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Real estate appraisers in Illinois make an average yearly income of $63,470. The income range typically ranges between $46,590 and $105,580. Top earning Illinois appraisers make over $142,330. (-)
Real estate appraisers are not paid by commission. Rather they are usually paid a flat fee or compensated by the time to complete the assignment.
This fee structure helps ensure that the appraiser’s only motivation is to provide an accurate estimate of a property’s value rather than earning a commission from the sale. Thus, it minimizes any potential conflicts of interest that could arise.
In this guide, I will uncover how much do real estate appraisers make in Illinois, the areas with top-earning appraisers, and whether being a commercial or residential appraisers has any effect on the income.
Source: (-) Bureau of Labor Statistics (May, 2021)
Income Demographics of Real Estate Appraisers in Illinois
How Much do Trainee Appraisers in Illinois?
Real estate trainee appraisers in Illinois make an average yearly income of $30,498. The income typically ranges between $21,696 to $35,147. Top earning trainees are making as high as $47,731 per year. (*)
At the beginning phase of your real estate appraisal career, you probably would not make a lot because you would be working as a trainee under the supervision of another Certified Appraiser.
However, the payout for evaluating the commercial real estates could be more lucrative, so that they might be able to compensate you better even when you’re just working as a trainee. One of the appraisers I spoke to said that CBRE, Colliers, JLL, and Cushman routinely hire trainees. You may check whether they are hiring in your area.
As you continue to accumulate work experience and obtain the necessary licensing (i.e., Certified Residential/General Appraiser License), you should be able to notice a significant improvement in your earnings.
Source: (*) ZipRecruiter (May 2022)
The first step to your appraisal career is to complete the pre-licensing courses from a trusted education provider. McKissock received an incredible rating from its students, and their online lessons are taught by instructors who have actual experience in the appraisal industry. You may click here to find out more about their courses. (**)
How Much do Residential Real Estate Appraisers Make in Illinois?
Residential real estate appraisers in Illinois make an average yearly income of $73,530, typically range between $48,165 to $92,859. Top earners are making as high as $110,216 per year. (*)
A residential real estate appraiser is a professional who assesses the value of properties, such as houses or apartment units. You may appraise homes for a buyer or a mortgage lender by performing market research on comparable homes in similar areas sells for.
You may also work for a government agency, such as a county appraiser’s office or housing authority, or an appraisal firm to perform similar duties.
If the residential market is the niche you are pursuing, consider obtaining the Certified Residential Appraiser License. It gives you a broader scope of work than being a Licensed Residential Appraiser – thus, leading you to greater income potential.
Source: (*) ZipRecruiter (May 2022)
How much do real estate appraisers make per appraisal in Illinois?
According to HomeAdvisor, real estate appraisers make an average of $315 – $405 per home appraisal in Illinois. Let’s take an median fee of $360.
Then you would need to complete ($73,530 div by $340 ) 204 home appraisals per year to earn an average annual income of $73,530, which works out to be 17 appraisals per month, which works out to be around 4 appraisals per week.
However, if your work order is obtained from Appraisal Management Companies (AMC), you may need to share a portion of the appraisal fee with them for referring the business to you. Thus, you may need to complete a greater volume of appraisals to achieve your desired income level.
How Much do Commercial Real Estate Appraisers Make in Illinois?
Commercial real estate appraisers in Illinois earn an average yearly income of $109,188, typically range between $93,918 and $125,253. Top earning CRE appraisers are making $139,879 per year. (+)
The role of a commercial real estate appraiser is to provide an objective and unbiased opinion on the value of a property based on market data, comparable sales, income analysis, and other relevant factors.
Unlike residential real estate appraisers, which focus on home valuation, CRE appraisers have a much broader scope of work, such as office space, retail stores, warehouses, hotels, golf courses, industrial properties, etc.
To become a commercial real estate appraiser, you must obtain the Certified General Appraiser license. This is the highest appraiser license you could get, which requires extensive work hours, pre-licensing education, and passing an exam.
Furthermore, if you aim to achieve greater recognition in the appraisal industry, you may consider obtaining the MAI designation. Many clients would prefer hiring an appraiser with such credentials for high-value projects or complex assignments.
According to HomeAdvisor, MAI appraisals are often completed for commercial properties, which cost between $2,000 to $10,000.
Source: (+) Salary.com (April 26, 2022)
Different data sources report different Illinois appraisers income figures
| Average Salary | Bureau of Labor Statistics | ZipRecruiter | Salary.com |
|---|---|---|---|
| Real Estate Appraiser | $63,470 | $65,605 | N/A |
| Residential Real Estate Appraiser | N/A | $73,530 | $58,147 |
| Commercial Real Estate Appraiser | N/A | $54,853 | $109,188 |
Most of the data in this article are obtained from different sources such as Bureau of Labor Statistics, Salary.com and ZipRecruiter. As you can see, there is quite a discrepancy among various sources.
Perhaps, it really depends on the appraisers in the sample. After all, their experience in the appraisal field, license level, and the real estate niche they specialize in could be different from one another.
But to confirm the validity of the figures, I also reviewed figures from other different sites (i.e indeed and LinkedIn). Below are some job postings I found, which should give you a more updated idea of real estate appraisers’ income in the current market.
| Job Title | Income Range | Employer | City |
|---|---|---|---|
| * Residential Appraiser (Remote) | $58,000 – $90,000 a year | Impact Valuation Group LLC | Remote in Chicago |
| * Manager of Commercial Valuations | $112,755 – $124,583 a year | Cook County Offices Under the President | Chicago |
| Real Estate Appraiser | $35,000 – $100,000 a year | Maloney Appraisal Company Inc. | Chicago |
Video Summary of Real Estate Appraisers Income in Illinois
Coming soon
Here are more incredible resources to learn about the Illinois real estate appraisal career!
This article is part of the “Illinois Real Estate Appraiser Career Series.” If you want to know more about being a real estate appraiser in Illinois, the following articles would be helpful to you:
- How to Obtain a Real Estate Appraiser License in Illinois?
- Helpful strategies to pass the Illinois real estate appraiser exam – Coming soon
If you are reading up to this point, I bet you must be interested in the real estate appraiser profession. Your first step is to complete the pre-licensing courses. You should select one that has an excellent reputation and long-term track record of satisfying students. McKissock is exactly that! You may click here to check it out yourself. (**)
(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on this site may contain views and opinions from individual not related to JCHQ Publishing. They do not necessarily reflect our view or position.
Reference:
- ZipRecruiter (May 2022)
- Salary.com (April 26, 2022)
- Bureau of Labor Statistics – Property Appraiser and Assessors (source)
- HomeAdvisor – How Much Does A Home Appraisal Cost? (source)
- RedFin – Illinois Housing Market (source)
- Indeed – Real Estate Appraiser Illinois (source)
