Atlanta Area Chapter Appraisal Institute
Atlanta Area Chapter Appraisal Institute
Summer 2017 Newsletter
Atlanta Area Chapter A
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ppraisal Institute Event
Skyline of downtown Atlanta, Georgia
Inside This Issue
President's Message
President's Message
Andy Sheppard, MAI, President
Atlanta Area Chapter Appraisal Institute

It is July, and boy is it hot.  I say this as someone who is planning a trip to Texas next month to sample what is purported to be better barbeque joints than what Georgia offers - but I understand it is a dry heat.

I've just returned from the National Appraisal Institute meeting in Ottawa, which was a joint meeting between AI and the Appraisal Institute of Canada.  The event's educational sessions were timely and informative, imparting a great deal of knowledge and sparking a wealth of discussion.  If you haven't attended a national meeting, next year's event will be a lot closer - in Nashville, Tennessee. 

I will be premiering a seven-hour course on Commercial Appraisal Document Automation in Chattanooga on September 15, 2017.  If you don't already have some form of automation, or if you're looking to cut the costs and gain more control over your product, this is a meaningful and hands-on introduction into ways to speed up your narrative reporting.  The class is applicable to decision makers in a company, who may or may not physically implement the tools/methods, as well as their staff/admins who will likely be tasked with implementing the tools/methods.    

Locally, we have an exciting chapter meeting planned for July 27th, 2017, at Topgolf's Midtown/Westside Atlanta location.  Last year's social event is being expanded into a three-hour seminar on "Parking and its Impact on Value on Georgia Properties" by Ted Anglyn, followed by a chapter meeting a presentation of the national James H. Pritchett Award to J. Carl Schultz, and then we'll focus on some driving range time. 

On August 1-2, David Lennhoff will teach a 15-hour class "Uniform Appraisal Standards for Federal Land Acquisitions: Practical Applications" for those of you appraising (or wanting to appraise) to Yellow Book standards.  The Georgia State University Economic Forecasting Center will hold its Third-Quarter conference on August 23, 2017.  On September 19th, our own Lamar Ellis will be teaching his revised "Drone Technology & Its Impact on the Appraisal Institute" seven-hour seminar. 

Beginning July 17, 2017, National will begin conveying recommendations regarding significant organizational changes.  A link to the presentation is available HERE.  Please take the time to read this document and provide comments (good or bad) to myself, anyone else on your Chapter leadership team, or directly to National via a portal which will be available on National's website.

Be on the lookout for actions against real estate appraiser boards regarding "Reasonable and Customary Rules."  Most recently, the Federal Trade Commission filed a complaint against Louisiana's board on May 31, 2017, citing anti-trust violations.  Major revisions are also being contemplated for the Dodd-Frank Act, many of which do not require Congressional action.

Education Schedule is provided further down this newsletter. 
    • Summer Chapter Meeting, 7/27/17, Topgolf Atlanta
    • Atlanta Area Chapter Board Meeting, 8/11/17
    • Region IX Committee 3rd Quarter Conference Call, 8/17/17
    • National Appraisal Institute Board Meeting, 8/24-25/17, Chicago, IL
    • State of Atlanta Conference, 10/5/17, Cobb Galleria Centre
    • Fall Chapter Lunch Meeting, 10/5/17, Cobb Galleria Centre
    • Joint Regions V, IX, X Meeting, 10/13-14/17, New Orleans, LA
    • National AI's Chapter Leadership Program, 10/26-27/17, Chicago, IL
    • Holiday Party & Installation of 2018 Officers & Directors, December TBA
Building your brand.  Increase your real estate profile.  Connect with Georgia's leading valuation experts.

Become an Atlanta Area Chapter AI Sponsor.  

The Appraisal Institute is the world's foremost organization for real estate valuation professionals. The Atlanta Area Chapter AI is at the forefront of providing current educational courses and topical seminars, luncheons, and dinners featuring industry leaders and networking opportunities that support development of business relationships - all with the goal of providing the Georgia real estate community with a high level of valuation knowledge and skills it expects and deserves. Sponsors are vital to support this mission.

In what we anticipate to be our most dynamic year ever, we are offering a superb package of 2017 sponsorship opportunities. Benefits include excellent exposure, industry good will, connection with the city's most lauded valuation experts and the opportunity to brand your company as a supporter of quality valuation services.

For more information on becoming an Atlanta Area Chapter Appraisal Institute sponsor, contact Suzanne Brockway at or call (770) 803-0024.  
3rd Quarter Chapter Meeting
Thursday, July 27, 2017

New Location
Topgolf, 1600 Ellsworth Industrial Blvd. NW, Atlanta, GA, 30318 /
Schedule, July 27, 2017
1:00 p.m. - 4:00 p.m. - Parking and Its Impact on Value on GA Properties (3 hours CE)
4:15 p.m. - 5:15 p.m. - Chapter Meeting
5:30 p.m. - 8:30 p.m. - Dinner, Networking & Topgolf

Continuing Education 
The Appraisal Institute and the Georgia Real Estate Appraisers Board have approved 3 hours of continuing education for the "Parking and Its Impact on Value on GA Properties" seminar. To receive credit, 100% attendance is required for all Appraisal Institute education programs.  One (1) hour of extra Appraisal Institute CE credit is approved for attendance at both the seminar and chapter business meeting. 

Parking and Its Impact on Value on Georgia Properties (3 hours CE), 1:00 p.m. - 4:00 p.m.
Instructor:  W. Ted Anglyn, MAI
Parking is a critical component for most real estate properties and also represents a valuable stand-alone investment. This seminar will present an overview of this often misunderstood industry and explore the various intricacies of parking from a zoning and market perspective and how this affects value. The program will cover parking rates ranging from the national level down to the Atlanta area and Midtown.  Specific valuation procedures applicable to parking facilities will be presented. The seminar will wrap-up with a coverage of hot topics such as automated garages, the impact of car sharing services like Uber and Lyft, and how autonomous cars may disrupt the parking industry.

Chapter Meeting, 4:15 p.m. - 5:15 p.m.
Guest Speaker:  Stacy Patton, Real Estate & Asset Management Director, Atlanta BeltLine
Topic:  Stacy will present an update on the Atlanta BeltLine project  and real estate development.  Atlanta BeltLine, Inc. (ABI) is the entity overseeing the planning and execution of the Atlanta BeltLine vision. The ABI staff works closely with City of Atlanta departments to define details of the plan, secure public funding, inform and engage members of the community, and serve as the overall project management office for construction of the trails, transit, parks, and other key components.
Region IX Chair, Pledger "Jody" Bishop, MAI, SRA, will be in attendance to answer questions about the AI's recent Governance Structure Project Team Recommendations.

Dinner, Networking, and Topgolf, 5:30 p.m. - 8:30 p.m.
AI Professionals are invited to meet us at Topgolf for a fun-filled 3-hour night out socializing with appraiser colleagues and guests.   You do not have to be a golfer to have a great time at this event .   Do you like good food? Do you enjoy refreshing, cold beverages?  How about hanging out with your friends, colleagues, and family while getting some fresh air or meeting new friends?  If your answer to any of these questions is "yes," then you'll have a great time at Topgolf.  Most people who play the game don't even call themselves golfers. Those who attend will certainly enjoy the experience!  Dinner includes a Fajita Fiesta Buffet with Bottomless Soda, Iced Tea, Coffee, and Water.  Private cash bar will be available. The cost for dinner is $65 per person and includes a dinner buffet, club rental, and unlimited play from 5:30 p.m. to 8:30 p.m.  Ted's seminar is $90. Register by July 20th or the price is increased by $10.  Come on out and have a good time!

Thank You Chapter Meeting Sponsors!




2017 Education Schedule

Details and Registration (verify the schedule via this online registration page)
Advanced Education
  • Advanced Market Analysis & Highest & Best Use, August 14-18, 2017
2017 Qualifying Education
  • General Appraiser Income Approach / Part II, Aug. 7-10, 2017
  • General Market Analysis & Highest & Best Use, September 25-28, 2017

Continuing Education
  • Parking and its Impact on Value on Georgia Properties, July 27, 2017 (3 hours)
  • Uniform Appraisal Standards for Fed Land Acquisitions:  Practical Applications, Aug. 1-2, 2017 (15 hours) 
  • GSU Economic Forecasting Center Conference, Aug. 23, 2017 (3 hours)
  • Drone Technology & its Impact on the Appraisal Industry/Revised, Sept 19, 2017 (7 hours)
  • State of Atlanta Conference, Oct. 5, 2017 (3, 4, or 7 hours ... your pick)
  • GSU Economic Forecasting Center Conference, Nov. 15, 2017 (3 hours)
  • USPAP Update, Dec. 6, 2017 (7 hours)

Atlanta Area Chapter Scholarship Program
The Atlanta Area Chapter AI Education Scholarship Panel will award up to four $500 scholarships and up to four $250 scholarships for 2017.   The scholarship application is available on the Chapter's website at  or Click Here.   Deadline to submit an application is October 1, 2017.   The scholarships will be awarded within 30 days. Persons awarded the scholarship will be asked to attend the Chapter meeting for the formal presentation announcement.   Qualified Candidates and Practicing Affiliates are encouraged to apply for this scholarship.  If you know of an Atlanta Area Chapter Candidate for Designation or Practicing Affiliate, who may be qualified for an Atlanta Area Chapter scholarship, please forward this information to that person.   Contact Suzanne Brockway more information at .  Note that the scholarships will apply to in-classroom instruction held in Atlanta and offered by the Atlanta Area Chapter Appraisal Institute.

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AI Board of Directors 45-Day Notice
Click here for the 45-Day Notice (regarding Practicing Affiliates).   A t its August 24-25,2017 meeting in Chicago, Illinois, the Appraisal Institute Board of Directors will consider proposed amendments to the Appraisal Institute Bylaws concerning Practicing Affiliates. The proposed amendments are expected to have minimal financial impact. 
If yohavancomments on thproposed changes,please contact your elected Directors and/osend your comments via email to  Comments sent to this emaiaddress wilbe compiled for distribution to the Boarof Directors prior to the Board meeting.
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Chapter Members in the Spotlight

William "Ted" Anglyn, MAI
Lifetime Achievement Award Recipient

W illiam T. (Ted) Anglyn, MAI, of Naples, FL (formerly from Marietta, GA), was named a recipient Saturday of the Appraisal Institute's Lifetime Achievement Award during the International Valuation Conference in Ottawa, Ontario.
The Appraisal Institute is the nation's largest professional association of real estate appraisers with nearly 19,000 professionals in almost 60 countries.
"Ted Anglyn has made numerous contributions to the Appraisal Institute and the valuation profession for many years, particularly through his recruitment and mentoring of younger individuals," said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS.
The Lifetime Achievement Award is presented to an Appraisal Institute individual who demonstrates high ethical standards; has volunteered several years of service and has contributed to the Appraisal Institute on the international, national, region and/or chapter level; has served his or her community; and has contributed to the appraisal profession for at least 20 years.
Anglyn is heavily involved in his local community with many charitable and civic causes including serving at Hampton Elementary School and Habitat for Humanity of Cobb County, and being a sponsor of Nurses Week at Grady Memorial Hospital and the Joseph Ferry Baptist Church Middle School Choir. He also is a member of the Parking Consultant Council with the National Parking Association, and is a founding board member of the Buckhead (Carl Sanders) YMCA.
Anglyn served on the Appraisal Institute's national Board of Directors from 2000-02, and on various national committees and subcommittees, including the Finance Committee, Nominating Committee, Seminars Subcommittee and Continuing Professional Development Subcommittee. He was president of the Atlanta Area Chapter in 1999, vice president in 1998, secretary in 1997 and treasurer, Finance Committee chair and Education Committee chair in 1996. He also has been actively involved in the Appraisal Institute's Leadership Development and Advisory Council conference, where an annual award is given in his honor.

J. Carl Schultz, Jr., MAI, SRA
Appraisal Institute James H. Pritchett Award

Atlanta Area Chapter AI congratulates J. Carl Schultz, Jr. MAI, SRA, of Atlanta, GA, for receiving the Appraisal Institute James H. Pritchett Award during the International Valuation Conference in Ottawa, Ontario.
Carl has been recognized by AI through its AI Education Trust as the 2017 recipient of the James H. Pritchett Award, established by the Appraisal Institute in 2002 as a national award in Mr. Pritchett's honor.
The award recognizes outstanding contributions to the appraisal profession in a manner that reflects the character and life-long commitment of James H. Pritchett, MAI, SRA, whose greatest attributes include his leadership and integrity, often demonstrated by his exceptional work in teaching, writing, mentoring and professional practice in litigation support and eminent domain.
Carl joins a very distinguished list of honorees since the inception of the award in 2002.  Congratulations and sincere thanks to J. Carl Schultz, Jr. MAI, SRA, for many years of dedicated service to his profession, especially in education and mentoring of thousands of AI Professionals.

Joseph Anderson, MAI
Appraisal Institute's Region IX Volunteer of Distinction
Joseph E. Anderson, MAI, of Snellville, Georgia, was recognized as the Appraisal Institute's June "Volunteer of Distinction" for Region IX.

The Appraisal Institute is the nation's largest professional association of real estate appraisers; Region IX consists of Alabama, Arkansas, Georgia, Louisiana, Mississippi, South Carolina and Tennessee. Anderson is a member of the Atlanta Area Chapter.
"Joseph Anderson has shown a great commitment to the Appraisal Institute," said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. "We are proud to have volunteers like Joe who have dedicated themselves to the advancement of our organization, the valuation profession and their local communities."
Anderson serves as Nominating Committee chair of the Atlanta Area Chapter, and as Conference Committee chair; was chapter president in 2016; vice president in 2015 and regional representative in 2015, a position in which he also served from 2008-09. He was secretary in 2014; treasurer and chair of the Finance Committee in 2013 and chair of the Government Relations Committee from 2008-09. Anderson served more than 10 years on the chapter Board of Directors, and as a member of the Strategic Planning Committee. He also was a participant in the national Leadership Development and Advisory Council conference for three years. Anderson joined a predecessor organization of the Appraisal Institute in 1986, and received his MAI designation in 1995.
Anderson has been the president of PetroVal, Inc., located in Snellville, since he founded the company in 2000 and has been in the valuation profession for 31 years. He received a bachelor's degree from the University of Texas at Austin.
His volunteer activities have included being elected to the Snellville City Council and the Planning Commission; serving on the Gwinnett County SPLOST Citizen Project Selection Committee; numerous political campaigns; the Atlanta Regional Commission U.S. 78 Major Investment Study Team and the joint Gwinnett County/Snellville Transportation Study Team. Anderson also is founder of the citizen action committee, SOSnellville; a board member of the Metropolitan Atlanta Young Singers and a volunteer at the Southeast Gwinnett Food Co-op.
Anderson and his wife, Sydney, have two children .  

Leadership Development & Advisory Council Conference
By Andy Sheppard, MAI, 2017 Atlanta Area Chapter President

The Leadership Development and Advisory Council ("LDAC") met May 3rd through May 5th in Washington, D.C. to discuss topics oriented toward the short- and long-term future of the Appraisal Institute.  Additionally, the meeting included lobbying Senators and Representatives to modernize existing laws and regulations which would benefit the appraisal community, as well as considerable opportunities to network with stand-out commercial and residential appraisers.  100 appraisers from across the country participated, including Atlanta Area Chapter members Grant Griffin, MAI (first year); Gene Carden, SRA, AI-RRS (second year); and, Andy Sheppard, MAI (third year).
This year's discussions considered opportunities for National to help increase the AI brand by overhauling the National and Chapter websites with a consistent look/feel, including concise segmentation of the sites for members, appraisers interested in becoming members, and users of members' services.  Another discussion session considered specializations, with a resounding conclusion that AI should not pursue creating additional designations.  A third discussion group concentrated on the 20-year horizon, where expanding course offerings in both face-to-face and online formats.  The fourth discussion involved acquiring new members, where conclusions revolved around reinstating the Associate membership level, creating "Mastermind" Facebook pages, and adding a considerable volume of videos to the National/Chapter websites to attract the next generation of appraisers.  Also discussed was the opportunity to actively seek out veterans for membership growth.   
The event was led by Trevor Hubbard, MAI, SRA (Chair) and Rodman Schley, MAI (Vice Chair), as well as discussion leaders Steve Henry, MAI; Travis Taylor, MAI; Melissa Downing, MAI; and, Julie Battaglia, MAI, AI-GRS. Mr. Henry was elected to serve as 2017 Vice Chair, following a run-off between himself and Mr. Taylor. 
The Ted Anglyn Award went to Ms. Kelly Yeatts, MAI, who also recently became designated in 2015. 
Discussion leaders for 2018 include Charles Baker, SRA; Jeffrey Harris, MAI; Michael Lamb, MAI, SRA, AI-GRS, AI-RRS; Jacinto Munoz, MAI, SRA, AI-GRS, AI-RRS; James W. Lynch, MAI (First Alternate); and Ashley Johnson-Wilcoxon, MAI (Second Alternate).
Next year's event is on May 16-18, 2018.

Welcome & Congratulations New AI Professionals!
Designated Members (2017)
Melissa Blakely, MAI
Talani Casariego, MAI
Stephen Foster, SRA
Marie Gasner, MAI
Jonathan Reiss, MAI
Eric Reynolds, MAI
Christina Thoreson, MAI
Review Designated Members
Michael Brady, MAI, SRA, AI-GRS
Hudson Holder, SRA, AI-RRS
Raymond Pirkle, MAI, AI-GRS
Candidates for Designation
Sherry E. Buchanan (General Review)
Lauren Berkemeyer (General)
Raymond Higgins (General)
James Hyde, Jr. (General)
Steeve Jean-Charles (General)
Bryan Muddiman (General)
Practicing Affiliates
Julie Anderson
Ryan DiSalle
Joyce Harrell
Richard Kenny
Amy Moll

Meet Our New Designated Members

Michael Brady, MAI, SRA, AI-GRS - U.S. Department of Interior - OVS
Since 2015, Mike Brady has been employed with the Department of Interior, Office of Valuation Services assigned to the Parks and Reclamation Division. In 1985 he began selling residential real estate in western New York and in 1992 expanded into residential appraisal. Relocating to Stuart, Florida in 2000, he associated with a residential appraisal firm and in 2003 moved to a West Palm Beach, Florida firm concentrating on the appraisal of all types of commercial properties. Mike is a member of the International Right of Way Association and the Appraisal Institute.He holds the MAI, SRA and AI-GRS designations from the Appraisal Institute.   Brady served as a Special Magistrate for the Value Adjustment Boards of Broward County in 2011, Martin County in 2009 and 2010, Palm Beach County from 2009 through 2015. In September 2011 he was recognized as a volunteer of distinction for Region X of the Appraisal Institute. He held several positions with the South Florida Chapter of the Appraisal Institute and served as president for the IRWA chapter 76 in 2007 and 2008.   Mike has four adult children and currently resides in the Atlanta, Georgia area with his wife.

Talani M. Casariego, MAI - Casariego Consulting

Talani is a real estate agent at Adams Commercial Real Estate specializing in small business properties and land for redevelopment. She's helped property owners lease or sell assets from Tucker to College Park. Most recently she has successfully negotiated a second Radial Cafe location in College Park. She also helped Compac Industries acquire a 42,000 square foot building in Stone Mountain Industrial submarket and the City Schools of Decatur acquire land for a new school campus. Talani's 17 years of appraisal experience and the excellent education acquired through the Appraisal Institute have thoroughly prepared her for a wide variety of dispositions and leasing assignments.   Talani lives in Decatur with her wife Stephanie and their four school aged children. They also have a cat and two dogs. Besides taking care of their menagerie, Talani and Stephanie like to take hikes around town, drink wine with friends, and explore the Atlanta food scene.
Raymond K. Pirkle, MAI, AI-GRS - Collateral Evaluation Services
Ray is a life-long Georgia resident having grown up in Hall County and now residing in Forsyth County with his wife and son.  Ray attended North Georgia College and State University (now the University of North Georgia), graduating in 1996 with a bachelor's degree in Business Administration - Finance.  Ray began his 20-year appraisal career with McColgan and Company in 1997 before continuing to other regional appraisal firms.  He has appraised a variety of commercial real estate from vacant land to small offices to complex shopping centers and going-concern assisted living facilities.  Ray started with Collateral Evaluation Services (CES) in June 2015 as a Senior Review Appraiser before being named Director of Commercial Appraisal Review/Chief Appraiser in March 2017.  When not appraising or reviewing, Ray enjoys spending time with his wife (Kelli) and son (Ethan), golfing and traveling.
Hudson Holder, SRA - D.S. Murphy & Associates

Hudson Holder, SRA, AI-RRS is an Associate in the Atlanta office of D.S. Murphy and Associates, Inc.  A native Georgian, Mr. Holder earned his Bachelors of Business Administration with a Concentration in Real Estate from the University of Georgia's Terry College of Business, graduating cum laude.  Prior to joining D.S. Murphy, Mr. Holder served in various capacities in mortgage sales, loan underwriting, and brokerage.  Mr. Holder's current consulting practice is focused in litigation support, luxury residential valuation, and appraiser training and development.  Mr. Holder resides in the Atlanta area with his wife, Kelly.
Christina Holmes Thoreson, MAI - Real Counsel LLC

As a valuation professional, Christina began her career in late 1986 working with a Member of the American Institute Of Real Estate Appraisers in South Atlanta.  She earned her SR/WA, Senior Right of Way Associate designation from the International Right of Way Association.  She is also a Designated Member of the Appraisal Institute.  Her experience includes numerous property types and sizes, and her appraisal practice has focused primarily on eminent domain since 1991. 
On clear, northwest wind days, she would prefer to be flying her hang glider or hiking with her family.  Licensing credentials in both Georgia and Tennessee include General Appraisal Certification and Real Estate Broker licenses.  Christina is also a Tennessee Approved Instructor and a CLIMB Instructor Certified through the International Right of Way Association.  She also holds a Georgia Department of Transportation Level 3 Appraiser approval and a general Right of Way Appraisal Services Approval from the State of Tennessee.  Having more than 30 years of experience, over 2,000 hours of earned education, three years as an adjunct instructor of real estate, ten years of brokerage experience, and five years as a broker/owner in firm management, and serving five years on the Dade County, GA Board of Assessors, Christina brings practical knowledge and real world experience to real estate valuation and review.

Photo Gallery

Economic Forecasting Center Conference - 2/22/17

Thank you Hank Wise, MAI (left) and Ben McDaniel (right) for representing the Atlanta Area Chapter AI by attending the 1st Quarter GSU Economic Forecasting Center Conference.

After Hours - Chapter AI Networking Event at Ormsby's - 4/6/17
A Big Thank You to Calhoun Sands Valuation & Advisory, Inc., for Sponsoring this event.  It would not have happened without you!

Region IX & Atlanta Area Chapter Mini LDAC Conference - 5/12/17

Advancing the Appraisal Profession 2017 (Mini LDAC) Conference - AI Members & Professionals hard at work discussing and solving the appraisal profession's challenges 

Appraiser Ladies Night Out at Painting with a Twist in Buckhead -   6/14/17
Thank you Lauren Berkemeyer, Public Relations Committee Member, for Coordinating and Hosting this After Hours Get Together!

Atlanta Braves Stadium Tour - 6/15/2017

A tour of the new Braves stadium was offered to members and guests who attended the 
May 12, 2017, Chapter Meeting. 
Letter from the Georgia Real Estate Commissioner
I would like to thank Blair for giving me an opportunity to address the Appraisal Community in Georgia through the Appraisal Institute's Atlanta Chapter Newsletter. I have been on the job since the first of March, 2017, and my learning curve for the Appraisers Board is quite a bit steeper than for the Real Estate Commission's since my background is the real estate business, particularly the auction business.

I would like to take this opportunity to thank Governor Deal and both Boards: The Georgia Real Estate Commission and the Georgia Real Estate Appraisers' Board for the opportunity to serve.
As of our June meeting, I can report the following numbers to you that may be of interest:
Regulated persons totals at the end of May - 4,306
Decrease of 11 from the preceding month
Active Status - 3,914
Decrease of 10 from last month
Appraisal Management Companies registered - 179 In Georgia 
New applications for April - 29
The Appraiser's Classifications (Total) - 4,306
Last 18 months - Decrease of 96
The Appraisers Board also passed the following RULE 539-1-.05(14):
Effective July 1, 2017, military spouses and transitioning service members may qualify for expedited processing of any license application submitted to the Board by showing that the applicant is a military spouse or transitioning service member and that the applicant has paid the fee and meets the requirements for a license under the law and rules for the type of license for which the applicant has applied.
This is just a sample of material that we are glad to share with our licensees and the public. If you have questions, just contact me or make a suggestion that we can use for another newsletter.
Thank you,
Lynn Dempsey
Georgia Real Estate Commissioner
Georgia Real Estate Appraiser's Board
Georgia Real Estate Commission

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Sometimes the Right Answer Is "I Don't Know"
By D. Scott Murphy, SRA
As a commercial appraiser, the most common questions I hear from residential agents involve residential property located in an area experiencing a change to commercial uses, often referred to "in between" properties.  This situation occurs in both urban and rural areas as growth causes commercial uses to creep in on residential areas.  Often, agents want to know if it should be marketed as residential, commercial, or potential commercial?  Is the land worth more than the property as improved?  Is the land or building suitable for another use?  All excellent questions that relate to the concept of Highest and Best Use.
The Dictionary of Real Estate Appraisal [1] defines Highest and Best Use as "The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value."  Of course, the Seller wants the highest price possible and they are relying on their agent to market the property in such a way that the highest value is obtained.  This is only possible if the agent can reasonably determine the highest and best use of the property. 
A common problem with "in between" properties is that the Seller has an unrealistic opinion of value.  The Seller has often not heard of, much less considered, the four tests of highest and best use.  In addition, unlike a property within a subdivision where comparable sales are plentiful, there is usually limited data and most of it is not truly comparable.  In my experience, the seller wants to point to a nearby property that sold "for commercial use" at a very high price and they base their opinion of value on that sale.  They typically don't understand the nuances of the sale and the impact those nuances have on value. For example, they have not considered:
  • What was the date of sale and are current market conditions similar?
  • Was it already zoned commercial? 
  • Was it rezoned or was a variance obtained during the contract period?
  • Was it part of an assemblage that resulted in a larger, more functional property?
  • Did the house have a floorplan well suited for commercial use?
  • Was it located on a corner or did it have superior visibility and access?
  • Was it in the same local jurisdiction (the County may allow uses the City does not, and vice versa)?
  • Did it have water and sewer (when the Subject may be on well and septic)?
All good questions and all factors that may affect value.  Comparable sales of this nature often require significant research to determine the details of the sale and how they relate to the Subject property.  In many cases, these sales are not in the local MLS system because they were handled by a commercial agent, many of whom do not use MLS.  That leaves the typical residential agent in the position of having to perform all the research necessary to determine the likely highest and best use and resulting appropriate list price, or possibly referring the listing to a commercial agent who has the requisite market knowledge. I know some agents don't like the idea of giving away business but keep in mind that, according to a recent Inman News article, three of the top ten reasons agents get sued are 1) breach of duty, 2) working in geographic areas or with property types in which they are not qualified, and 3) giving legal advice. Each of those things could easily happen when dealing with an "in between" property, and agents should be especially cautious about listing them. 
A third alternative also exists - recommend that your seller order a professionally prepared commercial appraisal based on the property's highest and best use.  This takes the highest and best use and pricing burden off you and deflects any disagreement about the value to a third party. This can alleviate many issues for both the Seller and the agent and can often keep you from having to refer a valuable listing to someone else. 
Commercial appraisers are well-versed in zoning and land use matters and usually subscribe to commercial data services that will contain the relevant sales.  In addition, commercial appraisals often uncover details unknown to the agent and even the owner such as the potential uses allowed by zoning, flood plain information, etc.  While a typical commercial appraisal will cost a few thousand dollars, that is money well spent to get the data and analyses that will help establish proper pricing.  For most sellers, the cost of an appraisal represents only a few months' mortgage payments that will be made if the property is sitting on the market improperly priced or inadequately marketed because the agent was unaware of potential uses for the property. 
Pre-listing appraisals have become more and more common in the residential market and they almost always save the Seller and agent time, money, and frustration.  The same is true, perhaps even more so, for "in between" and even traditional commercial properties.  It makes sense to have an independent professional offer guidance on highest and best use and an appropriate value conclusion - after all, most agents don't try to perform their own title searches, surveys, or environmental assessments.  In addition, after several years of a rising market, an appraisal should be viewed as an investment, not an expense.  Most of us would not sell any high value item without thoroughly researching the value and market conditions.  By telling a potential seller up front that their situation warrants a professional appraisal, you're likely to set yourself apart from the competition and offer a more professional listing presentation.
So as you plow ahead into what already looks to be a busy and prosperous new year, don't be afraid to answer, "I don't know" and call in an expert.
Ed Mitchell, MAI, is the Manager of the Commercial Appraisal Department for D.S. Murphy & Associates.  He has over 20 years' experience in commercial valuation and has consulted on many "in between" properties.  He can be reached at (678) 636-4838 or at

[1] The Dictionary of Real Estate Appraisal - Fifth Edition, Appraisal Institute, Chicago, IL

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InMemoryIn Memory
Lester Harris Hollans, Jr., PhD, MAI
April 19, 1969 - February 4, 2017

Lester Harris Hollans, Jr., PhD, passed away February 4, 2017, after a brief illness. 

Dr. Hollans was an Associate Professor of Real Estate in the Department of Finance in the Harbert College of Business at Auburn University for the past 12 years. He was a graduate of Mountain Brook High School and attended Virginia Military Institute. He earned his bachelors of economics and masters of finance degrees from Auburn University and his PhD, in real estate from the University of Georgia. He earned an MAI designation from the Appraisal Institute. He attended Birmingham School of Law and was a licensed Baptist minister. 

He is survived by his parents, Lester and Anne Hollans of Mountain Brook, his twin sister, Lawson Hollans, his loving friend, Molly Payton of Opelika, and his dog Ed Earl; his uncle and aunt, Irby and Frances Hollans of Fairfax, Virginia; his aunt, Eileen Hollans of Gallatin, Tennessee, and numerous cousins. He is pre-deceased by his grandparents, Lawson and Frances Johnson of Henry County and Irby and Annie May Hollans of Roanoke, Virginia. 

Dr. Hollans co-founded the Master of Real Estate Development Program at Auburn, where he served as a faculty senator for the Department of Finance and was active in various academic associations. He was a member of the Royal Institution of Chartered Surveyors and was on the board of directors of the Atlanta chapter of the Appraisal Institute. He authored or co-authored numerous published professional papers which he presented at professional conferences in the U.S and Europe. He remained active in the field of commercial real estate appraisal as a consultant and expert witness in court proceedings. Dr. Hollans was a Memphis in May certified BBQ competition judge. He co-authored several travel guide books for BBQ restaurants in the southern U.S. He had a lifelong love of hunting and fly fishing and enjoyed riding his BMW and Harley-Davidson motorcycles. 

A private graveside service was held February 8 at Tolbert Baptist Church Cemetery in Henry County. He was interred next to his beloved uncle, John H. Johnson. Holman-Headland Mortuary conducting. A memorial service will be held at 2:00 p.m. Saturday, February 25, at Church of the Highlands, Auburn Campus, 2001 East Samford Ave. 36830. 

Any memorials may be made to the Church of the Highlands Legacy Fund Memorial gifts may be made online here:
David Adkins Outland, Jr.
David Adkins Outland, Jr.,  46, passed away after a long battle with cancer, on March 25, 2017. 
David was a candidate with the Atlanta Area Chapter AI.  He served on the Chapter Education Scholarship Committee and was an Alternate Regional Representative.
Dave was born in Birmingham, AL on April 15, 1970. He was the son of the late Kay Williams Outland and David A. Outland, Sr.; the grandson of the late Clark and Madelaine Williams and the late Alvan and Helen Outland, all of Birmingham. He was the nephew of the late Clark R. Williams, Jr., of Franklin, GA.  
Dave was a graduate of Auburn University and spent most of his working career as a commercial real estate appraiser. He loved music, spending time in the outdoors, gardening, and traveling. He was a wonderful friend to so many, and enjoyed spending his time with each and every one of them.  

Dave is survived by his sister Madelaine McCrorie, and her husband Rick S. Johnson; nephews, Phillip Harrison McCrorie and Ryan Adkins McCrorie; step-nieces Gabriella Johnson and Lydia Cook-Johnson; Aunts, Sherry Williams of Franklin, GA and Janey (Tom) Carter of Gainesville, GA; and Uncle John Outland of Wilsonville, AL. He is also survived by many extended Aunts, Uncles and Cousins whom he adored.  
Many thanks to all Dave's friends, family and nurses who helped take such good care of him, but most especially Peter Barrios, Randy Haumesser, Lisa Jenkins Wells, Brian Sweny, and Bob Young.  

In lieu of flowers, the family requests donations be made in memory of David A. Outland, Jr, for the LifeLine Spay and Neuter Program - DeKalb County
Individuals interested in making a donation in memory of David to LifeLine may do so as follows:
  1. Make a donation online here: In the comments section, indicate that the donation is in memory of David Outland and designated to the Catlanta program.
  2. For donations via credit card, contact Heidi Gleason, Annual Fund Manager with LifeLine at 646-734-8588 or
  3. Mail a check to LifeLine Animal Project at PO Box 15466 Atlanta, GA 30333.

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National AI Leadership Resource Registry
The 201National Leadership ResourcRegistry is open for submissions! To be considerefor national committees, individualmust express their interestwithin the RegistrbSept.1, 2017.
T o access the Registrgt,  c lico t he tab "About Us" clicon "AI VolunteeOpportunities".  

You may also access the registry form here: Indicate your areas o f interest and expertise and volunteeto serve at the National, Regional, and/or Chaptelevel.  

Note:  The registry must be completed on an annual basis.

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Atlanta Area Chapter Election
Congratulations to the Newly Elected 2018 Leadership!   On May 12, 2017, the Atlanta Area Chapter held the 2nd Quarter Chapter Meeting at the Cobb Energy & Performing Arts Center in Atlanta, GA.  During this meeting, the following AI Professionals were elected to 2018 Atlanta Area Chapter Appraisal Institute positions.

  • President - Marlon Day, MAI, SRA (2018)
  • Vice President - Sherry Watkins, MAI (2018)
  • Secretary - Dori Bower, MAI (2018)
  • Treasurer - George Petkovich, MAI (2018)
  • Eric Durden, MAI (2018 unexpired vacated term)
  • Patrick Adamson, MAI, SRA (2018-2020)
Regional Representatives
  • Mike Hunter, MAI (2018-2019)
  • Rick Kenny, MAI, SRA (2018-2019)
  • Sandra Winter, MAI, AI-GRS (2018-2019)
Alternate Regional Representatives (2018)
  • Lisa Jenkins Wells (General Candidate)
  • Donna Bordelon, MAI
  • Patrick Adamson, MAI, SRA
  • Bennett Sands, MAI
  • Joe Rexroat, MAI
  • David Griffin, MAI
  • Ben McDaniel (General Candidate)
  • Michael Brady, MAI, SRA
  • Grant Griffin, MAI
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2017 Chapter Leadership
President -  Andy Sheppard, MAI
Vice President -  Marlon Day, MAI, SRA
Secretary -  Sherry Watkins, MAI
Treasurer - Dori Bower, MAI
Joe Anderson, MAI, Immediate Past President, (Ex Officio)
Jeff Bowling, MAI, SRA, (Ex Officio)
Dan Fries, SRA, (Ex Officio)
Patrick Adamson, MAI, SRA
Gene Carden, SRA, AI-RRS
Brad Carter, MAI
George Petkovich, MAI
Philip Thomas, MAI

Hugh "Bo" Bass, Jr., MAI
Gene Carden, SRA, AI-RRS
Marlon Day, MAI, SRA
Jeff O'Dell, MAI
Peter Lamas, MAI
Syrah Paul, MAI, SRA
George Petkovich, MAI

Follow this link for a complete roster oCommittee, Panel, & Project Teams

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The articles in this newsletter represent the authors' opinions and do not represent the opinions of the Atlanta Area Chapter Appraisal Institute.
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