February 19, 2016
Real Estate Review: Boyle Investment VP Garners CRE Designation
– The Daily News –
Joel Fulmer, vice president of commercial and industrial real estate for Boyle Investment Co., recently added the Counselor of Real Estate (CRE) designation to his professional resume. Fulmer, who has been with Boyle for 22 years and has served as vice president for the last 16 years, noted that the CRE is awarded by invitation only and that only four other Memphians presently hold the designation. In addition to holding the CRE, Fulmer is also a member of three other professional societies: the American Institute of Real Estate Appraisers (MAI), the Society of Industrial Realtors (SIOR) and the Commercial Investment Real Estate Institute (CCIM).
Fulmer is the first real estate professional to hold all four designations. Other Memphians holding the CRE designation include John DeCell, Edward Saig, Dan Wilkinson and Aaron (Bud) Balkin.
Fulmer noted that while other professional designations have heavy curriculum and volume requirements, the CRE candidate must instead present an extensive work resume and submit to an intensive interview by a member or members of the society once the invitation to join has been tendered.
An appraiser by trade, Fulmer has done fee appraisal work on behalf of Boyle for many years but thinks that changes in that aspect of the real estate business are imminent.
"There is a transition in the industry these days," Fulmer said. "Real estate investors nowadays often need representation and help in making decisions and often times these decisions shouldn’t be transaction driven. They shouldn’t be tied to huge brokerage fee."
Fulmer sees a growing market comprised of real estate investors needing general consulting services aimed at strategic real estate investment planning. Professionals holding the CRE are paid for their advice, strictly on a fee basis, and Fulmer thinks his recent designation will lend cachet to that aspect of Boyle’s business.
"Should I buy? Should I sell? What will be the highest and best use of my property five years from now?" These are kinds of questions most frequently posed to real estate counselors, according to John DeCell, also a CRE. Whereas real estate brokers concern themselves with a property once the decision to buy or sell has been made, and appraisers most often tend to be concerned with the present value of a real estate asset, counselors focus on longer range questions such as future value, feasibility and, in some instances, comprehensive project planning.
Asked how the new emphasis on consulting related to the recent growth of the number of Boyle joint ventures, Fulmer responded that feasibility studies do in fact sometimes lead to joint venture deals.