CT Chapter of the Appraisal Institute president’s message - by Thomas Rummel

Theodore Rummel, Webster Bank NA

Theodore (Ted) Rummel, 61, of Stafford Springs, CT, passed away unexpectedly on Monday, October 10. He submitted this article on October 4. 

We will be celebrating Jackie’s 25^th Anniversary as executive director of the Connecticut Chapter on October 26 at Eli’s on Whitney, Hamden, Conn. This should be an evening to remember. Most of the past presidents of the chapter plan to attend. Please come join in the fun. This will be an old fashioned chapter dinner meeting and networking event to honor Jackie. I encourage personal cards of congratulation and/or an envelope full of cash. Anyone wishing to comment at the event should contact Denny Maisano, SRA, master of ceremonies at dmaisano@aol.com.

Other upcoming meetings, courses and events of the Connecticut Chapter of the Appraisal Institute include case studies in appraising green commercial buildings, business practices and ethics and the holiday meeting/installation of officers and silent auction. Registration for all of the events is online at www.ai-ct.org. Non-members are welcome to attend.

The two-day Appraisal Institute course case studies in appraising green commercial buildings will be held on November 8 and 9 at the Courtyard by Marriott in Orange, Conn. As governmental mandates continue to filter down to all local communities, and buyers, sellers, developers and financiers of real estate market assess the importance of energy efficiency and sustainability, it is imperative that appraisers become familiar with the concepts of green building. This course provides practical application of techniques available to commercial appraisers.

Beginning with a brief review of green principles and concepts, the case studies in appraising green commercial buildings course focuses on in-depth commercial case studies that explore techniques for valuation. Participants should increase their knowledge of commercial green projects and become familiar with numerous resources to help them document the appraisal process.

Upon completion of the case studies in appraising green commercial buildings course, participants should be able to:

• Identify and analyze the differences in green buildings and practices and traditional construction and how these differences may or may not impact asset value;

• Identify how the community, market, and highest and best use analysis of a green building may be conducted and reported;

• Identify how the property description and analysis portion of the appraisal assignment of a green building may be conducted and reported;

• Identify the life cycle cost analysis as a tool for the comparison of building performance standards and specifications (develop ways to assess potential contributory value of green or energy efficient or other related components, features or systems); and

• Apply the three approaches to value in context of green buildings.

Business practices and ethics will be held on November 30, at the Courtyard by Marriot, Orange, Conn. The course contains relevant and much-needed information for professional appraisers.

The content of the Business Practices and Ethics course emphasizes:

• Business practices issues, such as how to respond to seemingly unreasonable requests, how to address client pressure, and how to approach a complex assignment.

• Which standards apply to Appraisal Institute designated members, candidates for designation, practicing affiliates, and affiliates, and when they apply.

• The key principles of the Standards of Valuation Practice.

• How to identify and avoid behavior that violates the Standards of Valuation Practice.

• The correct way to use the Appraisal Institute’s designations, emblems, and logo.

• Understanding the Appraisal Institute’s enforcement process.

The holiday meeting/installation of officers and silent auction will be held on December 8 at the Casa Mia at the Hawthorne in Berlin, Conn. Donations for the silent auction are always welcome. Proceeds from the silent auction are used to help fund chapter expenses and offset chapter dues.

I want to thank the platinum sponsors of the Connecticut Chapter – Elm Realty Advisors, LLC; Richard Valuation and Consulting LLC; and CBRE New England and our Silver Sponsors – Rummel & Norton, LLC; Frederick J. Harrington, MAI, SRA; Anthony J. Napolitano, MAI, SRA; and the Commercial Record. I also want to thank the New England Real Estate Journal for their continued support of the Connecticut Chapter and the real estate appraisal industry.

Best wishes to all!

Theodore Rummel, MAI, is the 2016 president of the Connecticut Chapter of the Appraisal Institute.