Becoming a commercial property appraiser can be an exciting and rewarding career path. This profession involves evaluating the value of commercial properties for sales, leases, mortgages, or tax purposes. However, breaking into this field requires specific education and training. Here are six simple steps to start your journey towards becoming a commercial property appraiser.
The first step is to obtain a bachelor’s degree from an accredited university or college. While there isn’t a specific major required for this career, courses in finance, real estate, economics, business administration or mathematics could provide relevant knowledge and skills that will be beneficial in this line of work.
Secondly, you need to gain experience in uncover the secrets field through internships or entry-level jobs related to real estate appraisal. Such roles offer hands-on exposure to the industry and help develop essential skills like data analysis and report writing.
The third step is obtaining certification as an appraiser trainee by completing pre-licensure coursework mandated by your state’s appraisal board. The number of hours required may vary but typically ranges from 75-150 hours.
After accruing sufficient experience under the supervision of a certified appraiser (usually about 2000 hours), you can proceed with applying for licensure as a residential appraiser. This fourth step often requires additional coursework as well as passing state-administered exams.
Once licensed as a residential appraiser, it’s time for the fifth step: gaining further experience specifically in commercial property appraisal while continuing your education within this niche area. This period allows you to familiarize yourself with more complex valuation methods used for commercial properties such as income capitalization approach and cost approach.
Finally, after meeting all requirements set by your state (which typically includes having at least two years of experience in commercial appraisal), you can apply for certification as either Certified General Real Property Appraiser or Certified Commercial Investment Member depending on what suits your career goals best.
In conclusion, becoming a commercial property appraiser involves a combination of formal education, field experience, and professional certification. Though the journey may seem long, each step equips you with valuable skills and knowledge that will ultimately enable you to provide accurate property valuations. Once certified, your expertise will be sought after by banks, real estate companies and government entities alike – making this profession not only rewarding but also highly respected.
