Start-Over Success Business Under $4,000:
Real Estate Appraiser
Becoming a real estate appraiser can be a great choice. There are low start-up costs, flexible hours, and a high work-life balance and overall satisfaction.
With good business practices, relationship building, and marketing it can lead to a very respectable, comfortable income.
With a better-than-usual opportunity for work-life balance, it’s said that being a real estate appraiser is one of the most fulfilling professions.
How Much Can You Make as a Real Estate Appraiser & Inspector
Appraisals often run $400 or more. Doing just two a day, the income adds up. There’s job security, too. Appraisals are necessary when a property is sold, a new loan is initiated, or property value must be determined because of a divorce.
Buyers, builders, and lenders count on real estate appraisers to report on a property’s valuation. Inspectors report potentially costly damage or safety hazards.
Consider Requirements to Become a Real Estate Appraiser
Each state has requirements for becoming a real estate appraiser.
Not all states require certification, but to work with some companies, they will require it. You may want to start without certification until you’ve earned enough to pay for it.
Some states insist that you work as a trainee for 1,000 (6 months) to 3,000 hours (1 1/2 years) before you can start on your own. Pay as trainee is low; consider it as an investment in your business.
Why Become a Real Estate Appraiser & Inspector?
It’s Easy (enough) After you fulfill the trainee hours, it’s easy to start your business.
It’s High Demand Work Whenever property is bought or sold, or when there’s a new loan, a real estate appraisal is required.
It is a Recession-Proof, Essential Service
Whether the economy is on an upswing or falling, properties change hands, and appraisals are needed.
Low Cost to Start & To Operate
For under $4,000, you can start your real estate appraisal business. You can start without an expensive college degree or franchise costs.
- One-time/annual costs: $2,140
- Monthly costs $153
- Plus gas & maintenance/mo $400
(Auto & insurance are not counted)
- It's a good idea to establish an LLC or
Corporation ($400+)
What You Need to Begin
- Classes:
It’s a good idea to take classes ($700) to teach you how to do real estate appraisals. Some have ongoing support, which is great since when it comes to real estate you want to dot your i’s and cross your t’s. - Home Inspection License & Permits ($1,000, depending on the state)
- Insurance, Errors & Omissions ($100/mo)
- Business Website (BlueHost.com $3/mo)
- Business Phone & Internet ($50/mo)
- Legal Entity, LLC, Corp, S-Corp (around $400 fees)
- Business License ($40)
- Home Appraisal Software ($60/mo)
- Vehicle (You already have)
- Basic Inspection Tools ($300) Including ladders
- Testing Equipment Gas ($30) & moisture detector ($30) and voltage “sniffer” ($20)
Apps for Running Your Business
- Quickbooks.com ($15/mo)
- CRM (Contact Relationship Management) ($15/mo) Keep track of leads and clients
- Calendly for scheduling meetings ($30/mo)
- Invoicing App
How to Get Clients for your Real Estate Appraisal Business
As a real estate appraiser, people need to trust you. You can meet people and make positive impressions, with your marketing:
- Website (hosting from BlueHost $3/mo) Use WordPress and Theme ($0 Free)
- Networking – live meetings @ $15-75/each
- Local Chamber of Commerce ($400) & meetings ($30/mo)
- Facebook business page – join local groups. Post helpful information people will value
What's Next For You?
Obviously, you could add employees and expand your appraisal business. If you’ve gotten good at getting business, you probably have more jobs than you can handle. Of course, once you have people working for you, you’ve got another job – leadership & management.
That said, a Real Estate Appraisal business doesn’t lend itself to “grow to $Millions.” But …
As a real estate appraiser, you become very familiar with the real estate industry and you make great connections. So, you’ve got an insider’s view of opportunities for Real Estate Investments, collaborations, and more. If you’re interested, there are $Millions waiting for you.
