Career real estate professional supports commercial lending needs in new role
Nov. 9, 2022
This paid piece is sponsored by Central Bank.
Richard Thomason has had a heart for real estate from the earliest days of his education and career.
The Sioux Falls native and University of St. Thomas graduate earned his bachelor’s degree in real estate studies and received his South Dakota real estate broker license months after graduation.
He then served as a commercial real estate broker associate for nearly seven years.
Now, he’s putting his expertise to work for clients at Central Bank as the community bank’s first real estate valuation manager.
We sat down with him to learn more about the role and the career fit he has found at Central Bank.
Your career has always included real estate, but what made this seem like the right role for you?
I enjoyed a lot of aspects of real estate brokerage, but I wanted to look at different options. A good friend of mine who was familiar with Central said they were looking for this position and asked if I would be interested. And, I definitely was.
What does your role involve? What’s a typical day like?
On a day-to-day basis, I order and review appraisals, do internal evaluations when appropriate and work with lenders to ensure certain guidelines are met.
We do everything from the most ag-related project you can think of to hundreds of units of multifamily real estate developments. And, we even work in different markets where our clients do business.
What kind of activity has Central been experiencing in commercial lending? How busy are you with appraisals?
It has picked back up after a little initial shock with interest rates. I don’t think businesses are necessarily putting the car in park, but they pushed on the brakes a bit. And, then the new norm becomes the new norm, and now activity has picked up, and we’re back to being busy. Commercial activity in Sioux Falls is so strong. Sometimes, commercial appraisals will even go as far as Omaha to get a comp and then adjust for our market, compared to residential with comps just blocks away.
What do you like about working at Central?
The company is small enough where you can develop new relationships, and yet it’s large enough that you get to work on large deals and do fun things. I think it’s the perfect size as an employee because you get to know your co-workers and there’s a nice amount of flexibility.
They encourage community involvement and were supportive of my service in the Legislature. I was just appointed by Mayor Paul TenHaken to the city’s Board of Adjustment, so I get to stay involved in the community in different capacities.
What can we find you doing when you’re not working?
I enjoy being part of the community in different roles. I serve on the board of Health Connect of South Dakota. I’m a longtime tennis player and am wrapping up many years volunteering with the Sioux Falls Tennis Association. I also enjoy golf, running and watching sports.
