A “luxury” home is not so much about price as about quality and customization. Basically, it’s any home that goes above and beyond the typical traditional or even high-end homes in the area. So, you don’t need 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 luxury home appraisals are recommended for real estate appraisers. Here are some of the main 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 simply does not have. As wealth is transferred from generation to generation and Millennials begin to accumulate assets and buy property, the luxury real estate market will likely continue to go through certain progress for years to come.
2. Luxury home appraisers give a distinctive skillset
The complexity of many luxury homes increases the demand for licensed appraisers who have the skills and experience that non-appraisers and automated tools simply don’t have. Each luxury home tends to be unique, so it’s harder to find similar homes as comparable. Additionally, luxury real estate appraisers must be able to demonstrate knowledge of high end finishes and materials, keep up with luxury market trends as well as many other variables that go into valuing a luxury home. luxury, which makes luxury home appraisers highly coveted.
3. Luxury home appraisers do exciting and challenging work
If you’re looking for something to spice up your workday, undertaking luxury home appraisals could be the way to go. When you become a luxury home appraiser, not only will you be able to appraise unique and impressive homes, but you may also meet a celebrity or two along the way.
I have always found managing demanding and difficult properties to be the most rewarding. I found it fascinating to learn about the luxury market – what drives value, and what is expected at certain price points. And you can inspect amazing homes and meet celebrities and athletes, which is a bonus.
4. Luxury home appraisers get higher fees for a small number of assignments
Another benefit of luxury house appraisal is that it allows you to earn more while accepting fewer assignments. Depending on the market and type of luxury property, a commercial real estate appraiser may only have to focus on 5-8 appraisal assignments per month instead of juggling 15-25 assignments to get the same monthly income. Additionally, compared to traditional home nationwide property and appraisal services, the complexity and uniqueness of luxury homes allows you, as an appraiser, to work more at your own pace and style.
Now that you know the top reasons to become a luxury home appraiser, find out how to go from appraising traditional homes to high-end luxury homes in our free guide.