What does a property appraiser do?

When buying a house, an apartment, or any property, it is usual to request a real estate appraisal to know the value of the property. In fact, if the buyer needs a mortgage to continue with the process of buying the home, it is an essential part, since it is a requirement requested by banks and financial institutions.

But who can calculate the value of the house or apartment? This is where the figure of the property appraiser enters the process. In this post, we will look in detail what a real estate appraiser does and what their main functions are. And if you are interested in a professional career as an appraiser or in real estate, you should consider studying for a degree in Architecture in Madrid.

What is a home appraiser?

Real estate appraisers are the professionals in charge of putting a value on any type of property. It is one of the professional opportunities for students of architecture and it is about accurately estimating the prices of properties according to the market.

There are a number of steps involved in a property appraisal process. The real estate appraiser takes into account factors such as the number of bedrooms, bathrooms, the floor plan’s functionality, and how large the property is. In addition, the value of the property is also influences by sales of similar ones in the area and current trends in the market.

The appraiser must perform a complete visual inspection of the interior and exterior of the property and note any conditions that adversely affect the value, such as repairs that need to be carried out.

Main functions of a property appraiser

As we have mentioned, the main role of the appraiser is to place a value on a home.

To do this, they have to do various such as:

• Study the characteristics of a property (land, flats, houses, apartments and other types of properties),
• Draw the floor plans,
• Take pictures of the interior and exterior,
• Collects important data that influences the valuation of the property, such as the facade, height, surface, distribution per square metre, view and environment.

In addition to collecting this information, another important function is to verify that the documentation of the property is correct. When estimating the value, the appraiser needs information such as, for example, if the house has a mortgage, the year it was built, and if the house or apartment is correctly registered with the relevant authorities.

What are the skills a property appraiser needs?

An appraiser needs several skills, such as high data analysis or communication skills. If you are considering working in the industry, you should know some of the essential knowledge. These include:

• Highly skilled with numbers and/or mathematics, data analysis, and technology
• Ability to perform accurate calculations
• Keep up with changes in laws that affect the real estate sector and the purchase and sale of homes
• Excellent written and oral communication skills

In addition to possessing these aforementioned skills, an appraiser must also have various competencies, acquired through their studies and professional experience, such as:

• Be an organised person
• Capacity to deal with the general public.
• Anticipate and analyse trends and changes in the market
• Maintain client confidentiality
• Attention to detail, both in data analysis and the design and architecture of a building
• Take the initiative
• Being able to work alone and within a team or with other professionals

What to study to be an appraiser?

To be an appraiser, it is important to have high knowledge of architecture and design. At Universidad Europea, our academic model is based on experiential learning, and during the program you will carry out internships in leading companies and organisations in their sectors. As a result, you will have the opportunity to acquire the necessary skills before finishing your studies and meet professionals and expand your network of contacts.

During your program, you will learn from experts and professionals with several years of experience. Many of our professors are still active in the market today in addition to teaching at the university, so you will be up to date with the latest developments and trends in the sector.