Real estate appraisers are well-respected (and well-paid!) members of the real estate community.
As an appraiser, you’re responsible for assigning a value to a property. This is regularly done during a real estate transaction to make sure the agreed-upon purchase price reflects fair market value. An appraisal is also completed during refinances to show the lender how much the property is currently worth. And business-owned properties are regularly appraised to calculate the value of the business’s holdings.
It’s a challenging and rewarding career, one that pays well without requiring a college degree!
So let’s look at how much the average appraiser in Florida makes, what the income potential is for someone willing to work extra hard, and what you can do to boost your income as an appraiser.
How much does the average Florida real estate appraiser make?
According to the Bureau of Labor Statistics, Florida real estate appraisers earn an annual average wage of $53,900. This is enough to make a good living in Florida, where the cost of living index is just below the national average. Appraisers in Florida may not make as much money as appraisers in states like Nevada, California, and Colorado (as shown in the graph below), but it doesn’t cost as much to live in Florida, so your income goes further.
If this average wage seems low to you, there’s an important detail to keep in mind. Because many appraisers choose to work independently, they make their own schedules, and many of them choose to keep part-time hours, which naturally leads to lower pay and brings down the average. If every appraiser worked full-time, the average would be higher.
What is the income potential for Florida appraisers?
We covered the income averages, but what about your income potential? If you decide to be an independent appraiser (as opposed to working as an in-house appraiser for an appraisal firm), you’ll be able to decide how hard and how much you want to work. This gives you some serious income potential.
But how much? Florida appraisers in the top 90th percentile are making over $90,000!
How do I maximize my Florida appraiser income?
If you want to be closer to the $90,000 annual income than the average $53,900, consider these income-boosting tips:
Go independent. It will be more work since you’ll effectively be a business owner, but you won’t be limited by the salary an appraisal firm would offer.
Work the luxury markets. The higher the property values, the more money the appraiser stands to make on each appraisal.
Don’t limit yourself to residential. While residential appraisal is the perfect starting point for your appraisal career, the big money is in commercial appraisal. You’ll need to become a Certified General Appraiser (a step higher than a Certified Residential Appraiser), but it’s a smart move for those who are motivated.
Florida real estate appraisers are professionally respected and earn a good living. And getting started on your new career path is easy! You just need to sign up for your appraisal courses and start learning. Don’t wait to launch your new career. Get started today!