2023 RAC Conference Recap
Turbulence in the Industry How Will You Land?
Another RAC conference is in the books and what a remarkable conference it was. Once again, we offered a Wednesday class before the conference. This year the topic was solar valuation. It was hosted by Jeff Bentley, ABR, CRS, Green, HERS Rater, LEED, Re/Max DFW Starwood, Realtor and local builder; Kerry Langley, HERS Associate, CEO/Managing Member TCO Consulting, LLC; Woody Fincham, SRA, AI-RRS, ASA, RAA, RAC Member, and Casey Murphy, SVP Business Innovation, Peral Certification. High efficiency features are becoming common and are mandated in some residential markets. An overview of residential solar systems and the tools and processes used to determine contributory value were discussed. The presenters covered the available lending programs, new financing products and how financing is considered for an appraisal. They demonstrated how to determine the contributory value of a solar system and gave an overview of the Appraisal Institute Residential Green and Energy Efficient Addendum.
The same presenters kicked off the conference on Thursday with a condensed version of the Wednesday class. Bruce Hahn, CCIM, SRA, MAI discussed Valuation Data Science and how statistical learning can help develop credible results in an appraisal report. RAC’s Second Vice President, Lisa Meinczinger, SRA, AI-RRS, ASA, CRP, RAA, CDEI and Past President, Byron Miller, SRA, AI-RRS, RAA explained what Chat GPT is, how USPAP addresses automated systems, and how it can be used in appraisal reports. Appraisers have adapted as new technology has been introduced. As this technology advances it may be another tool for our toolbox.
Appraisal Institute President, Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, gave an update on the changes in the industry, how the Appraisal Institute is adapting by implementing new programs, and announced the start of the AI PAREA program. Although not everyone may agree with the process, it is a huge accomplishment for the Appraisal Institute to be one of the first educators approved for the program. Our last presentation on Thursday was Steven Badger, Partner, Zelle Law, who was an attorney defending Allianz, the travel insurance company, that was sued in the 9/11 World Trade Center attack. The timing of the presentation was rather fitting since the 9/11 anniversary was a few days before the conference. The case study covered the factual background and theories leading up to the attacks. This presentation was outstanding and left an impression on all of us.
We wrapped up Thursday with a social and membership meeting where we installed the new 2024 board and welcomed our new members, Chris Posey, Terrence Wirtz, Sharon Steele and Michael Manley. Congratulations to Ernie Durbin, who received the President’s Award for all the hard work he has done with the new website and behind-the-scenes technology. Thank you to OREP and Pearl Home Certification for sponsoring this event.
Friday morning was filled with two separate panel sessions that combined into one for a third session. The first panel consisted of Mark Tosches, Director of Account Management, Valuation, Fidelity Residential Property Services Division; Cindy Nixon, CRP, Sr. Global Director of Relocation/Affinity Operations, eXp Realty; Michael T. Jackson, SHRM-CP, Vice President, Member Engagement and Public Policy Worldwide ERC, Inc, and Linda Nesper, SCRP, GMS, VP, Client Services, Altair Global, who discussed the changes in the relocation business and how these changes my influence company policies in the future. The second panel consisted of Sheila Benavides, Account Management Analyst, Cartus; James Williams, REALTOR®, Broker Associate, Berkshire Hathaway HomeServices PenFed Realty; and Craig Stebner, Certified Appraiser, RAC Past President, RAC Member, who discussed the changes in the current real estate market and how they are affecting the relocation reports. The third session brought both panels together for a Q&A session.
RAC’s Past President, Marie Robbins-Marine, SRA, CRP and new member Michael Manley, IFA, CRP, RAC Member, presented us with a hands-on case study of reconciling two relocation reports. Isaac Peck, President, and Senior Broker at OREP and the editor of Working RE Magazine reviewed the appraiser complaints and investigations he has seen in the industry. And once again highlighted what we should and should not be doing to stay out of trouble, as the rules are always changing! We ended the conference with Dr. Harold Hunt, Ph.D. - Research Economist, Real Estate Research Center, Texas A&M University who discussed the current state of the markets and how they may impact the overall real estate market.
This year we held the first time ever, reverse raffle, to raise funds for Forever RAC. Thank you to all that donated and raised more than $1,000 for the Fund. Although some would say that Mike Brubaker rigged the raffle, since he was drawing the tickets and won; in the end all the proceeds went to Forever RAC, so the Fund won! We would also like to thank those who donated to the Recognized Guest program which allowed Michael Jackson, SHRM-CP, Vice President, Member Engagement and Public Policy Worldwide ERC, Inc; K Lynn Ray, MAI, Chief Appraiser, Veritex Bank, and Jesse Ruckel, SRA, President, Independent Appraisal Management Comparable, LLC, dba iappraisal to attend the conference this year.
All in all, we hope that new connections were made, your knowledge was expanded, and a great time was had by all. The social events and planned dinners are designed to build relationships and collaborate with others in the industry. We hope this was accomplished.
As Chair of this year’s conference, I am grateful to Lisa Meincziner, Co-Chair and second Vice-President, the planning committee members, speakers, and our announcer, Gary Love, for all that you did to make this a fun, educational, and amazing conference. We couldn’t have done this without you!
Thank you to all our sponsors; Fidelity Residential Solutions, OREP E&O Insurance, Pearl Certification, Appraisal Institute Insurance Trust, Appraisal Institute, Appraisal Institute North Texas Chapter, LIA Administrators & Insurance Services, Advance Appraisal Service, Ebby Halliday, PrimeLending, and Appraiser eLearning for supporting and participating in our conference. We greatly appreciate all you do and look forward to seeing you at next year’s conference.
It was so great to see everyone in person and always feels like “old home week” to me. If you attended, we would greatly appreciate your feedback about the conference topics. Please complete the survey by clicking this link.
We review every comment and use them to plan future conferences.
All the best,
Betsy Hughes, SRA, AI-RRS, Green|
2023-2024 RAC President