Is it time to take the next step in your appraisal career? A license upgrade can give you a much-needed advantage in the local market and offer you greater control over your fees and more stability in your work. Recent survey data shows that a higher license level means more money and more choices for the assignments you decide to take on. If you’re thinking about upgrading your appraisal license, why wait? Here are a few good reasons why now may be an excellent time to upgrade.
The higher your license level, the more money you can earn. On average, certified residential appraisers earn $2,500 more annually than licensed appraisers. Certified general appraisers earn nearly $18,000 more annually than certified residential appraisers. Now that’s a big jump in annual income!
More complex assignments
If you’re growing tired of appraising simple properties or are looking for more complex assignments with more income potential, upgrading your license is a good move. Certified residential appraisers can appraise complex and high-value residential properties (1-4 units). Certified general appraisers (a.k.a. commercial appraisers) can appraise all types of real estate—including strip malls, airports, theme parks, hotels, and more.
The ability to take on more complex assignments means you can charge higher fees for your work. Certified general appraisers realize the highest fees for both full and limited scope appraisal assignments.
Increasing demand for commercial appraisers
The appraisal profession is aging. According to the 2020-2021 Appraisal Income Guide, more than 15% of certified general appraisers indicate they will retire in the next 6-10 years. This presents an opportunity for those who are considering upgrading their license level to certified general, as the demand for certified general appraisers (a.k.a. commercial appraisers) is almost certain to increase in the coming years.
McKissock Learning offers several options for upgrading your appraisal license. Learn about license upgrade education here. Plus, check out our Unlimited Learning Membership—one stop for all your continuing education and professional development at a fraction of the cost.
Editor’s note: This post has been updated with new survey data from 2020.