What skills are correlated with financial success in the real estate appraisal industry? In a recent survey, we asked appraisers to self-evaluate their expertise across categories as expert, growing, novice or failing. Then we took a look at their earnings across those categories. We found that top earners in appraisal excel in a few key areas.
Here are five things that high-earning appraisers tend to be really good at:
1. Managing business expenses
Be sure to take care of your bottom line. Appraisers who consistently manage their business expenses earn more than three times the income of those who struggle in maintaining their expenses.
For a more in-depth look into areas where you can maximize your income, download the 2019 Appraisal Income Guide.
2. Managing time
Appraisers who excel at time management earn $51,769 more per year than appraisers who lack discipline in time management. With so many priorities hitting your inbox each day, it’s crucial to rely on time-saving tools and resources.
3. Obtaining new clients
Top earners in the industry consistently obtain new clients and are pros at soliciting business. Appraisers who are experts at finding new clientele earn over $51,000 more per year than appraisers who fail in this area.
4. Staying up-to-date on best practices
Appraisers who invest in their education and stay up-to-date on the profession’s trends and best practices earn over two times the income of appraisers who are failing in this area. Now more than ever, it’s important to invest in yourself and your career. Myriad opportunities present themselves—from professional development courses and conferences to blogs and social media.
5. Adopting new technology
Appraisers who adopt new technologies earn over $44,000 more per year than appraisers who aren’t leveraging those tools. Learning how to adopt—and adapt to—the new technologies can also help you with the other best practices above.
Top earners in the appraisal industry are those who manage their business expenses and time, stay up-to-date on best practices, know their way around obtaining new clients and adopt new technology. For helpful resources in these areas, browse our appraisal blog and pro-series webinars. For a more in-depth look at how expertise in key appraisal competencies pays off, download the 2019 Appraisal Income Guide.