Appraisal Institute CT Chapter President’s Message - by Theodore Rummel

Theodore Rummel, Webster Bank NA

I remember starting my first appraisal job with John F. Rowlson Company in May of 1978, a few days after I graduated Cum Laude with a degree in Real Estate and Finance from the University of Connecticut. My starting salary of $9,200 was less than what I had been making four years earlier working in a factory after graduating from high school. My academic advisor, Dr. William N. Kinnard, Jr., MAI encouraged me to take the position since John F. Rowlson, MAI was well respected in the real estate appraisal business. In 1978 appraisal firms did not have computers or access to the Internet. Properties were physically inspected by the appraiser, measured with a tape or wheel and photographed using a camera with film. Appraisers went to town and city halls to find deeds and researched property information and comparable sale data. Sale, lease and market data were shared by fellow appraisers hand to hand, by telephone or by the US Post Office. Appraisal reports were hand written or dictated and then typed by secretaries. The income approach was developed using the HP 12C calculator. Copies of appraisal reports were made by hand cranked mimeograph machines. Pictures were developed in a dark room by a photo company and pasted into the appraisal reports. Appraisal reports were mailed or hand delivered. Appraisers smoked in the office throughout the day. Real estate appraisers attended monthly chapter meetings to network with their peers and share data.

The real estate appraisal business has changed. Today appraisers can view a property on the internet, inspect a property using a Drone, measure the building electronically or scale it online, take photographs using a smart phone or digital camera, use the internet to research town and city data, and research comparable sale and lease data from online data bases. Appraisal reports are transmitted and stored digitally. Sale and lease data is shared by email. Smoking is no longer permitted in the office. Real estate appraisers network online and have little time to attend quarterly Appraisal Institute meetings and chapter social events. I recently attended the Massachusetts and Rhode Island Chapter social event in Newport  Rhode Island. Although the rainy weather resulted in cancellation of the sailboat cruise, the cocktail social event was excellent and I was able to meet with several of the vendors that provide real estate appraisal services for Webster Bank.

This year Jackie Beauchaine celebrates 25 years of service as executive director for the Connecticut Chapter of the Appraisal Institute. Beauchaine has consistently provided high quality leadership to the chapter over her 25 years of service. Congratulations Jackie!

Congratulations to Jennifer Crotty, MAI, AI-GRS and Jennifer Bean, MAI, AI-GRS for receiving the AI-GRS designation and David Herbst, MAI for receiving the MAI designation. I encourage our other candidates working on a designation to “get it done.”

I thank everyone that has taken a Connecticut Chapter of the Appraisal Institute seminar and/or class. The Appraisal Institute offers the highest quality real estate appraisal education at a reasonable price. Please check out our educational offerings at: http://www.ai-ct.org

I want to thank the Platinum Sponsors of the Connecticut Chapter - FRQ Property Advisors, 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. The Connecticut Chapter of the Appraisal Institute has three levels of sponsorship: Silver at $100.00, Gold at $250.00 and Platinum at $500.00.

It is with great sorrow that I recognize the passing of Arthur Oles, MAI, SRA and Christopher Italia, MAI. Art served as president of the Connecticut Chapter of the Appraisal Institute in 1985 and hired Jackie. Chris used his technical expertise to train dozens of aspiring appraisers, imparting his knowledge through training the next generation.

Finally, I want to take this opportunity to recognize and publically thank William O’Brien, MAI who taught me how to be a real estate appraiser and John Leary, MAI for advancing my appraisal knowledge. I credit my real estate appraisal success to their guidance. I encourage my fellow colleagues to hire a trainee and be a mentor!

Theodore Rummel, MAI, FRICS is president of the CT Chapter of the Appraisal Institute and manages the commercial real estate appraisal department at Webster Bank, N.A., Hartford, Conn.