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 three 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 almost twice the income of those who struggle in maintaining their expenses.
2. Managing time
Appraisers who excel at time management earn approximately $14,000 more per year than appraisers who lack discipline in this area. With so many priorities hitting your inbox each day, it’s crucial to rely on time-saving tools and resources.
To help your appraisal business run more efficiently, consider investing in technologies such as appraisal management software or business management software. Additionally, you might consider hiring an assistant or appraisal trainee to handle some of your day-to-day tasks.
3. Finding 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 $47,000 more per year than appraisers who fail at obtaining new clients.
Now more than ever, it’s important to invest in yourself and your career. Top earners in the appraisal industry are those who consistently manage their business expenses, manage their time, and know their way around obtaining new clients. For resources to help you sharpen your business skills, browse our appraisal blog and professional development courses. For a more in-depth look at how expertise in key appraisal competencies pays off, download the 2020-2021 Appraisal Income Guide.
Editor’s note: This post has been updated with new survey data from 2020.