Center for Real Estate Research to open thanks to grant

John Gnuschke, director of the BBER, said the money will be used to do two things. First, members of BBER faculty will organize the center and find sources of funding to support the center after the initial installment runs out.

The money will ultimately be used to support real estate-focused research of key faculty located in the Fogelman College of Business and Economics. Every year a research agenda will be set to determine what the research focus will be.

This year's focus will be on property taxes.

"We plan to study how property taxes in Memphis affect real estate relative to other cities," Gnuschke said.

That information will then be given to the sponsors of the CRER and be made available to the public. Realtors will be able to access the information to use in their businesses and students will be able to access information to help them in research.

"It will provide financial support through graduate assistantships and will serve as a database for graduate students and faculty," Gnuschke said.

Timm Stubbs, the 2005 president of the MAAR Education Foundation said The U of M was chosen for the grant because the BBER is so well known in the field of real estate.

"The notoriety of the Sparks Bureau, their involvement in business research and a history of strong support of mid-south real estate studies all led to our decision," he said.

Stubbs said he hopes that the research conducted will help realtors and the community.

"It is our intent that the research undertaken with our financial support will be of the scope and purpose to reveal certain trends or opportunities that will enhance not only our profession, but the community and region we live in," he said.

Gnuschke said the center will be used to help students.

"Primarily, it establishes a base for students to conduct research and contribute to real estate in the mid-south," he said.