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Career and Education Opportunities for Real Estate Appraisers in Detroit, Michigan

Real estate appraiser career and educational opportunities abound in Detroit, Michigan. Currently, 2,650 people work as real estate appraisers in Michigan. This is expected to grow by 9% to about 2,890 people by 2016. This is better than the national trend for real estate appraisers, which sees this job pool growing by about 4.6% over the next eight years. Real estate appraisers generally appraise real property to determine its value for purchase, sales, or loan purposes.

Real estate appraisers earn about $24 per hour or $51,550 annually on average in Michigan and about $22 per hour or $47,370 yearly on average nationally. Real estate appraisers earn less than people working in the category of Accounting and Auditing generally in Michigan and less than people in the Accounting and Auditing category nationally. Real estate appraisers work in a variety of jobs, including: commercial real estate appraiser, valuation consultant, and certified real estate appraiser.

The Detroit area is home to seventy-three schools of higher education, including one within twenty-five miles of Detroit where you can get a degree as a real estate appraiser. Given that the most common education level for real estate appraisers is a Bachelor's degree, it will take about four years to learn to be a real estate appraiser if you already have a high school diploma.

CAREER DESCRIPTION: Real Estate Appraiser

Real Estate Appraiser video from the State of New Jersey Dept. of Labor and Workforce Development

In general, real estate appraisers appraise real property to determine its value for purchase, sales, or loan purposes.

Real estate appraisers ready written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards. They also search public records for transactions such as sales and assessments. Equally important, real estate appraisers have to inspect properties to review construction and functional layout, and to take property measurements. They are often called upon to photograph interiors and exteriors of properties to help in estimating property value and complete appraisal reports. They are expected to interview persons familiar with properties and immediate surroundings, such as contractors and realtors, to obtain pertinent data. Finally, real estate appraisers examine income records and operating costs of income properties.

Every day, real estate appraisers are expected to be able to see details at a very fine level of focus. They need to read and understand documents and reports. It is also important that they articulate ideas and problems.

It is important for real estate appraisers to draw land diagrams that will be used in appraisal reports to support findings. They are often called upon to testify in court as to the value of a piece of real estate property. Somewhat less frequently, real estate appraisers are also expected to testify in court as to the value of a piece of real estate property.

Real estate appraisers sometimes are asked to evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values. They also have to be able to examine income records and operating costs of income properties and verify legal descriptions of properties by comparing them to county records. And finally, they sometimes have to ready written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.

Like many other jobs, real estate appraisers must have exceptional integrity and be reliable.

Similar jobs with educational opportunities in Detroit include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Compensation / Benefits Specialist. Conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Employment Recruiter. Seek out, interview, and screen applicants to fill existing and future job openings and promote career opportunities within an organization.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • License Examiner. Examine, evaluate, and investigate eligibility for, conformity with, or liability under licenses or permits.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Real Estate Appraiser Training

University of Michigan-Ann Arbor - Ann Arbor, MI

University of Michigan-Ann Arbor, , Ann Arbor, MI 48109. University of Michigan-Ann Arbor is a large university located in Ann Arbor, Michigan. It is a public school with primarily 4-year or above programs. It has 40,618 students and an admission rate of 42%. University of Michigan-Ann Arbor has a post-master's certificate program in Real Estate which graduated twenty students in 2008.

CERTIFICATIONS

Accredited Rural Appraiser: Appraisals of agricultural enterprises and rural properties demand qualified experts who understand the complexity and intricacy of modern agriculture and today's rural environment.

For more information, see the American Society of Farm Managers and Rural Appraisers website.

Residential Evaluation Specialist: The purpose of the RES (Residential Evaluation Specialist) designation is to recognize professionalism and competency in the valuation of residential property for tax purposes.

For more information, see the International Association of Assessing Officers website.

Personal Property Specialist: The purpose of the PPS (Personal Property Specialist) designation is to recognize professionalism and competency in the valuation of personal property for tax purposes.

For more information, see the International Association of Assessing Officers website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Certified Estate Specialist: A Certified Estate Specialist has advanced education in exactly how to deal with the settling of estates, from working with family members to dealing with lawyers and accountants.

For more information, see the National Auctioneers Association website.

LICENSES

Real Estate Appraiser, Certified General

Licensing agency: Department of Consumer and Industry Services
Address: Bureau of Commercial Services, Board of Real Estate Appraisers, 2501 Woodlake Circle, PO Box 30018, Okemos, MI 48843

Phone: (517) 421-9201
Website: Department of Consumer and Industry Services Bureau of Commercial Services Board of Real Estate Appraisers

Real Estate Appraiser, Limited

Licensing agency: Department of Consumer and Industry Services
Address: Bureau of Commercial Services, Board of Real Estate Appraisers, 2501 Woodlake Circle, PO Box 30018, Okemos, MI 48843

Phone: (517) 421-9201
Website: Department of Consumer and Industry Services Bureau of Commercial Services Board of Real Estate Appraisers

LOCATION INFORMATION: Detroit, Michigan

Detroit, Michigan
Detroit, Michigan photo by Durova

Detroit is located in Wayne County, Michigan. It has a population of over 912,062, which has shrunk by 4.1% in the past ten years. The cost of living index in Detroit, 86, is well below the national average. New single-family homes in Detroit are priced at $108,900 on average, which is well below the state average. In 2008, eighty-five new homes were built in Detroit, down from one hundred fifty-four the previous year.

The three big industries for women in Detroit are health care, educational services, and transportation equipment. For men, it is transportation equipment, construction, and administrative and support and waste management services. The average commute to work is about 28 minutes. More than 11.0% of Detroit residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.

The unemployment rate in Detroit is 27.0%, which is greater than Michigan's average of 14.3%.

The percentage of Detroit residents that are affiliated with a religious congregation, 37.7%, is less than both the national and state average. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Detroit is home to the Memorial Park Marina and the Detroit Golf Club as well as Chene Park and Mallett Playground. Visitors to Detroit can choose from Corktown Inn, Clark's Motel and Days Inn of Downtown Detroit for temporary stays in the area.