Jessica W.
I've been appraising around five years now. I first started as a residential appraiser and realized very quickly that commercial appraisal work is the key to success in this industry. Most financial institutions have started using AVMs in an attempt to automate the residential appraisal process. As a result, residential appraisers are slowly being phased out. Commercial appraisals are too complicated to be automated, which is why there will always be job security for commercial appraisers.
Each state has their own set of requirements for general certification, so you will need to check with your state to see what they are looking for. Most states require a minimum of 300 credit hours of industry-specific course work, at least 3,000 hours of work experience as an appraiser trainee, and a bachelor's degree. The thing you might have the most trouble with is getting a general appraiser to mentor you as a trainee. A lot of appraisers won't risk taking you on, as they feel they are just training their future competition. And given the way the industry works, it is nearly impossible to uphold a non-compete agreement.
Most appraisers I know operate on a fee-split basis where they get a percentage of the appraisal fee charged. Fee splits typically range from 30% to 60% depending on your level of experience and credentials. It's not unrealistic to make over six figures consistently.
While the earning potential is definitely a plus, a career as a commercial appraiser allows you the flexibility to set your own hours and spend time outside of the office conducting property inspections. Personally, I've found the biggest benefit to becoming a commercial appraiser is that it helped me to develop the skill-set necessary to properly analyze any and all deals. And after having worked in the industry for a number of years, I have built up a solid database of information. I now have a significant competitive advantage over other investors in my market as I have "inside" access to industry data including cap rates, lease rates, construction costs, etc, that would otherwise be confidential.
If you are seriously considering a career as a commercial appraiser, I would recommend you start taking courses on your own so you have a leg up on others interested in the field. A great place to start is the Appraisal Institute (www.appraisalinstitute.org). Also, if your school has a real estate program, look into it. Sometimes the college courses will count toward the state credit requirements.
Hope this helps to answer your questions. Just let me know if there is anything else you are curious about and I will do my best to help.
