Core property optimisation tips by Turley & Co:
- Unique and reviewable property strategy is necessary given property is always case unique and because market and legal framework influences are ever-changing.
- Engage well-qualified (credentialed and experienced) property experts at the outset of property projects, thinking and decisions.
- Refrain from allowing professionals not trained in property to dominate property weighted projects, thinking or decisions.
Other discipline professionals are not usually trained in land economics and they do not practice property daily. They may not be fully aware of market and asset valuation effects of their property advices. People not trained in property may still contribute good thinking. Multiple heads and collaboration (teamwork) is the best approach.
- Property advisors are not equally experienced/ skilled/ knowledgeable so select carefully.
- Avoid the false economy trap of penny wise, pound foolish. What counts most is advisory quality and value gained compared to costs.
Property rigour is readily justified by quite large economic effects usually by either rent (or profit) capitalisation with property (or business) valuation effects. It really pays to do property well.
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