New scholarship at Virginia Real Estate Center

The Institute of Real Estate Management Richmond, Chapter 38, a professional organization of local certified property managers, recently established an endowed scholarship at VCU’s School of Business in the name of Steven Brincefield of Insignia Thalhimer.

“It’s humbling to be recognized and honored for something you enjoy doing so much,” Brincefield said.

The total endowment is $20,000, said Robert Taylor, director of the Virginia Real Estate Center at VCU. Students enrolled in the real estate program with an interest in a career in property management are eligible for the $1,000 scholarship. In addition, applicants must have a 3.0 GPA.

The center has roughly six endowments and a number of annual scholarships that help the university attract students.

“It enables highly qualified students to participate in the program,” Taylor said, adding that the money also serves as an incentive.

The scholarship was endowed in Brincefield’s name because he has been an adjunct instructor at VCU for 25 years, Taylor said.

Born in Danville, Brincefield earned his bachelor’s degree from Virginia Polytechnic Institute and State University in business administration. After graduation he served in the Vietnam War for four years. When he returned to the United States Brincefield said he was unsure of what he should do with his life.

Since real estate ran in his family’s blood, he said, he entered VCU’s graduate program for real estate and land development. He graduated in 1974 and began working for Insignia Thalhimer commercial real estate.

Brincefield, who teaches real property management, manages 14.5 million square-feet of commercial property in Richmond and Hampton. The properties include office space, shopping malls, industrial and apartment buildings and single-family homes. Young people, he said, sometimes think real estate only consists of selling residential property.

“There are tremendous career opportunities in real estate,” he said, adding that the field is well respected.

Commercial real estate, Brincefield said, follows the economic cycle of businesses. During poor economic times, people delay buying new property.

“People have to have income in order to buy real estate,” he said.

However, when mortgage rates are low, as they are now, he said, residential homes sell easily.

Although some students weren’t yet born at the time of some of the historical real estate events that Brincefield lectures on, he enjoys teaching the class nonetheless.

“It’s history to them, but it’s fun,” he said.