How much an average residential appraiser makes per year

[Jeff Squire]

During the recent boom, an experienced and established appraiser in this area could make a very good living, assuming that no sleep was required. $200.000 a year could have been possible if you were real greedy, and sloppy.That period was very unusual. Now things have slowed down.
The better question is, what is the average annual income of an experienced appraiser over a decade of work. Now we're closer to what your currently making.
My advise; keep you day job, try out this business, then decide.

 

[Pamela Biggers]

This is the issue - there are good times and bad times. Sure there is great potential to make over $100,000/year in a good market. This depends on, of course, your market and area and how many hours a day you want to work. The problem is the market is ever changing and there can be months that you are hanging on by a thread and wondering if your family can pay the bills that month.

Other issues are if you work for an appraisal company or go out on your own. No one is going to be able to say "the average apppraiser makes this month". I can say that most of the job offerings that I am seeing give a $70,000 - $100,000 year range for fee split with an appraisal office. Of course that is in a metropolitian area in one of the fastest growing cities in the US.

Personally, I would keep your current job. Most markets are currenly on a slow down or cooling off cycle and some are getting hit hard. There are many appraisers, Realtors, and loan officers that I know who are getting second jobs to pay their bills at the moment. But then again, this all depends on the market and economy in YOUR area. With all the mortgage fraud and other issues being brought to the forefront of the industry it is hard to judge where the industry will be when you obtain your license. Just my opinion. I know that I am not making that kind of money this year, at least not without making some major changes.

 

[Vegan702]

The better question is, what is the average annual income of an experienced appraiser over a decade of work. Now we're closer to what your currently making.
My advise; keep you day job, try out this business, then decide.

That is a great answer. I wouldn't take the advice of any appraiser who has not been doing this for at least 10 years including mine. I have only seen the upside to the market and never the downside until now. Vegas is still different than most places in the US as it is still growing and will be for the foreseeable future so appraisers incomes in Vegas should stay fairly consistent, but I can defiantly see the incomes of appraisers in other areas falling.

 

[lauralee]

If money is your main concern, you will be better off finding another field of work to get into. I would say in this business that it takes an average of 5 or 6 years before you start making good money. A couple of years as a trainee, a few more doing fee split work before you will be comfortable going on your own. The numbers Vegan has supplied look good, but keep in mind that is from one of the hottest RE markets in the country. Missouri numbers may be a lot different! I will say that from most of what I've seen, 50% of appraisers make more than 80k. 80,000 without benefits is probably equal to a 50,000 job with them.

Read this forum, especially the newbie section, and talk with appraisers in your area. Have a mentor lined up before you spend any money for school.

 

[Jungle Boy]

I'd say that most appraisers (self employed) probably gross between 70 - 100K. That is without assistants or office help. Figure that expenses are about 10K annually, give or take.

If I grossed 70K, and worked 50hrs per week, it wouldn't be worth it. Way too much stress for less than 30.00/hour.

 

[Smokey Bear]

I think I made $1250 last month.

 

[Em Tee]

Read this: http://appraisersforum.com/newbies-appraiser-wannabe/119201-i-feel-close-quitting.html

 

[Tim Hicks (Texas)]

I will make 50% of what I made in 2004 this year. Does that help? Do you want a career that is market driven? Do you expect to make more each and every year in this business? Corporate downsizing affects our business, too. My best clients have gone to AMC's that are only willing to pay a fraction of the old fees I earned. Does accepting less money for your work as you progress in business appeal to you?

...and mortgage brokers work for the devil.

 

[Kien Nguyen]

You could try but keep your day job

I just started doing residential appraisals under a mentor (friend of mine) part time. I have not started going to school for appraising yet, but have plans to this September. I have a full time job as a network engineer making approximately 60,000 per year. I'm trying to decide if I should stay in engineering and do appraisals on the side, or work towards doing appraisals full time one day. In your opinion, how much does an "Average" residential appraiser in your area make? Let's say this appraiser has had his/her license for 5 to 10 years. How much, in your opinion, does an average Commercial appraiser make? Any comments will help.

Keep your day job, I was in your profession or similar to yours for close to 20 years, I've missed it dearly. Trust me, there are good things in the appraisal profession, but IMHO nothing compared to the glory of "tech-geek".

If I could turn back the clock, I'd do it immediately with no second thought.

....:icon_idea: You could give appraisal a try to prepare for the "dark days of technology". If I was you I would spend time to take advanced courses in your current profession.... unless your are an entrepreneur and love it ....

I made $2150 last month, however there are $1,200 unpaid invoices. I used to take cash or check at the doors, but due to high competition and lack of work I have to accept "bill to lenders" ...

 

[Smokey Bear]

I'd say that most appraisers (self employed) probably gross between 70 - 100K.

I'm moving to Florida! Although I suspect that Raimo is the exception, not the rule.