Real Estate Support Services: Helping to Build a Better World, One Building at a Time
Shawn Jackson 2017-03-28 16:00:00
What services does the real estate industry need to support them? Once large buildings and shopping centres are built, the companies that own and manage them need a special set of services and support to keep them affordable and up to date. These services including advice and consulting services to determine what space can be rented for, how to pay the right amount of tax to local authorities, and how to keep costs low and under control.
Valuation and Advisory Services
Valuations are a key element pf all real estate transactions. They need to be timely, reliable and absolutely accurate. Valuations can be necessary for financial or financial reporting purposes but with today’s expansive real estate market they can be required for a variety of other reasons too. They could include meeting environmental standards or the requirements for special purpose space and making modern buildings fully accessible and open to all citizens.
- Sometimes this information can be supplied pro forma to regulators, but at other times presentations will need to made to committee hearings or even the courts in the case of a legal dispute.
- Asset management is another key part of valuation services that must consider market trends and legislation impacting property values, classifications and any possible exemptions that might assist in accurately valuing any property and ensuring that the proper tax is allocated at the end. You can learn more about real estate valuation at Investopedia.
It is crucial for anyone in the real estate business to pay their fair share of taxes and not a penny more. Mass appraisal tactics will work to uncover the basic facts. But smart real estate companies get outside help to ensure that all critical facts, market trends and legislation impacting property values, and tax exemptions are identified and taken advantage of. They do this by performing a complete analysis that determines the appropriate valuation method to identify all of the issues that affect the value and classification of the property and the taxes that need to be paid.
- A key element of this is to produce evidence to support assessment reductions and to take advantage of them. After the assessment is complete, valuation consultants can help challenge any errors and limit the economic impact on the real estate company.
Cost Consulting and Project Management
Whenever a major or even a minor construction project takes place within a commercial environment there is always pressure around time and money. That’s why real estate operators seek out accurate cost management consulting expertise, capital cost analysis and planning, and real estate and infrastructure market information before they begin a project.
- This is very helpful in the pre-construction period where cost estimates can be used to predict expected costs and help maintain the budget as well as looking at the range of life-cycle costs and making sure that the company makes the appropriate procurement decisions.
- Cost planning advice is crucial through all phases of design development to establish a cost plan that will capture all cost elements and risk items. Then it is useful to manage and control the costs of the project and ensure that the plan is on time and meets all established milestones.
Managing Real Estate Software
The real estate industry is making a transition from the old to the new when it comes to technology. One of the main areas this is showing up in specially designed real estate software. The premiere commercial real estate software is called the ARGUS Developer.
- This platform allows real estate developers, investors, lenders and agents to see and comprehend the full range of a real estate project under one simple to follow package. This includes project development and management, cash flow projections, feasibility and investment structures so that all those involved can see the whole picture.
- The reports generated by ARGUS Developer can allow real estate investors and developers show the true cost of a project or building and what it might be able to provide over the life of the real estate project or a commercial building. This helps convince banks and lending institutions of the value of a real estate project and may increase the likelihood of attracting further investment.