Salary
Average Salary: $55,400
Expected Lifetime Earnings: $2,312,839
To understand what kind of money an appraiser makes, several things must be taken into consideration. Most appraisers work either as residential or commercial property appraisers. In some states, any property valued above a certain dollar range must be evaluated by an appraiser with a special certification. Certification takes a few years on the job to earn.
Property appraisers, both residential and commercial, make an average salary of $55,000 per year working for a bank, mortgage lending company, or real estate agency (source). Once they're established within a community, some appraisers work for themselves and appraise a mixture of property types.
Starting pay is very much dependent on the area in which you work and the type of appraisal job you do. Many begin their careers working for someone else, making a mid-$30,000 salary range (source). Continuing education units, along with a few hundred hours of professional experience, allow appraisers to take exams and gain new certifications as their careers progress. Hello, pay raise.
Real estate appraisers, who typically start out working for an established business, may earn an annual bonus based on work they've done during the past year. Appraisers who work for businesses also get benefits such as health insurance and 401K retirement savings. Many companies also offer tuition reimbursement. Considering how pricey higher education is these days, taking an entry-level job and getting reimbursed for your college is a great way to pay for school.
There are other types of appraisers who evaluate antiques, art work, jewelry, and collectibles. Most of these appraisers work for large museums or auctioning businesses like Sotheby's. The vast majority of appraisers in this category run their own antiques or jewelry businesses where assessing the value of an item is just a part of their daily duties. While working for a large auction business or museum would mean having an art history or similar degree, appraising antiques or jewelry requires no special degree—just a good eye and lots of experience.