A “luxury” home is not so much about price tag as it is about quality and customization. At its core, it’s any home that is a step above typical or even high-end traditional homes in the area. So, you don’t have to live in an area full of sprawling mansions and multi-million-dollar homes to become a luxury home appraiser. There are many reasons why appraising luxury homes is recommended for real estate appraisers. The following are just some of the top reasons.
1. The luxury market is stable
Unlike the traditional real estate market, the upper-tier real estate market tends to be less influenced by economic fluctuations, providing insulation that the traditional market just doesn’t have. As wealth is transferred from generation to generation and Millennials start to accumulate assets and purchase property, it is very likely the luxury real estate market will continue to see positive growth for years to come.
Certification program: Differentiate yourself by becoming a Certified Luxury Home Appraiser™ (CLHA).
2. Luxury home appraisers offer a unique skill set
The complexity of many luxury homes increases the demand for licensed appraisers who have the skills and experience that non-appraisers and automated tools just don’t have. Each luxury home tends to be unique, so it is harder to find similar homes as comparables. Moreover, luxury real estate appraisers need to be able to demonstrate knowledge of high-end finishes and materials, keep up with trends in the luxury market as well as a slew of other variables that go into a luxury home valuation, making luxury home appraisers highly coveted.
3. Luxury home appraisers get to do exciting, challenging work
If you’re looking for something to spice up your workday, taking on luxury home appraisals could be the way to go. When you become a luxury home appraiser, not only will you get to appraise unique and awe-inspiring homes, but you may also meet a celebrity or two along the way.
“I always found dealing with the challenging and difficult properties the most rewarding. I found it fascinating, learning the luxury market—what drives value, what is expected at certain price points. And you get to inspect some amazing homes and meet celebrities and athletes, which is a bonus.” – Tom Kneesel, SRA, AI-RRS, Wisconsin
4. Luxury home appraisers earn higher fees for fewer assignments
Another perk of appraising luxury homes is that it allows you to earn more while taking on fewer assignments. Depending on the market and type of luxury property, an appraiser may only have to focus on 5-8 appraisal assignments a month instead of juggling 15-25 assignments to achieve the same monthly income. Moreover, compared to traditional home appraisals, the complexity and uniqueness of luxury homes allow you as the appraiser the time to work more at your pace and style.
Now that you’re familiar with the top reasons to become a luxury home appraiser, learn how to make the leap from appraising traditional homes to high-end, luxury homes in our free guide.