by John C. Schalka, MAI, AI-GRS
I am happy to report that your Chapter is in pretty good shape. By the time you read this the election will have happened and we will know who our new officers and representatives will be. The Nominating Committee, led by last year’s president Mary Campos did an excellent job identifying a great slate so regardless of the outcome, I am sure we will be well served.
The Regional meetings were held Saturday April 26th in San Francisco. Seattle was well represented with Mary and Mark Campos, John Gordon, Ben Wilcox, Justin Slack, David Hunnicutt and Mel Morgan who just stepped down as the Regional Education chair. In general, the feeling is fairly positive with education revenues improving at the larger chapters and most other areas including membership showing stability. All members are free to attend the Regional meetings and I think it is a worthwhile experience. Regional leadership is in direct contact with National leadership so it is a great opportunity to hear what is actually going on and at the same time ask questions and voice concerns about the future of our profession.
The Chapter was fortunate to host the Appraisal Institute National President, Lance Coyle MAI, at our April dinner meeting. This is the traditional “bring your candidates” meeting and was reasonably well attended by about 85 people. Mr. Coyle spoke about the big picture which was interesting, if not completely reassuring. Nationally, we still face a significant demographic problem as more designated members retire than new people come into the profession. I am personally a little tired of the negative implication of this message. It occurs to me that the people who retire are, for the most part, going to be at the top of our profession in terms of both their practice and presumably compensation. Assuming the total demand for appraisal services remains stable, which seems like a pretty conservative projection, then there should be a great opportunity for younger designated members to step up to fill these spaces. If the demand for appraisal services were to grow as Tom McDonnell, from CBRE pointed out at last year’s Fall Conference, obviously the situation looks even better! Keep working toward those designations!
John Schalka, MAI AI-GRS
9th Annual Fall Real Estate Conference Oct. 1!
by Todd Henderson, MAI
The 2015 Fall Real Estate Conference Committee has been busy planning a day full of market updates and information. In addition to the traditional commercial and residential property market updates, this year we will have individual sessions on the South Sound and Eastern Washington. Other sessions will include a discussion on the local hospitality market and open space. A residential reviewer panel will be presenting, and there will also be a session on the new FHA requirements.
In addition to the traditional commercial and residential tracts, there will also be a legal tract again this year. Topics that will be discussed relate to the appraiser as an arbitrator, environmental issues and more. Marshall and Swift will offer a session on how to use their cost manual properly and effectively.
The morning keynote speaker will be Kemper Freeman, the principal owner and hands-on leader of Kemper Development Company. They manage the Bellevue Collection, comprised of the well-known Bellevue Square, Bellevue Place, and Lincoln Square. The lunch keynote speaker will be Mike Nelson, Principal for Trammell Crow Company’s Seattle office.Mr. Nelson oversees all development and acquisition projects, new business pursuits, finance, and operations.
Other sessions and details about the conference are in the works, so stay tuned for more updates as the year progresses. The conference will be held on Thursday October 1, and a save the date reminder will be coming soon. Additional details about the conference can be found on the Seattle Chapter’s website, with a tab dedicated to this year’s conference.
by Michael L. Lamb, MAI, SRA, AI-GRS
LDAC 2015 was a resounding success. The Leadership Development and Advisory Council (LDAC) was formed in 2000, replacing the former YAC (Young Advisory Council) in an effort to represent all appraisers seeking higher professional understanding and expanding their work communities. LDAC serves as a Think Tank to bring creative ideas and solutions to the industry. Each year builds on the prior years in an effort to fine-tune the needs of the profession and seek legislative measures to ensure stability in the profession.
How it Works: Each year 150 LDAC’ers converge in Washington DC to align leadership within the community, discuss topics of concern within the profession, and meet with Congress to push AI’s legislative agenda. Participants are asked to attend LDAC 3 years within a 5-year period. The first year is a strong learning curve, attending Four Discussion Groups led by prior attendees and lobbying Congressional leaders on Capitol Hill. Second and third year attendees participate in the same process, and can also submit to be considered as a Discussion Leader at one of the four group discussions scheduled for the following year’s LDAC. Additionally, one of the four Discussion Leaders will be voted by the 150 attendees to be the next year’s Co-Chair, moving up to the LDAC Chair the following year. So at any one point, LDAC will have 150 participants, four Discussion Leaders, one Co-Chair and one Chair. The process fosters leadership within the appraisal community, and achieving the title of LDAC Chair is a highly regarded position. In 2014, the Seattle Chapter’s own Justin Slack was the LDAC Chair, representing all 150 attendees throughout the country. Reverberations of his effective leadership remained active in many of the 2015 discussions – a nice little nod to the Seattle Chapter.
What was covered: The four 2-hour Discussion Groups were conveyed over a 2-day period. They were led by Trevor Hubbard, MAI, SRA of San Diego, CA; Mark Lowry, MAI of Houston, TX; Roger Ball, MAI of Birmingham, AL; and Tonia Vailas, MAI of New York, NY. Trevor Hubbard led a discussion on Protecting the Integrity of the Profession, utilizing other professions as guidelines to instill integrity in our industry. Mark Lowry led a discussion on Business Operations and Employment Retention, using the group to brainstorm effective measures for business efficiency and how strong worker relationships build loyalty. Roger Ball lead a discussion on Developing/Growing your Appraisal Business and Finding your Clients, with an emphasis on the benefits provided by the Appraisal Institute to achieve these objectives. Lastly, Tonia Vailas led a discussion on Appraising the Tough Ones, facilitating a discussion on challenging properties and tools & resources to make the challenge easier. Discussion Leaders will convey the topics and lessons that emerged from the discussions to the AI Leadership, thereby spawning new coursework and integrating new ideas to help the profession keep up with the evolving industry.
Capitol Hill: On the afternoon of the second day, the LDAC’ers focused on their legislative agenda. Initially gathering in a meeting room at the hotel where an LDAC advisor briefs participants on the topics at hand, the LDAC’ers then hop into cabs and head for Capitol Hill – each attending a previously scheduled meeting with their Representatives and Senators. The Seattle Chapter sent myself (1st year), Don Jury, SRA, AI-RRS (3rd year), Patrick Lamb, MAI (3rd year) and Mariye Sorenson, MAI (1st year). With Don as our group leader, we met with Jim McDermott – discussing the burden of regulations on the appraisal industry, and Maria Cantwell – discussing concerns over raising the de minimis from $250,000 for 1-4 unit appraisals and $1,000,000 for business valuations. Both leaders were receptive to our concerns and engaged us on current issues such as the appraiser’s role in the evolving green building industry.
The conference ended with closing statements from each of the four 2015 Discussion Leaders and a ballot to vote for the Discussion Leaders for 2016. Current AI president, Lance Coyle, discussed industry challenges and opportunities to the participants, and president-elect Jim Amorin gave a brief discussion of his vision as our 2016 national leader. The 3-day conference is a unique opportunity to expand industry knowledge and connect with other professionals. Returning participants continue to build their professional community, establishing professional contacts throughout the country. And most importantly, several of the ideas, programs and efficiencies that are developed at LDAC are utilized by the Appraisal Institute to better serve the appraisal community in the coming years.
Member Attends AQB & APB Meetings
by Theresa Blake
Within the last few months I had the opportunity to attend two Appraisal Foundation board meetings, the Appraiser Qualifications Board (AQB) board meeting here in Seattle and the Appraisal Practices Board (APB) board meeting in Nashville during the AARO Spring conference. The AQB discussed several topics, including the recently adopted appraiser qualification criteria relating to the college degree requirement for certified residential and certified general licenses that went into effect on January 1, 2015 (old news!) As well as recent exposure drafts that are available on the Foundation website and are published for public comment before adoption. A large part of the agenda was dedicated to a topic that I’m sure we haven’t heard the last of – the looming “residential” appraiser shortage. I added in the “residential” as many commercial appraisers don’t feel they have the same looming shortage. The potential appraiser shortage was also one of several popular topics of conversation during the AARO conference.
The Foundation is exploring alternative tracks for appraisers to gain both education and practical experience outside the traditional track that requires a certain number of hours working under a supervisory appraiser. Examples discussed included full education credit for completion of accredited Real Estate Programs or partial education credit for completion of college level courses. More important, The Foundation is exploring options to give some experience credit for real estate related work. These discussions are in the infancy stages and feedback is encouraged. The Foundation is actively seeking to grant accreditation to as many undergraduate or graduate degree programs in Real Estate so that individuals completing these degree programs can satisfy the education requirement in its entirety. Referral of colleges with real estate programs for approval/accreditation is encouraged by The Foundation.
During the AARO (Association of Appraiser Regulatory Officials) conference in May, the looming appraiser shortage topic dominated the break out session for state board and commission members across the country. This was after a series of speakers presented on the topic of “Trainee/Supervisors – Developing the Next Generation”. The speeches and the subsequent discussion centered around why there is a shortage of supervisory appraisers willing to take on trainees. The overwhelming consensus was that there wasn’t enough of a return on the time and money spent on training. It just isn’t economically feasible for many appraisers to take on trainees. Some of the solutions suggested seemed to be well thought out and the overall discussion was relatively productive. One of the suggested solutions included a practicum course that would satisfy a portion of the experience credit towards certification. This would allow a trainee to gain practical experience before working under a supervisory appraiser. In turn, the supervisory appraiser would have the opportunity to hire experienced trainees providing more value to their appraisal practice. One gentleman suggested that summer internships would be an excellent way for students to gain practical experience while attending college. Most attendees were in favor of the college degree requirement, but felt that it might be a while before we see a significant change in our profession. This is not the first or the last that we’ve heard about this topic, to be continued….
The APB meeting recapped other meetings and discussed the existing and proposed Valuation Advisories that provide guidance for appraisers on specific topics. They are a great source of information and reference for appraisers. These Valuation Advisories are currently available-
- APB Valuation Advisory #2: Adjusting Comparable Sales for Seller Concessions
- APB Valuation Advisory #3: Residential Appraising in a Declining Market
- APB Valuation Advisory #4: Identifying Comparable Properties – Revised
- APB Valuation Advisory #5: Identifying Comparable Properties in Automated Valuation Models for Mass Appraisal
- APB Valuation Advisory #6: Valuation of Green and High Performance Property: Background and Core Competency
These Valuation Advisories are in the works-
- Valuation of Green and High Performance Property: 1-4 Unit Residential
- Valuation of Green and High Performance Property: Commercial, Multifamily and Institutional
- Collection and Verification of Residential Sales Data in the Sales Comparison Approach
- Collection and Verification of Residential Sales Data in the Sales Comparison Approach for Non-Residential Properties
- Valuation Issues in Separating Tangible and Intangible Assets
About the Author – I recently moved to the Puget Sound area from Vancouver WA where I was involved with the GOCAI (Greater Oregon Chapter of the Appraisal Institute). After providing assistance on two newsletters for the chapter, I resigned from my position as my husband accepted a job offer in Renton and we spent the summer of 2014 preparing to move. I soon found myself a part of a new AI chapter knowing very few people. It was during last year’s Fall Conference, that I had the opportunity to meet several chapter members including the president, Mary Campos. She went out of her way to introduce me to another member, who lived in my neighborhood, as I expressed that I came that day knowing all but one person. She made me feel welcome and it was then that I shared my interest to volunteer my time. A few weeks later I was contacted about helping with the newsletter. May we all extend a warm welcome to a new member and make them feel welcome…we just might inspire someone to volunteer their time. Thank you Mary Campos!
Member Spotlight: Rob Bodkin
by Mark Kopcho
There is a new face behind the sign-in table at the monthly chapter meetings. Robert Bodkin is one of the members who has volunteered their time to be on the Hospitality Committee. He has been a member of the Appraisal Institute for 15 years and has focused on being more active in the chapter over the last four years. Robert has run for the position of Residential Candidate Committee Co-Chair twice. He believes that the Appraisal Institute is a valuable organization because of the continuing education that it offers. You also get to meet and interact with appraisers who are a cut above, who desire to produce quality work, and treat appraising as a profession rather than just filling out a form. This is one of the reasons Robert is pursuing his SRA designation.
I had the pleasure of taking Real Estate Finance, Statistics, and Valuation Modeling with Rob this past year in Tigard, Oregon. We got to talking about appraising and one of Rob’s interests is Technology in Appraisal. Rob uses Alamode appraisal software and has taken to its mobile appraising with a vengeance. He uses an IPad Mini for data collection and a laser for measuring homes. When he types his reports he uses Dragon Dictation, so he can just speak to complete his appraisals. Robert said the one thing that made going High Tech easy was taking the training from his software provider. He always is learning new things, by taking classes from the Appraisal Institute and by reading appraisal articles and websites.
Robert is a second generation appraiser. His father was Robert V. Bodkin, who worked as a right of way appraiser, banker, and ran a small appraisal shop. Out of high school Robert joined the US Navy and became an air crewman who flew in helicopters and did mine sweeping. He was stationed in Alameda, CA and Korea. When he left the navy he held the rank of Petty Officer Third Class. After the navy, Robert worked as an engineer on a crab processor. That is why he decided to become appraiser, because it was clean work. He did not start with his father’s firm, but did work for him for a period of time. Robert has worked for Pacific Thrift and Loan, and also ran his own appraisal company, Rainer Appraisal Group. He currently works for US Bank/Red Sky Risk Services as a staff appraiser.
Robert enjoys appraising because it offers independence, something different every day and it is financially rewarding. He said his interest in architecture and buildings makes this an interesting profession. Robert said his best appraisal assignment was when he was flown to Friday Harbor on a float plane to appraise a new construction home. He said his most interesting appraisal was the pedestal home in the Woodridge neighborhood of Bellevue, and his worst appraisal assignment was the one where he got fleas at the property inspection.
When Robert is not busy appraising he spends his time with his family. He has a wife, Nancy, step-daughter, Ellen and two dogs, a lab named Annie and a Pomeranian named Pip. Robert is currently training to climb Mt. Rainier this summer with his climbing club OSAT (One Step At a Time), and he plans to climb Mt. Baker later this month for practice.
So the next time you are at a chapter meeting, stop by and say hello to Robert. He is a great asset to our chapter because of his dedication to the profession and his desire to volunteer his time to make our chapter a better place.
Be sure to check out the Employment page of the Seattle Chapter website. New jobs are posted as we receive them. CLICK HERE to view current openings.
Have a job to post? Send the title, description, and application information to the chapter office at email@example.com. Jobs are posted for 2 months unless otherwise requested by the submitting company.
Practicing Affiliate with a Cycle Ending 6/30?
If you’re a Practicing Affiliate whose AI CE Cycle ends June 30 of this year, be sure that you’re up to date on your requirements (USPAP, Business Practices & Ethics, and 350 points of AI CE). If you’re unsure, log into MY AI ACCOUNT and click on the link on the left sidebar: MY AI CE STATUS REPORT.
Those not complete by June 30 will have their membership suspended (including privileges such as reduced course tuition). Those note completed within 6 months following suspension will have their membership terminated.
To submit completion certificates, ask further questions, etc. contact firstname.lastname@example.org
Planning to Attend AI Connect in Dallas?
If you’re planning to attend AI Connect this July, don’t forget to RSVP and make your hotel reservations. Group rate for hotel rooms ends June 24, and online event registration ends July 3! Click here for full info.
2016 Capstone Registration Is Now Open
Registration for the 2016 Capstone is now open. See schedule below. Please note, enrollment is limited and the early classes fill up quickly!
Comprehensive Exam: Important Dates
The next Comprehensive Exam is slated for August 1 to August 31, 2015, and the deadline to register is June 20. Please visit the Comp Exam webpage for more information.
AI Education Trust Scholarship Deadlines 7/1
The next Appraisal Institute Education Trust Scholarship deadline is July 1. Three scholarships are available to eligible Candidates for Designation:
- Candidate for Designation Scholarship
- AI Course Scholarship
- Minorities and Women AI Course Scholarship
Congratulate Those Designated So Far in 2015!
Jonquille De Chantal-Winters, MAI
Robert Greene, PhD, MAI, SRA, AI-GRS
Briana Hirschi, SRA
Patrick Johnston, MAI
Donald Jury, SRA, AI-RRS
Sean Reynolds, SRA
John Schalka, MAI, AI-GRS
Michael Vincent, SRA, AI-RRS
Kathryn Walsh, SRA
Shawn Wayt, MAI
Jerey Wilson, MAI
Welcome Your 2016 Chapter Leaders!
President – John Gordon, MAI
Treasurer – Whitney Haucke, MAI
Graham Albertini, SRA (2014-16)
David Beck, MAI, AI-GRS (2015-17)
Diane Hayes, SRA (2015-17)
David Hunnicutt, MAI (2014-16)
Secretary – Lori Safer, MAI
Candidate Committee Co-Chairs
Ian Curry, MAI (2015-16) primarily commercial
Jodi Standaert (2016-17) primarily residential
Todd Henderson, MAI (2015-16)
Margaret Lai, SRA (2015-16)
Stan Sidor, MAI (2016-17)
Kathy Walsh, SRA (2016-17)Thank you to all the chapter members who voted!
Candidate Attendance Requirement Removed
At their May meeting, the Appraisal Institute Board of Directors approved amendments to AI Bylaws that remove the Candidate Attendance Requirement for Candidates for Designation, effective immediately.
Appraisal Institute Releases 45-Day Notice
At its July 30-31, 2015 meeting in Dallas, Texas, the Appraisal Institute Board of Directors will consider proposed amendments to the Bylaws and Regulations concerning Honorary Members Category, Related Entities, and Revising Admissions Regulations to Reflect New Definition of Standards.
Click here to view the 45-Day Notice If you have any comments on the proposals, please contact your elected Directors and/or send your comments via email to email@example.com. Comments sent to this email address will be compiled and distributed to the Board of Directors for its review and consideration.
Board of Directors Releases Exposure Draft
The Board of Directors directed distribution of an Exposure Draft of the proposed Valuers Code of Professional Ethics (VCPE) to Designated Members, Candidates, Practicing Affiliates and Affiliates for review and comment.