Posted 8/19/2013 12:00 am
Sara W. Stephens, the owner and principal of the appraisal firm Richard A. Stephens & Associates of Little Rock, is one of 19 real estate experts selected by the International Property Measurement Standards Coalition to create the first global standard for measuring property.
Stephens will help create standards to measure property assets that will apply around the globe. The standards are expected to lead to improvements in valuation and financial reporting consistency across international real estate markets.
Stephens graduated from the University of Arkansas at Little Rock with a degree in mathematics and English. She also has a master’s degree from the University of Arkansas at Fayetteville, where she completed some postgraduate work. She offers a wide range of services at her firm and specializes in eminent domain, litigation support and real estate tax appeal.
In 2012, Stephens was president of the Appraisal Institute of Chicago and its president-elect in 2011. She also serves on the Appraisal Institute’s Executive Committee and its policy-making board of directors. Stephens has been active at the Appraisal Institute for more than 20 years.
Currently, the way property assets — such as office, residential, retail and industrial — are measured can vary from country to country, which makes it difficult for global investors to accurately compare space. The Standards Setting Committee is expected to have a draft of the global standards ready for widespread consultation in the early part of 2014. Once final, the standards are expected to have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.