Building tomorrow’s
Real Estate
leaders today
From the Executive Director Thank you for your interest in the Kornblau Real Estate Program at Virginia Commonwealth University. Our program will prepare you for a fulfilling career that will open the door to exciting possibilities in land development, brokerage, valuation and investment counseling, site analysis and selection, real property management, mortgage lending, economic development, banking and corporate real estate, just to mention a few! Robert W. Taylor
Executive Director, Kornblau Real Estate Program
As a VCU real estate student, you will have the unique opportunity to interact with industry professionals as you attend industry conferences, compete in case competitions, and gain real-world experience through rewarding internships. Students who are actively involved in our program and who are motivated to succeed in the classroom are encouraged to apply for numerous merit-based scholarships and mentoring opportunities provided by our generous real estate community. Our students are placed in a wide variety of areas, including appraisal for the public and private sectors, property management, residential and commercial finance, as well as the traditional areas of real estate sales and leasing. Recently we have placed students in unique posts with employers such as a major grocery store chain, the state department of taxation, and a law firm! Rho Epsilon, the national professional real estate fraternity chapter at VCU, is open to any VCU student with an interest in real estate. Through Rho Epsilon, you will enjoy fun social events, develop lifelong friendships, learn from talented community leaders, view firsthand the development of local properties, and network with your future employers. Being a real estate professional can be rewarding, both personally and financially. We look forward to getting to know you and helping you open the door to an outstanding career!
About the Program At the undergraduate level, the Real Estate major leads to the Bachelor of Science in Real Estate (BSRE) degree. The Kornblau Real Estate Program is housed in the School of Business and is part of the department of Finance, Insurance and Real Estate. The VCU BSRE is the most long-standing bachelor’s degree in real estate in Virginia, and one of about 20 in the United States. It requires a minimum of 120 credit hours, of which 24 are for real estate majors. This program introduces students to basic principles of real estate, as well as property management, real estate law, real estate appraisal and real estate finance. By effectively selecting electives, each student may customize the program to his or her particular interest.
Student Engagement Rho Epsilon Rho Epsilon, the national professional real estate fraternity chapter at VCU, is an integral part of the VCU School of Business Kornblau Real Estate Program. Membership is open to any VCU student with an interest in real estate. Rho Epsilon was formed to encourage strong professional interaction throughout all the disciplines that relate to real estate. A major goal is to foster scholarship and professional excellence between the academic and business professional community in the fields of real estate, finance and development, architecture, urban planning, law and land economics. Members have opportunities to participate in fraternity-sponsored lectures, career programs and site visits.
Alpha Sigma Gamma The Alpha Sigma Gamma Society (ASG), created in 1993, is the premier international organization for the recognition of academic and scholarly achievement by real estate students, real estate faculty and real estate professionals. ASG has over two dozen chapters in major universities and colleges, and VCU is one of the founding member chapters. Membership is based solely on scholarly achievement.
Course Requirements Upon successful completion of the VCU general education and School of Business foundation courses, and with appropriate GPA and class standing, students can enroll in the Real Estate major and expect the following required major and approved elective courses. By effectively choosing electives, you can customize the program to your interests.
Major Requirements • FIRE 305 • FIRE 325 • FIRE 425 • FIRE 435 • FIRE 445
Principles of Real Estate Real Estate Law (spring semester) Real Estate Market Analysis and Valuation (fall semester) Real Estate Finance and Capital Markets (fall semester) Real Estate Investment Analysis (spring semester)
Approved Real Estate Electives • ECON 307 Money and Banking • FIRE 309 Risk and Insurance • FIRE 315 Real Property Management • FIRE 317 Investments • FIRE 321 Intermediate Financial Management • FIRE 429 Property and Liability Insurance • FIRE 441 Funds Management in Financial Institutions • FIRE 451 Options, Futures and Swaps • FIRE 492 Internship in Finance, Insurance and Real Estate
• MGMT 491 Topics in Management • MKTG 325 Business-To-Business Marketing • MKTG 430 Experiential Marketing • MKTG 435 Selling in the Business Marketplace • MKTG 442 Services Marketing • MKTG 445 Nonprofit Marketing • MKTG 448 Digital Marketing
“The real estate curriculum offered in the Kornblau Real Estate Program offered the tools and resources needed to help me gain the knowledge to land not only a job, but a career once I graduated.” Kurt Wallenborn, Real Estate Alum at Dominion Resources
Student Enrichment Internships Our students get great chances to learn on the job! Our very supportive real estate community offers outstanding internships to our real estate majors. As a student, you can test the waters in a variety of areas, including government, development, sales, property management, and site selection and analysis (just to name a few excellent recent opportunities). • Internships offer valuable practical knowledge that may not be available in a book or a lecture. • Internships allow you access to employers and prepare you for the real world. • Internships are the first step in the transformation into a polished business professional. • Internships are good for students, for businesses, and for the real estate industry.
Mentor Program Real Estate Mentors are individuals who guide our students to successful careers. They provide one-onone mentoring, invite students as guests to professional organization meetings, make important network introductions, and present firsthand the intricate workings of individual businesses and the industry as a whole.
Scholarships The Real Estate Program at Virginia Commonwealth University is very fortunate to have significant support from the real estate community. Listed below are various scholarships that are available to our students. • Association of Real Estate Alumni Endowed Scholarship
• The Sam Kornblau Endowed Scholarship
• James H. Boykin Endowed Scholarship
• A. Kemp Rowe/James H. Boykin Scholarship, awarded by the Richmond Real
• Steven Brincefield Scholarship, endowed by Institute of Real Estate Management, Richmond Chapter 38
• Greater Richmond Association of Commercial Real Estate Endowed Scholarship
• John A. Levering Endowed Scholarship
Estate Group
• Real Estate Circle of Excellence Scholarship • Plus many more
• Marcy Handshaw Memorial Scholarship, awarded by Commercial Real Estate Women – Richmond
• ICSC Endowed Scholarship
“The first three rules of real estate are networking, networking, and networking. It is how we, as students, ensure success for ourselves, by building a safety net of contacts to support our future careers in the industry.” Katie Coleman, Real Estate Alum at the Irvine Company
Career Opportunities The major in real estate prepares you for careers in land development, brokerage, valuation and investment counseling, site analysis and selection, real property management, mortgage lending, bank trust and corporate real estate departments, as well as other real estate related careers in the public and private sectors. Graduates of the program have been employed by firms such as: • Apple REIT Companies • BB&T • Bank of America • Capital One Financial Corporation • CB Richard Ellis • Chesterfield County • Colliers International • Commonwealth of Virginia – Division of Real Estate Services • Cushman & Wakefield | Thalhimer • Department of the Navy • Divaris Real Estate • Dominion Virginia Power • Forest City • Gumenick Properties • Hanover County
• Henrico County • Integra Realty Resources • Knight, Dorin & Rountrey • Kroger • RE/MAX Commonwealth • S.L. Nusbaum Realty • SunTrust Mortgage • The Shopping Center Group • United States Census Bureau • United States Treasury • Virginia Department of Taxation • Virginia Department of Transportation • Virginia Housing Development Authority • Virginia Retirement System • Wells Fargo • Among many others…
Meet the Faculty Heather Barbour Heather Barbour is a Director with Valbridge Property Advisors | Axial Advisory Group. Ms. Barbour has more than 15 years of experience in the valuation of residential and commercial properties. She is a certified general appraiser and holds the MAI and SRA professional designations. Ms. Barbour earned her undergraduate degree from Old Dominion University and her graduate degrees from Old Dominion University and Virginia Commonwealth University. She has been an adjunct faculty member at Virginia Commonwealth University for many years and teaches principles of real estate and real estate market analysis and valuation.
Curtis Carter Curtis Carter has more than 30 years of multi-family operating experience in both public and private companies, and is the Director of the Residential Property Services Group of Cushman & Wakefield | Thalhimer. He was previously employed at Hercules Real Estate Services and guided the management of 7,500 apartments, most of which were financed under the LIHTC program. Prior to that, he served in several capacities at United Dominion Realty Trust, a national apartment REIT. As Senior Vice President, he directed the fully integrated operations of a portfolio of 25,000 apartments in eight states. He is a graduate of St. Thomas University and holds the Certified Property Manager professional designation. Mr. Carter is an adjunct professor at Virginia Commonwealth University and teaches property management.
Rick Chess Richard B. “Rick” Chess is a Counselor of Law bringing more than 35 years of experience in real estate acquisitions, equity capital formation, securities, government, and governance. Mr. Chess received a J.D. from the University of Richmond and a B.S. from the University of Pittsburgh. He has served as an Assistant County Attorney (Pittsburgh), a State Legislator (Pennsylvania), and as a Marine (Sergeant in the USMCR). He has served as the President of the Real Estate Investment Securities Association. Mr. Chess serves as a founding board trustee of First Potomac REIT, listed on the NYSE. As Director of Acquisitions, he acquired 50,000 apartments for United Dominion Realty Trust and raised more than $100 million in equity at Triple Net Properties and American Realty Capital Markets. Mr. Chess is an adjunct professor at Virginia Commonwealth University teaching real estate law at the graduate and undergraduate level.
David H. Downs Dr. David H. Downs is the Alfred L. Blake Chair professor of real estate and Director of the Kornblau Institute. His research interests include real estate finance and investment, issues relevant to institutional real estate investors, and the implications of real estate regulation. Dr. Downs’ articles have appeared in various scholarly journals, including Real Estate Economics, the Journal of Real Estate Finance, and Economics and the Journal of Real Estate Research. He has received research grants from the Real Estate Research Institute and currently serves on the editorial boards of Real Estate Economics and the Journal of Real Estate Research. Dr. Downs earned his Ph.D. in finance from the University of North Carolina at Chapel Hill.
Meet the Faculty Monique Johnson Dr. Monique Johnson is Vice President of Community Impact with Virginia Community Capital (VCC), where she is responsible for managing and implementing new lending programs, providing advisory services to nonprofit developers and small businesses, and measuring VCC’s lending impact across the Commonwealth. Dr. Johnson was a Senior Loan Officer with VCC, where she developed and managed business relationships and grew the Bank’s real estate portfolio and affordable multifamily housing market share. She has also worked as a Commercial Real Estate Lender with VHDA and a Project Manager for the Better Housing Coalition. She has been recognized internationally, nationally and statewide as a young leader in affordable housing finance and currently serves on several statewide and regional boards and committees. Dr. Johnson earned her Ph.D. in Public Policy and Administration from VCU. She received her undergraduate degree in civil engineering from the University of Virginia and an M.B.A. from the University of Richmond. Dr. Johnson is an adjunct professor at Virginia Commonwealth University teaching undergraduate and graduate courses.
Brent C Smith Dr. Brent Smith is the Sam and Helen Kornblau Professor in Real Estate. His research interests include commercial property markets, mortgage performance, house finance, and valuation. Dr. Smith has been published extensively in numerous academic journals, including the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, Real Estate Economics, and the Urban Affairs Review. He holds an M.B.A. from the University of Notre Dame and a Ph.D. in Public Finance and Economic Geography from Indiana University.
Robert W. Taylor As Executive Director of the Kornblau Real Estate Program, Robert Taylor directs the many aspects of the Kornblau Real Estate Program, including student advising and enrichment, community engagement, and fund-raising. He earned his B.S. and M.B.A. from Virginia Commonwealth University. Mr. Taylor is a member of the Appraisal Institute, where he holds the MAI and SRA professional designations and is a Fellow in the Royal Institution of Chartered Surveyors. Mr. Taylor is licensed as a Certified General Appraiser and Real Estate Broker in the Commonwealth of Virginia. He is an expert witness in numerous courts, and serves on various professional and nonprofit boards. Mr. Taylor teaches real estate and finance courses.
Virginia Commonwealth University School of Business Kornblau Real Estate Program • P.O. Box 844000 • Richmond, Virginia 23284-4000
go.vcu.edu/kre
realestate@vcu.edu • 804-828-1721