An appraiser is a person who estimates the market value of a wide range of thing such as a personal belonging or property. A variety of methodologies and functions are carried by appraisers in order to conduct the full appraisal of the particular object and they also have to ensure its authenticity and replacement value. Appraiser responsibilities consist of these valuation tasks as well as coordinating with different agencies and professionals to determine the true value of the object in question. Some appraisers estimate the damage caused to a particular property or personal belonging such as an automobile and provide this information to the respective insurance company so that the repair costs for the damage are covered. Appraisers play an important role during the selling and purchase of real estate properties and valuable jewelry items.
Responsibilities of an Appraiser
As there are a number of different types of appraisers who work on the appraisal of different items, it is not possible to generalize their job functions as they may greatly vary from each other. Following is a list of responsibilities carried out by various types of appraisers:
These are the most common type of appraisers who evaluate the financial value of a property such as a residential plot, house or commercial establishment to attract buyers during its sale. The appraisal work is also carried out to determine the value of the property for mortgage, investment or loan purposes. Extensive inspection and research work by checking public records and taking the help of professionals such as architects and engineers, is carried out by real estate appraisers while performing their daily tasks.
Jewelry appraisers are skilled in the field of gemology, which is nothing but the detailed study of valuable gems and metals such as gold, platinum and silver. They can identify the authenticity and value of jewelry item by performing minute observations and unobtrusive experiments on it. This helps in determining the market value of the ornament so that it may be sold or purchased by interested clients.
These professionals perform the valuation tasks of small business or organizations when another organization is interested in securing a business partnership or take over of the smaller firm. They have to find out information about the past records of the organization, its transactions with third party clients and identify any trademark or copyright issues that may pose a threat at the time of the purchase agreement.
Automobile damage appraisers mostly represent auto insurance companies and help in estimating the cost of repairs required for a damaged vehicle. They also coordinate with various automobile repair agencies and find the best deal for repairing the damaged vehicle as per the market standards. Auto damage repairers should have good knowledge about the different parts of a vehicle and the types of manufacturers in the market.
Skills Required in an Appraiser
An appraiser in any field is expected to possess a good business acumen and sound knowledge about the particular object that they are appraising. While technical knowledge might not be necessary, it always helps to have in-depth information about an object while preparing an estimate cost for it. Appraisers have to interact with a number of professionals and other individuals in order to help in the valuation process and obtain a precise estimate of the object. Thus, it is necessary to have excellent interpersonal and communication skills for any individual working in this field. With technology playing an important part in the field and making things easier in terms of calculations and reporting, it is essential for appraisers to have basic knowledge of software applications such as MS Excel and Power Point.
The educational requirements for an appraiser greatly depends upon the particular subtype of their work. Jewelry appraisers have to complete a course in gemology and work under an experienced jewelry person or appraiser for a period of time before starting their own career as a jewelry appraiser. In most other cases, a graduate degree in any field along with trained experience by assisting a senior appraiser is necessary for individuals seeking jobs in this field.
Thus, an appraiser's responsibilities mainly depend upon the property or valuable item that they perform appraisal work on and the cost estimation methods used while carrying them out.