Fisher College of Business logo

Appraisal and Consulting

Appraisers are extremely important and key to properly valuing real estate.  The main responsibility is to estimate the value of property. Generally, this is accomplished through analysis and comparable research of similar properties. Valuation can also be conducted financially through discounted future returns. 

The key value in being an appraiser is the ability to properly and accurately assess values since multiple parties involved in real estate depend on it.  Appraisers can specialize in residential property or commercial property.

To become an appraiser, a person begins their careers as an appraiser’s trainee.  Appraisers are commonly employed by appraisal companies, which service a variety of clients on a fee basis such as banks or insurance companies. Commercial and consulting appraisers are employed in consulting positions by the big four accounting firms.  Because appraisers are needed for refinancing as well as new sales, even when the real estate market is slow, appraisers tend to stay busy.

The outlook for commercial appraisers is promising, since the appraisal industry has had some scrutiny due to soaring prices during the mid 2000s. There is certainly a premium placed on appraisers that are ethical and accurate in assessments. The outlook for residential appraisal is similar and technology is quickly changing the landscape.

Many opportunities abound appraisers who are looking to implement big ideas especially in the residential sector to streamline processes and create a more accurate way to assess property values.