Real Estate Estimators – How to become one

real estate estimators

Many professions bring a good income. Today, we will tell you who an outsource estimator is, how much he earns, and how to become one. We will describe the features of the profession and offer step-by-step instructions on training and job search.

Learn the features of the outsource estimator profession

A real estate outsource estimator is a specialist who determines the value of real estate: for example, land plots, apartments, private houses, warehouse premises, and others. He collects information, comprehensively analyses it, and calculates the price of an object based on its characteristics.

A real estate outsource estimator is needed to purchase and sell objects and exchange and register collateral for consumer and mortgage loans. Therefore, the construction outsources estimators’ services are in demand.

The outsource estimator must be attentive, organized, and communicative. His work responsibilities include many tasks:Β 

πŸ“š collection of information that is needed for subsequent analysis – visiting sites, inspection, communication with various organizations, studying documents

πŸ“š analysis of collected information, determination of the cost of real estate using one or more methods

πŸ“š preparation of a report on the valuation of real estate according to specific requirements; for example, it should contain information on all the collected data valuation methods, and the pages should be stitched and numbered

πŸ“š conducting negotiations with banking organizations, auditing companies, and other companies

All this falls on the shoulders of the outsource estimator, mainly if he works as an independent specialist. He will not have some responsibilities if he is employed by a company. For example, a manager or administrator may communicate with clients in the first stages. The exact list of what the work of a real estate outsource estimator includes depends on the specific niche, company, and region. 

How much an outsource estimator earns depends on the number of orders and the region – services cost differs in different localities. The monthly salary ranges from 20,000 rubbles to 130,000 rubbles. The average income of an independent specialist is about 45,000 rubbles per month. Profits can be increased, but for this, you will need to work hard to build a good reputation among the target audience, that is, to become a brand to some extent. 

Weigh the pros and cons. 

The outsource estimator profession, like other professions, has advantages and disadvantages. Among the advantages: 

πŸ… Flexible schedule. You can build your own work schedule – when you go to the site, do paperwork, and calculate the cost of the object. 

πŸ… Possibility of remote work. If you decide to work for yourself, you can meet clients on neutral territory – for example, in a cafe and work from home. This will save money to be spent on renting an office. 

πŸ…Β High level of income. The average salary of a specialist is 40–45 thousand, and with a certain level of knowledge and a good reputation, you can receive an income 3–4 times higher than the national average.

Several disadvantages can offset all the advantages of working as estimators:Β 

πŸ”‘ Material responsibility. The outsource estimator is financially responsible to the client for the quality of the work done. If the cost is incorrectly calculated, the client may suffer damage, and you must compensate. 

πŸ”‘ The need to constantly learn. Outsource estimators need to constantly improve their level of knowledge to stay on trend. In addition, mandatory periodic training is provided – without it, you will not be able to work. 

πŸ”‘ High threshold for entering the profession. It will be tough for you in the specialty if you do not have an analytical mind. In addition, to become a specialist, you will need to work for a meagre salary as an assistant for the first few years. 

Get An Eeducation 

How do you become a real estate outsource estimator in the United States?Β 

First, you need to get the appropriate education: with a diploma, you can work in your specialty, join a CPO, or take out insurance for outsource estimator activities. 

You can immediately enter the profession of outsource estimator. But there is one problem – in our country, there are critically few BU3s that train such specialists. For example, you can obtain the specialty “property outsource estimator expert” at the Institute of Professional ooutsource estimator or the International Academy of Outsource estimator and Consulting. Due to the small number of BU3s, you will encounter competition for free places: you may not get in the first time. 

There is another way to get a diploma that will allow you to work as a real estate outsource estimator in the future: first, get a higher education in economics, law, or construction, and then take retraining courses or additional professional education.

For example, outsource estimator training courses are offered by the following educational institutions:Β 

πŸŽ“ US Economic Academy named 

πŸŽ“ Modern Scientific and Technical Academy

πŸŽ“ USA University of Geodesy and Cartography

πŸŽ“ Interregional Academy of Construction and Industrial Complex; 

πŸŽ“ US Institute of Law. When choosing courses, carefully read their descriptions.

Choose training, after completion of which you will be issued confirming certificates or state-issued diplomas. If you take the course and do not receive any document confirming this, you cannot join the CPO and work in your specialty. 

Take practiceΒ 

In many areas of activity, theory is something with practice, and assessment activities are no exception. After receiving professional education, you must practice for 1–3 years as an outsource estimator assistant.

This is how you will learn:Β 

πŸ’Ό It is correct to collect information about objects, paying attention only to significant things

πŸ’Ό Process an extensive array of documents quickly search for the necessary information

πŸ’Ό Calculate the value of real estate using several methods, using different data

πŸ’Ό Understand how the price of real estate is formed depending on their characteristics

πŸ’Ό Communicate with clients to draw up agreements on the provision of services. 

That is, learn how to evaluate real estate in practice. You will make mistakes, but mentors – expert outsource estimators – will point them out and explain why you should do it differently and how to do it better. 

You can look for a place to practice in several ways. For example, agree with the company where you completed your internship from BU3a to hire you after completing your training. Or ask the retraining course organizers to provide jobs after receiving a certificate or diploma.

The most effective way is to look for vacancies yourself:Β 

πŸ”Ή Through friends, if you know outsource construction estimators’ services or people associated with this area; 

πŸ”Ή On the websites of outsource estimator companies – they often post information about vacancies in the corresponding section; 

πŸ”Ή On websites with resumes and vacancies – for example, or 

Be prepared that the salary will be low the first time you complete the internship. Assistant outsource estimators earn much less than the outsource estimators themselves. But practice is an integral stage for obtaining an in-demand profession. Without it, you will make many mistakes and cannot obtain permission for outsource estimator activities. 

Pass the Exam

After completing 3 years of practice, you need to pass the exam. It is called qualifying because it confirms an increase in qualifications. After passing it, you are given a certificate that allows you to work as an outsource estimator independently, not as an assistant, but as a specialist. Every 3 years, you must confirm your right to work: pass the exam and receive a certificate again. If you don’t do this, you won’t be able to work in your profession. 

Practice is needed just to pass the exam successfully. The form of the exam is strictly regulated; it is held the same in all regions. The candidate must pass exams in three areas: real estate, movable property, and business valuation, including intangible assets and intellectual property. The exam is administered by the Federal Research Centre and lasts 2.5 hours. 

Join CPO 

Each outsource estimator who plans to work in his specialty must join a self-regulating CPO. This is necessary so that you can work legally and ensure your activities. In addition, CPO members receive legal and qualification support, access to new databases and technologies, and the best training programs. A list of self-regulating organization of outsource construction estimator services can be found on the official United States website. Please note that you can select only one CPO – the outsource estimator has the right to be a member of only one organization at a time.

To become a member

You must provide the following package of documents to the representative: 

πŸ“‘ application for joining the CPO and an application confirming consent to the processing of personal data – they can be written upon receipt

πŸ“‘ notarized copies of a diploma confirming higher professional education or copies of retraining of specialists

πŸ“‘ copies of qualification certificates confirming increased qualifications at least once every 3 years from the moment of receiving the diploma

πŸ“‘ copies of documents that confirm the basis for changing your last name if your last name is different in different documents – for example, you changed it after marriage; 

πŸ“‘ copies of a document confirming identity – passport of a citizen of the United State Federation

πŸ“‘ certificate of absence of an outstanding, unexpunged criminal record for crimes in the economic sphere, as well as for grave, serious, medium-gravity crimes. 

Some CPOs also require you to provide a certified copy of your insurance policy. Sometimes, it can be issued upon joining or after it – check the conditions with your chosen organization. 

The CPO will review the documents within 7–10 days and make a decision. If it is positive, you will be given a certificate of the established type after entering your data into the register of members of the society. It will confirm your right to evaluate real estate. 

Outsource construction estimators

You will have to pay for membership in the CPO. Specific amounts may vary depending on the region and the specific organization of construction outsource estimating services in the United States.

On average, the cost is: 

πŸ’° 30,000 $ β€” contribution to the compensation fund; 

πŸ’° 5,000 $ β€” entrance fee; 

πŸ’° 10,000 $ β€” annual membership fee. That is, you will have to immediately pay about πŸ’° 35,000 $ β€” to become a member of a self-regulated organization and receive a real estate outsource estimator certificate from it. And then you will need to pay about another 10,000 $ annually.Β 

Take out an insurance policy

By post 15 F3 135, real estate outsource estimators must take out an insurance policy. The insurance cost depends on the amount the insurance company can reimburse. The higher it is, the more you will have to pay for the policy. It usually costs 300 $ for every 300,000 $ of the insurance amount. If you need an insurance amount within 5,000,000 rubbles, you must pay about 2,500–4,000 rubbles for the policy when you register. 

The insurance cost may vary depending on your chosen company because different insurance companies use different rates. Compare offers from several companies to choose the best solution. 

Start working as a construction estimator for real estate projects

You can start working in any company or on your own. Each option has its own pros and cons. 

For hire:Β 

A hired job is a job in a company. Your responsibilities will be standard: collecting information about objects, cost analysis, and generating reports. 3a Searching for clients and communicating with them at the initial stage will be the responsibility of other employees, so you won’t have to look for customers yourself. 

Read more: How to hire a construction estimator?

All that is needed from you is to work according to your profile. However, the salary of an outsource estimator in the company is lower than that of independent specialists. This is because the company will pay taxes for you, contribute to various government funds, and pay salaries to other specialists: administrators, marketers, etc. 

Often, to get a job at a company, you just need to find a vacancy. This can be done on the websites of outsource estimator companies and on unique platforms for publishing advertisements. Most often, employers only require a diploma of professional education, a certificate of membership in a CPO, an insurance policy, and practical experience. Practical experience can also be understood as the practice you completed as an assistant specialist. 

Some employers can help with joining a CPO and obtaining an insurance policy. Many of them often additionally require:

πŸ“² experience working with a PC – recently, estimator have begun to use various software that helps them in their work; 

πŸ“² category “B” driver’s license, ideally a personal car for traveling to sites;  

πŸ“² agreement to go on business trips – for example, to other regions and cities; 

πŸ“² agreement to undergo specialized training, training courses, and webinars – this is

How the outsource estimator will improve his qualifications and know about new laws, methods, and rules. 

Study the descriptions of specific vacancies to understand what a specific employer wants. 

On your own

An independent property and land valuation specialist earns more than a state specialist. It has no additional costs – for example, you don’t need to rent an office; you can work from home or a co-working space. There is no need to pay salaries to other employees if you work for yourself. 

The income is higher in self-employment, but you must do more. For example, you will need to monitor your knowledge independently and constantly, as well as your skills. The search for clients also falls entirely on your shoulders. 

To work independently, it is enough to open an individual entrepreneur without the right to hire employees. To do this, you need to write an application to the Federal Tax Service, register and independently pay contributions to the Federal Tax Service Federal Tax Service, and also give a certain percentage of income: 13% according to the standard system topic or 6% under a simplified tax scheme. 

In My Company

A more progressive type of independent work creates a construction company in my company. Income will also depend entirely on you: the more clients you attract, the more you earn. 

But, when creating your own outsource construction company, calculate all the risks in advance. You will have a great responsibility. You must count expenses and income, hire employees, train them, look for clients, and ensure the company’s activities comply with all laws. 

To create a company, you can open an individual entrepreneur with the right to hire employees or LLC. If you decide to create a legal entity, remember that you will need to hire an outsource construction outsource estimator services. Their right to conduct assessment activities mustn’t be suspended. The legislator prohibits being the sole founder of a company conducting outsource estimator activities.

Otherwise, everything is simple: contact the Federal Tax Service with a registration application – tax officers will tell you what to do and how to do it next. 

Work with qualityΒ 

A specialist’s income level largely depends on his reputation. The better the reviews about you, the more people will be willing to pay for your work. To develop a good reputation, you need to work well. 

πŸ‘πŸ» Manage your time correctly. It is better to refuse 1-2 clients if you are unsure, you can fulfill all orders. If you receive too many orders, you risk not having time to make several reports or calculation mistakes. This will hurt your reputation – dissatisfied clients may write bad reviews. 

πŸ‘πŸ» Please advise in detail. Explain to clients why you calculated the cost of real estate using the chosen method and what characteristics influenced the price. Answer additional questions, for example, how to reduce or increase the cost of real estate, how the report will be used by banks, and what they need it for. 

πŸ‘πŸ» Increase your level of knowledge. In outsource estimator activities, as in other areas, everything is constantly changing. Don’t lag behind the market: follow new technologies, use updated databases, and constantly improve your skills. This will make your services relevant and allow you to create high-quality reports on real estate valuation. 

πŸ‘πŸ» Try not to make mistakes. The work of an outsource estimator requires concentration and attention. And every mistake threatens material liability. Therefore, try not to make mistakes: carefully study the documents and check the calculations several times. The fewer mistakes you make, the more often you will be recommended to acquaintances, colleagues, and friends. 

Let’s summarize what is needed to work as an outsource estimatorΒ 

πŸ”Έ Study the features of the profession. Understand that you must work with papers, communicate with people, and make calculations for most of your working day. 

πŸ”Έ Weigh all the pros and cons of the profession. It brings in a lot of money and has a relatively free schedule. Still, it requires time, finances, care, and responsibility. 

πŸ”Έ Get a higher education – immediately in your specialty or a related specialty, and then take professional training courses. 

πŸ”Έ Take practice – without it, you won’t be able to pass the qualifying exam. Work in outsource estimator activities for at least 3 years. 

πŸ”Έ Pass the exam. Pass the exam after practice and receive a qualification certificate. He will confirm your level of knowledge and allow you to work in your specialty. 

πŸ”Έ Join CPO. Membership in a self-regulated organization is a prerequisite for work. Collect a package of documents and pay the fees. 

πŸ”Έ Get an insurance policy. This is a mandatory requirement. You can get insurance from any company. 

πŸ”Έ Start working as an outsource estimator. You can get a hired job, register as an individual entrepreneur, or open your own company. The greater the prospect of earning money, the greater the responsibility and work to do. 

πŸ”Έ Work efficiently. Then you will get a good reputation. The better it is, the more clients will turn to you for help. 

The cost of the outsource estimator profession depends on the chosen path. Mandatory expenses – joining a CPO cost about 50,000 rubbles, and a policy costs about 300–4000 rubbles.

The price of training can start from 0$ and differ widely.Β 

The outsource estimator profession requires an analytical mind, responsibility, organization, and knowledge. To become an outsource estimator, you must work hard, but the result can justify all the costs. Good specialists receive up to 130,000 rubbles per month, and experienced owners of their companies can earn many times more.