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Start-up Investment
Low - $3000 (for word processor and camera, using the family car)
High - $10,000 (includes an office, car lease, and some advertising)
Break-even time - Two months to one year
Estimate of Annual Revenue and Profit
Revenue $70,000 - $3 million (one person at low end; supervision a staff of appraisers at high end)
Profit (Pre-tax) - $60,000 - $500,000
Real Estate Detectives
The function of a real estate appraiser is to determine what a particular piece of property is worth. Clients for this industry can be found in a number of different areas:
Government: every time the government condemns a property or reassesses taxes, they will need to know the value of the property.
Attorneys: whether they are distributing an estate or representing clients in a business partnership break-up or marriage where couples or partners must divide real estate.
Buyers and/or sellers: before listing or buying a home, individuals will want to know the value of their property.
Insurance carriers: before making property damage settlements, insurance carriers will want to know the current value of the property they are insuring.
Banks: loans are not made or a home foreclosed on without the value of the property being established.
Appraisers can either specialize in one of the above or just handle residential or commercial properties, but many larger companies cover all the bases. Not all areas of real estate are moving at the same pace at the same time. If an appraiser is able to handle a cross-section of the market, he can stay busy dealing with residential when commercial is soft and vice versa.
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