaction value is less than $250,000.00
To earn the certification, appraisers must pass the course and examination for at least 200 hours of state-approved coursework, including the 15-Hour National USPAP Course. The appraiser must also pass an AQB-approved Certified Residential Real Property Appraiser exam. In addition, 1,500 hours of experience are required to be obtained during no fewer than 12 months.
Certified General Appraiser
The average income for a Certified General Appraiser is almost $30k more a year than the Licensed Residential Appraiser’s average income. At $91,574 in 2019 and with an average of 43 hours worked per week, the Certified General Appraiser works more but earns significantly more than the Licensed Residential Appraiser. The Certified General Appraiser can appraiser any type of real property for any purpose.
Depending on your state, the exact steps to become a Certified General Appraiser will vary. The general guidelines you’ll need to follow to meet the Appraisal Qualifications Board (AQB) criteria to become a certified general appraiser are:
- 300 education hours
- Bachelor’s degree or higher (in any field)
- 3,000 hours of experience in no fewer than 30 months
- 1,500 hours must be in non-residential appraisal work
Get Educated!
If you want a clear pathway to making more money, work your way up the real estate appraiser certification ladder! While challenging and time-consuming, the dividends of putting in the work and getting educated will be well worth the time and money spent on the process!
Our next post will focus on how to make more money by managing your business expenses, with some valuable insight from DataMaster’s founder and CEO, Rick Lifferth! Stay tuned!
