Commenting on his retirement, O'Donnell said he had immensely enjoyed his time with IPAV, and helping to build it up over the years.

"I've certainly seen very exciting times in the last 20 years, " says O'Donnell.

"When I started out, it was a very different market, and most agents were just hanging in there.

"The single biggest thing which transformed the Irish property market was interest rates, which were incredibly high compared to today. Many years ago when I was buying a house, a good friend organised a mortgage at a special low rate of 9%, and I was thrilled with myself.

"But when the interest rates came down, it caused the market to whirl away with itself, " explains O'Donnell.

And while he remembers fondly when auctioneering was more about the agent's personality, he believes that the new level of professionalism is much better for everyone.

"Years ago you had a lot of one-man shows, and in some areas these people still operate very successfully, but nowadays you have a better educated and more demanding public, who naturally want a more professional service, " says O'Donnell who was instrumental in establishing some of the first certified educational courses for estate agents and auctioneers.

"We ran evening courses all over the country in Cork, Waterford, Derry and Dublin, which really opened up estate agency to a wider group of people. Nowadays you must complete your professional course and have a minimum of two years experience before you can be considered for a license."

During his time with IPAV, O'Donnell also served as president from 1984 to 1988, and is currently a board member of the Confederation of European Estate Agents (CEI). In 1999 he was elected president of CEI for that year.

More recently he was a member of the Auctioneering/Estate Agency Review Group established by the Minister for Justice, Equality and Law Reform. The report which was delivered to the minister last autumn resulted in the decision to regulate the auctioneering profession, which prior to that were a self-regulating body.

Paying tribute to O'Donnell, the new IPAV president, former senator Willie Farrell, said he had been the major figure in building up the institute.

"Without him, IPAV would not be where it is today. Members owe him a great deal of gratitude for helping to advance the standards of the auctioneering/estate agent profession in Ireland and, in particular, for establishing full- and part-time education courses at various centres around the country, thereby making the profession accessible to all."

Commenting on the recent Advised Minimum Value (AMV) system adopted by competing body Irish Auctioneers and Valuers Association (IAVI), which requires the estate agent to quote a more genuine price on auction properties, O'Donnell believes this is merely replacing old words with new.

"The AMV is supposed to be the genuine price of an auction property, but an agent can still verbally say that the price has gone beyond the AMV, which is very similar to the old amended guide price.

"When the regulator is appointed later this year, the system will probably change again anyway, so we feel it's best to wait and see what the regulator suggests, " explains O'Donnell.

So what's next for him?

"Well my handicap is a disgrace, so I hope to have lots of time for golfing, " he laughs. But it won't be all fun and games as O'Donnell will remain on with IPAV in an advisory capacity, and he will continue his involvement with the European property market.