Commercial Appraiser Job Description and Salary Information : Current School News

Commercial Appraiser Job Description and Salary Information 2021

Filed in Job by on May 14, 2021

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Commercial Appraiser Job Description 2021: Are you looking for a job in Nigeria in 2021? Would you like to work as Commercial Appraiser? Also, you would not mind if we guide you on how you can apply for Commercial Appraiser job recruitment in Nigeria and beyond? If yes, then continue reading.

Commercial Appraiser Job Description and Salary Information 2021

Brief Info about Commercial Appraiser

A commercial appraiser examines a piece of business property and determines its value. Learn about the pros and cons of becoming a commercial appraiser to find out if embarking on the career is worth it to you.

A commercial real estate appraiser determines the monetary value of business properties and other assets.

While residential real estate appraisers assess homes, commercial appraisers evaluate commercial properties such as office buildings, industrial centers, hotels, malls, retail stores, and parking garages.

To create their valuation reports, appraisers personally inspect properties, collect data, conduct financial analysis, and stay up to date with local real estate market conditions.

Self-motivated individuals with good math skills and a strong eye for detail will succeed in this role.

Commercial real estate appraisers usually work full-time at real estate firms, mortgage providers, banks, and government agencies.

However, some self-employed appraisers, also called independent appraisers, may work more hours than a traditional corporate schedule.

A Commercial Appraiser Job Description

Duties include gathering and analyzing descriptive data to determine the classification and value of the real property for assessment purposes, land records management in accordance with industry standards, and preparing for and participating in property appeals.

Completes fieldwork, data collection, and valuation of commercial vacant land. Conducts field inspections for subdivision infrastructure, agricultural use, and land attributes.

Maintains existing Land Economic Areas (LEAs); recognizes the need for and creates new valuation areas according to appropriate stratification. Applies appropriate Present Worth Discounting methodology annually.

Applies appropriate procedures and methodologies for the Income approach to value for each type of property: Collects property-specific data on rental rates, vacancy, and expenses.

Conducts complete research of the market and calculates appropriate capitalization rates. Applies income, expense, and cap rate information in the CAMA system to calculate income approach value.

Other duties of a Commercial Appraiser may include:

  1. Perform detailed inspections on the property to determine value, factoring in dates, quality, and age of the property.
  2. Use data such as incorporating cost, market, and income approaches to property valuation.
  3. Produce written appraisals for clients, government agencies, or companies
  4. Compile research in detailed reports
  5. Correctly identify discrepancies between the property’s description and its actual state.
  6. Demonstrate the ability to analyze a problem coherently and provide precautionary advice before a purchase
  7. Work on a client-to-client basis, making appraisals for a variety of reasons.
  8. Determine the taxability of properties via structural measurement, market trends, and sales analysis.
  9. Analyze assessed values and explain to property owners.
  10. Defend appealed assessments.
  11. Attend public hearings for assessments.
  12. Determine the worth of making major improvements; inspect major improvements as they are made to add value to the structure.
  13. Examine new construction.
  14. Determine changes in property due to construction or demolition.

A commercial Appraiser Job Requirements

  1. A bachelor’s degree from an accredited university in a field related to real estate, such as business, finance, accounting, real estate, planning, engineering, construction or architecture, OR an equivalent combination of education and experience.
  2. The ability to meet continuing education requirements set by the State of Colorado BOREA, Division of Property Taxation, and the Douglas County Assessor’s Office.
  3. Has completed the minimum educational requirements set forth by the State of Colorado for an Ad Valorem Appraiser license.

Experience

  1. Four years of professional appraisal experience in the private and/or public sector, including significant direct ad valorem experience, and advanced knowledge of real estate principles, practices, and markets.
  2. Knowledge of building design, engineering, construction materials, and methods
  3. Understanding of the Sales Comparison, Cost, and Income approaches to value, as well as the ability to apply this knowledge in advanced analysis techniques and when composing appraisal reports for purposes of property appeals on complex property.

Skills and Abilities

  1. A general but intermediate or better understanding of computer software and technology, including Computer Assisted Mass Appraisal applications, file management, internet, email use, networking, database and spreadsheet applications, HP12C or equivalent, as well as other technology generally used by the real estate industry.
  2. Working knowledge of the Microsoft Office Suite including the ability to apply advanced techniques in spreadsheet, database, and word processing applications.  Advanced ability to work with, manage and analyze data is required.
  3. Able to correctly and efficiently produce Apex sketch files, from scratch, on complex real property.
  4. Also, must be able to understand, analyze and interpret balance sheets, profit/loss statements, and cash flow reports, rent rolls, income and expense statements, and other financial documents related to reality.  Able to solve practical problems by appropriately choosing from a variety of mathematical techniques.
  5. Expresses ideas and facts to individuals or groups in a succinct and organized manner, listens to others and facilitates an open exchange of ideas.  Recognizes and uses correct English grammar, punctuation, and spelling; produces written information that is appropriate for the intended audience.
  6. Makes sound, well-informed, and objective decisions; perceives the impact and implications of decisions; commits to action to accomplish goals; embraces change.  Able to solve practical problems by appropriately choosing from a variety of mathematical techniques.
  7. Identifies problems; determines accuracy and relevance of information; uses sound judgment to generate and evaluate alternatives, and to make recommendations.
  8. Is open to change and new information; adapts behavior and work methods in response to new information, changing conditions or unexpected obstacles.

Commercial Appraiser Salary Information

Commercial Appraiser Salary Information

According to the Bureau of Labor Statistics (BLS), the median annual salary for commercial real estate appraisers is $54,010. The lowest 10 percent of workers earn less than $28,440.

The highest 10 percent of earners make more than $101,710. Industry employment of commercial appraisers is expected to grow 14 percent through 2026, which is faster than average for all occupations.

Shortlisted Applicant Update

If you’ve been shortlisted, then you’ve got your foot in the door. And it’s time for you to shine at the final stage – the interview.

However, it could be a telephonic, Skype, or a face-to-face interview. And this is depending on the employer. When shortlisted:

  1. Endeavor to get information about the company.
  2. Also, ensure you have a clear vision. Try to figure out why you want the specific position. And how you would be a good fit. Also, go through your application.
  3. Additionally, be interactive. It’s an interview, not an interrogation. There is much more to you than your resume.
  4. The practice goes a long way. Thus, take mock interviews with your friends or practice speaking before a mirror.
  5. It’s rare, but sometimes you do get an offer letter directly based on your application. You start planning the celebration, but remember some points before you go into that party mode: Get it in writing.
  6. Also, go over the written offer in detail. And make sure all important details are mentioned and ask questions if you don’t understand anything. Such as work profile, start date, duration, and stipend, etc.
  7. Send a thank-you letter to the employer, once you accept the offer.
  8. Also, follow up with an e-mail confirming your start date and expressing your enthusiasm for your new role.

From the above, it is important you note that we are not partnering with these companies. We are only making this information available so as help you get that your dream job. As such, as you apply, ensure to do more research about the company. GOOD LUCK.

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