OCCUPATION: RESIDENTIAL REAL ESTATE APPRAISER
Name: Carlos A. Cervantes
Company: Cervantes & Associates
Thumbs up: “I’m not confined to a desk eight hours a day. I have the freedom to work my own hours. I can work late at night, early in the day or on weekends. I’m out in the field part of the time. I analyze numbers, talk to people on the phone and do some investigating. I also like the sense of responsibility. We are the eyes of the lender, who is using the property as collateral for a loan.”
Thumbs down: “The pressure from homeowners and real estate loan agents needing higher values for a property than what the market value is. Most homeowners think their home is worth X, when it’s really only worth Y. . . . That’s the only part I dislike about the job.”
Advice: “Take real estate appraising classes at junior college. Real estate finance classes are helpful, as is any general class such as real estate principles. It’s also beneficial to get your real estate license because you can join a multiple-listing service board and gain better access to information. Try to find an entry-level position at a bank or savings and loan or with a fee appraiser--staff appraisers work for banks and thrifts; fee appraisers are independent and work with loan brokers.”
Salary range: In Orange County, bank appraisers earn between $1,500 and $5,000 monthly; fee appraisers generally earn 35% to 70% of the appraisal fee. (The average fee for appraisal of a residential home in Orange County is $275 to $300; a good appraiser can complete two appraisals a day.)
Educational and training requirements: Appraisers must be licensed by the California Office of Real Estate Appraisers.
Size of work force: Small. In Orange County, 1,000 to 1,200 people, or 0.09% of the labor force, work as real estate appraisers.
Expected demand: Despite the current slump in the real estate market, the growth rate for appraisal jobs is expected to be steady as the state recovers from the recession.
Job description: Appraisers verify legal descriptions of a property with county records, measure the property and draw land diagrams, noting the condition and special features of buildings. They analyze and evaluate the data and prepare a written report outlining the methods by which the fair market value of the property was estimated.
For more information: For licensing information, call the California Office of Real Estate Appraisers’ 24-hour automated line: (916) 654-5525. For general information about the profession, call the Appraisal Institute at (818) 957-5111.
