This article presents an overview of the numerous innovations of the American Real Estate Society during its first ten years. Many of its accomplishments are unique for an academically based organization. Because of this, the definition of an academic/professional organization has been changed forever due to the synergistic effects of mixing practicing professionals and applied academicians.

James R. Webb

English

Research Papers in Economics

Introduction
It was March 1985 in Nashville, Tennessee and the third Southern AREUEA Annual
Meeting was over. However, as the last act of business, the approximately twenty-ﬁve
participants had met and formed a new national-level, academically based real estate
organization to be called the American Real Estate Society (ARES). The Southern
AREUEA was buried simultaneously with little fanfare. Some wanted to name the new
organization the American Real Estate Association (AREA), but out of courtesy to
AREUEA, it was decided to use ‘‘Society’’ instead of ‘‘Association’’.
At the organizational meeting, some people, being true academics, wanted to do a
feasibility study before forming the new organization. Instead, it was decided to ‘‘just do
it,’’ and I volunteered to get the organization incorporated, ﬁle tax forms, and set up a
task force infrastructure. Art Schwartz agreed and easily convinced the group that we
should go ahead immediately. It was decided that if there was no demand for this group,
then in a couple of years it would be disbanded.
Annual dues were set at $20.00 per person to cover legal fees and other incidentals and
money was collected immediately. Jim Cooper was so enthused about the new
organization that he volunteered $200 towards the expenses of formation. (He was later
voted a life membership in ARES for this.)
It was further decided that ARES would meet in the same city and at the same time as
the Financial Management Association (FMA), but in a different hotel. This way people
attending both could do so in one trip. And this meant that the ﬁrst Annual Meeting of
the American Real Estate Society would be in October 1985 in Denver, Colorado. Terry
Grissom volunteered to put the program together.
The participants at the Third Southern AREUEA meeting were virtually unanimous
about the new organization! They wanted:
THE JOURNAL OF REAL ESTATE RESEARCH 1
129
James R. Webb* Making History:
An Insider’s View of the
Founding and First-Ten-Year
Accomplishments of the
American Real Estate Society
*Real Estate Research Center and James J. Nance College of Business, Cleveland State University, Cleveland,
Ohio 44115.
Abstract. This article presents an overview of the numerous innovations of the American
Real Estate Society during its ﬁrst ten years. Many of its accomplishments are unique for
an academically based organization. Because of this, the deﬁnition of an academic/
professional organization has been changed forever due to the synergistic effects of mixing
practicing professionals and applied academicians.• A meeting where the paper topics and panels were from the business decision-
making sector of real estate, not the housing and policy emphasis AREUEA had
taken on in recent years.
• A national meeting, not a regional meeting. This would make funding for travel
much more available and would increase the stature of the papers, etc. that
members planned to do.
• A meeting where people were open and friendly and did things in a fair and
equitable manner. (Many felt that AREUEA had become too cliquish and/or too
snobbish and that they had been offended in some way.)
• A group they could work for and be an integral part of, and one that would
adjust quickly as situations demanded.
Most of the people left that meeting with a feeling of exhilaration . . . a feeling they had
done something important. Most felt as if this was a change in the course of history. The
American Finance Association had its nemesis in the Financial Management
Association, and now the nemesis of the American Real Estate and Urban Economics
Association had been created! (AREUEA had been a monopoly until this time.) A few
people feared reprisals from the AREUEA stronghold, if the new organization failed.
Most, though, didn’t care. They were ‘‘mad as hell’’ and they weren’t going to take it
anymore! (Since my Dean at the time had been instrumental in forming the FMA, I had
already heard numerous stories about academicians with little courage who were
sympathetic to the FMA start-up, but afraid of reprisals from the AFA stronghold!)
The First Six Months
There it was. I had been given the ‘‘bell to hang on the cat’’ at the end of the Third
Southern AREUEA meeting in Spring 1985. However, I felt up to the task! This was
important work and I was determined to make the organization successful to the extent
of my abilities. But one or two people are never enough. ARES has been blessed with
many contributors then and now, who make the society work.
My ﬁrst child (son, Clinton) had just been born the previous December (he and ARES
are the same age!) and I was still adjusting to my new ‘‘dad’’ role as well. Nevertheless, I
would often come home and spend two to three hours a night on the telephone doing
ARES organizational chores. My wife chided me frequently for calling people during the
dinner hour, early in the morning and on Saturdays/Sundays. I didn’t care. I was on a
mission from GOD!
I gave myself the title of organizing Chairperson and set up the legal work, tax work
and bank account. In the six months before the ﬁrst annual ARES meeting planned for
October 1985, seven committees were formed to perform various tasks needed for the
growth and long-term well-being of the organization.
First Elections
The initial election of ofﬁcers and directors took place at the ﬁrst ofﬁcial ARES Annual
Meeting in October 1985 in Denver. There were forty-four ARES members present at the
initial election. Jim Kau was even there! I was elected the ﬁrst full-term President for 1986
130 THE JOURNAL OF REAL ESTATE RESEARCH
VOLUME 12, NUMBER 2, 1996by acclamation. Joe Albert was then nominated by me to be President for the two and a
half months remaining in 1985 (see Exhibit 1, a list of past, present and future
presidents). He also was elected by acclamation. Joe had been active in setting up the
Southern AREUEA meetings—the birthing organization.
Tom Pearson was elected President-Elect (to become 1987 President) and Charlie
Wurtzebach was elected Vice-President and Program Chairman (to become 1988
President). Six directors were elected and will be discussed in the leadership article of this
volume. Bill Weaver was elected Secretary/Treasurer. Finally, an ofﬁcial Board of
Directors and Ofﬁcers were in place.
At this meeting, numerous issues were decided by a vote of all members present. The
one I remember clearly was the question of whether ARES should continue to meet in
conjunction with the FMA, or go out on its own to totally separate locations. It was
decided, almost unanimously (there were only two dissenting votes—Norm Miller’s and
mine), that ARES would henceforth meet by itself. The reasoning of most people I spoke
with afterwards was that meeting with the FMA was just too hectic, as was the case with
AREUEA and the ASSA. People wanted more time to talk with each other and discuss
their research concerns at a leisurely pace. It was also decided not to have discussants for
research papers presented at the annual meetings. People felt that information ﬂows were
much more efﬁcient without the traditional discussant format, since those in the audience
working on similar topics would now have time to make relevant comments or ask
questions. Rarely at meetings with discussants had there been time for questions/
comments from the audience.
Innovations
The list of innovations that ARES has implemented over the ﬁrst ten years is long. In no
particular order they include, but are not limited to, the following:
ARES, AN INSIDER’S VIEW 131
Exhibit 1
ARES Past, Present, Future Presidents
1985 Joseph D. Albert
1986 James R. Webb*
1987 Thomas D. Pearson
1988 Charles R. Wurtzebach
1989 Larry E. Wofford
1990 Theron R. Nelson
1991 Jerome Dasso
1992 Terrence M. Clauretie
1993 Donald R. Epley  
1994 Arthur L. Schwartz
1995 Steven D. Kapplin
1996 Stephen E. Roulac
1997 Willard McIntosh
1998 Glenn R. Mueller
1999 Karl L. Guntermann
2000 G. Donald Jud
*ﬁrst full-term President• An Executive Director position to provide for supervision of all projects on
a continuing basis. 
• Special issues of The Journal of Real Estate Research (the ofﬁcial ARES
publication) funded by industry groups and devoted to general industry topics.
• Different membership categories going up to $1,000 per year (1985 dollars).
• No discussants for presented research papers.
• A printed annual program devoted solely to ARES.
• Multiple events at the annual meeting sponsored by industry organizations.
• Creation of a foundation for special needs and future growth.
• Establishment of the James A. Graaskamp Award for iconoclastic leadership
in the real estate area. (See Exhibit 2 for a list of recipients.)
• A doctoral seminar on the afternoon before the regular meeting starts for
students completing real estate topic dissertations (an idea that was
“borrowed’’ the year after by AREUEA). Doctoral students are asked to
present their dissertations, later they are taken to dinner with ARES ofﬁcers
and directors.
• Financial support for doctoral students to attend the doctoral seminar.
• Election of Ofﬁcers and Directors at the annual meeting in front of all present.
• Nominations are taken from the ﬂoor and a person must be present to vote
or be elected. Therefore, the people who support the organization with their
attendance are the people that manage the organization.
• Manuscript prize of $1,000 each year for the best paper in The Journal of
Real Estate Research. ‘‘Best’’ is determined by a mail ballot vote of all
members. Additional manuscript prizes of $1,000 for the best paper
presented at the ARES annual meeting for particular topics. (There
eventually would be ﬁfteen of these. See Exhibit 3.)
• Sessions at the annual meeting on teaching cases and other educational
tools.
• Sessions at the annual meeting on information technology in real estate.
• The workers run the organization. No ‘‘window dressers’’ are kept in place.
They are replaced A.S.A.P. Example: Editorial boards for all journals are set
up on three-year revolving appointments; one-third are reviewed each year,
some people removed if their performance is not satisfactory, and new
appointments are then made.
• Encouragement of meeting participants to bring spouses and signiﬁcant
others.
• Continuing attempts to keep the organization open and friendly.
• Being proactive – not waiting for problems to occur before trying to solve
them, but trying to anticipate industry/academic concerns and needs.
• Encouraging practicing professionals to participate and giving them the
freedom and support to do so.
• Getting people from major real estate trade organizations involved.
• Meeting in pleasant and warm surroundings where people can have fun, as
well as work hard (‘World class water,’ as Art Schwartz would say).
• Establishment of a Life Membership category of membership.
• Establishment of a Case Study Clearinghouse (ﬁrst at the Universiy of
Denver; now at Texas A&M University).
132 THE JOURNAL OF REAL ESTATE RESEARCH
VOLUME 12, NUMBER 2, 1996Major First-Ten-Year Accomplishments
Some of the items from the previous section on ARES innovations should probably be
listed again here. However, the following list contains only the major accomplishments of
ARES over the ﬁrst decade. Many lesser accomplishments have been omitted.
• Founding The Journal of Real Estate Research (JRER), with the ﬁrst issue being
published in the second year of ARES’ existence (1986). It went to a quarterly
publication schedule in 1992, then to ﬁve times a year in 1995, and six times a
year in 1996. This is a double-blind, peer-reviewed journal that contains eight to
ten articles per issue.
• Founding the Journal of Real Estate Literature (JREL) in 1993. This journal is
modelled after the Journal of Economic Literature, except it is for real estate and
has broader coverage. JREL is published biannually and contains sections on
information technology in real estate, teaching cases, dissertations, working
papers, international research, and data sets in addition to literature review
articles and indexing of relevant publications. Approximately ﬁfty people are
involved in the editorial and indexing sections of this journal.
• Founding The Journal of Real Estate Portfolio Management. This journal is
modelled after The Journal of Portfolio Management, except it is for real estate.
The ﬁrst issue was published in 1995, and has an editorial board that is mostly
from industry.
ARES, AN INSIDER’S VIEW 133
Exhibit 2
James A. Graaskamp Award Winners
1990 James R. Webb
In recognition of his contribution to signiﬁcantly changing the model of real estate
professional organizations, the role they play, and the services they provide through his
efforts to develop the American Real Estate Society.
1991 Award not given.
1992 Hugh O. Nourse
In recognition of his contribution to academic and professional real estate through his
leadership, scholarship and perseverance in making the management of corporate real
estate assets a viable, important, and fruitful area of research and teaching.
1993 Award not given.
1994 Award not given.
1995 William N. Kinnard, Jr.
In recognition of his contribution to academic and professional real estate through his
leadership, scholarship and perseverance in changing the assumptions, theory and
methodology of income property valuation research, teaching and practice, and
codifying valuation procedures.
1996 Award not given.
1997 Stephen E. Roulac
In recognition of his contributions to academic and professional real estate through his
leadership and scholarship in the areas of real estate securitization, institutional real
estate, real estate indices and disclosure, strategic planning, and decisionmaking.• Publishing special issues of The Journal of Real Estate Research. ARES has acted
as a catalyst to encourage and bring acceptance to areas of real estate research
not previously considered ‘‘respectable’’ (i.e., corporate real estate research and
real estate brokerage).
• Establishing a monograph series—an annual research volume that is sent to all
ARES members. Future volumes include Ethics in Real Estate, Real Estate
Education Throughout the World, and The Future of Real Estate Research. Past
volumes have included Appraisal, Market Analysis, and Public Policy in Real
Estate: Essays in Honor of James A. Graaskamp (1994), New Ideas in Real Estate
Investment (1995), Megatrends in Retail Real Estate (1996) and Seniors Housing
(1997). See Exhibit 4.
• Establishing the ARES foundation for special projects and future growth. Each
year approximately ﬁfty to sixty people become ARES ‘‘Fellows’’ by paying $175
over and above regular dues (changed to $200 in 1995). The additional money
goes into the ARES Foundation; only the interest is spent to fund special
projects.
• Creating the International Real Estate Society (IRES). ARES has acted as the
catalyst to form the European Real Estate Society (ERES), the Paciﬁc Rim Real
Estate Society (PRRES), the Asian Real Estate Society (established 1996), and
134 THE JOURNAL OF REAL ESTATE RESEARCH
VOLUME 12, NUMBER 2, 1996
Exhibit 3
Manuscript Prizes*
Each of the following manuscript prizes is for the best paper presented on the topic noted at the
American Real Estate Society Fourteenth Annual Meeting, to be held April 16–18, 1998 in Monterey,
California.
· Best Research Paper Presented by a Practicing Real Estate Professional (any category),
sponsored by the American Real Estate Society Foundation
· Real Estate Valuation, sponsored by the Appraisal Institute (AI)
· Real Estate Investment/Portfolio Management, sponsored by The RREEF Funds
· Corporate Real Estate, sponsored by NACORE International
· REITS, sponsored by the National Association of Real Estate Investment Trusts (NAREIT)
· International Real Estate Investment/Portfolio Management, sponsored by Jones Lang
Wootton USA
· Industrial Real Estate, sponsored by the Society of Industrial and Ofﬁce REALTORs (SIOR)
· Retail Real Estate, sponsored by the International Council of Shopping Centers (ICSC)
· Apartments, sponsored by MIG Realty Advisors
· Real Estate Brokerage/Agency, sponsored by the Center for the Study of Real Estate
Brokerage and Markets at Cleveland State University
· Real Estate Finance, sponsored by the Federal National Mortgage Association (Fannie Mae)
· Seniors Housing, sponsored by the National Investment Conference for the Senior Living and
Long Term Care Industries (NIC)
· Real Estate Development, sponsored by the Urban Land Institute (ULI)
· Agricultural Real Estate Investment, sponsored by Hancock Agricultural Investment
· Property/Asset Management, sponsored by BOMA International/BOMI Institute
*Prizes of $1000 are given in each area as noted; papers may be considered for more than one
prize, but may win only one prize; all prize winning papers are published in a special edition of
The Journal of Real Estate Research after suggested revisions, therefore, all papers submitted for
consideration must be available for publication.the African Real Estate Society (established 1997). In addition, these, as well as
future societies which may develop throughout the world, are coordinated
through IRES, which has been initiated by ARES. IRES will eventually link all
the high-level practicing professionals and the applied academicians in real estate
research and education throughout the world. A future area of development will
include South/Central America and India, among others.
The Next Ten Years
The next ten years will include more of the same, I am sure. However, some signs of
change are beginning to take shape. In 1993, Stephen Roulac was appointed Chairman of
the ARES Strategic Planning Task Force and elected Vice-President, Program (to
become 1996 President). The Strategic Planning Task Force has begun to outline future
developments for the ‘‘thought leaders of real estate’’ and an ARES Strategic Plan was
written and published. Stephen Roulac will be the ﬁrst president in the history of ARES
not to hold a full-time academic post and to be from the ‘‘industry’’ side. Also, Willard
McIntosh of Prudential Real Estate Investors will be President in 1997, and Glenn
Mueller of Legg Mason Wood Walker assumes the position for 1998. However, Karl
Guntermann of Arizona State University and G. Donald Jud of University of North
Carolina-Greensboro, will follow in 1999 and 2000, respectively.
ARES, AN INSIDER’S VIEW 135
Exhibit 4
ARES Monographs: Past, Present, Future
Past
1994: Essays in Honor of James A. Graaskamp: Appraisal, Market Analysis, and Public Policy
in Real Estate (481 pages)
1995: Alternative Ideas in Real Estate Investment (189 pages)
1996: Megatrends in Retail Real Estate (co-sponsored by ICSC; 378 pages)
Forthcoming
1997: Senior Housing (sponsored by the National Investment Conference for the Senior Living
and Long-Term Care Industries)
1998: Ethics in Real Estate (co-sponsored by the Howard Hughes Corporation)
1999: Technical Change and the Appraisal Industry: Electronic Commerce, Collateral
Assessment and Information Management (sponsored by the Appraisal Institute)
In Process
2000: Real Estate Education: Past, Present, and Future (co-sponsored by the European
Business School)
2001: Dangerous Visions: The Future of Real Estate Research (sponsor not yet determined)

Making History: An Insider's View of the Founding and First-Ten-Year Accomplishments of the American Real Estate Society

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