Appraisal Profession to Grow!
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
According to the Bureau of Labor Statistics, the Appraisal Profession is expected to grow 14% by 2026
|Quick Facts: Appraisers and Assessors of Real Estate|
|2017 Median Pay||$54,010 per year
$25.97 per hour
|Typical Entry-Level Education||Bachelor’s degree|
|Work Experience in a Related Occupation||Long-term on-the-job training|
|Number of Jobs, 2016||80,800|
|Job Outlook, 2016-26||14% (Faster than average)|
|Employment Change, 2016-26||11,700|
Even the Bureau of Labor Statistics understands the importance of the appraiser visiting the property:
Although appraisers and assessors of real estate work in offices, they often spend a large part of their day visiting properties. Most work full time during regular business hours.
See the entire report on their website.
Make sure to watch the video. There is more about the appraiser than inspecting the property!
Excerpt from Bureau of Labor Statistics:
Appraisers and assessors of real estate held about 80,800 jobs in 2016. The largest employers of appraisers and assessors of real estate were as follows:
|Local government, excluding education and hospitals||30%|
|Finance and insurance||6%|
The median annual wage for appraisers and assessors of real estate was $54,010 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $28,440, and the highest 10 percent earned more than $101,710.
In May 2017, the median annual wages for appraisers and assessors of real estate in the top industries in which they worked were as follows:
|Finance and Insurance||$66,170|
|Local government, excluding education and hospitals||$50,150|
Earnings for independent fee appraisers can vary significantly because they are paid fees on the basis of each appraisal.
Employment of appraisers and assessors of real estate is projected to grow 14 percent from 2016 to 2026, faster than the average for all occupations.
|Appraisers & assessors of Real Estate||14%|
|Total, all occupations||7%|
And yet everything in they’re analysis are indications of decline, they site automation and AVMs as reasons for the 14% increase…
How does it increase when the industry is shrinking?
I don’t see where any declines are sited in their analysis, but the key points to take away are:
1. Appraisers visit the property – Dismissing the idea of any hybrid product and the notion that appraisers want to sit behind a desk all day.
2. The profession is growing. This includes all areas, not just lender work. Lender work may actually be shrinking, but that has opened the doors for more work direct from consumers, and agents. DIdn’t the IRS just announce they now require an appraisal for charitable donations over $5,000?
3. The opportunities that are now available to appraisers and the ones that will be forth coming will allow appraisers to actually run their business the way they want instead of how the AMC wants you to work.
All in all, I see this as a positive for the profession.
Rehashing this again? Round and around and around.
https://www.accountingedu.org/real-estate-appraiser.html (statistic data at the bottom)
I’m not sure the historical numbers are straight forward. Anyone have an asb appraiser count nationally by time, like 10 years? Specifically looking for income comparison numbers. I recall the numbers being higher.
I would definitely say that based on 20 years of income vs amount of work, we are paid less for the number of hours it takes to complete an appraisal with higher business costs which we cannot seem to get the industry to pay for like other professions do.
And I have just summarized this, yet again, here.
Moderator, please make that comment a full article titled; The C&R compensation argument.? Feel free if you want to.
I think the numbers are being manipulated or at least misreported. Can’t pin it down but some months ago I think I was shown 76,000 total (unique names). To be honest, at this point I don’t care.