Consulting Services
Our experience in the industry has lead us to believe that Real Estate is an ever changing complex array of market forces and systems driven by tangible and intangible influences both locally and around the world. In a word, Real Estate can be complicated. Sometimes people get themselves into a difficult and costly situation that has no simple answer.
A highly experienced expert is needed to put you back on track. The level of success and experience that Parkes & Company has had in the area of commercial appraisals and assessment appeals has placed us in a position to help. Whether it is a problem with a lease, an expropriation or you need a highly credible 3rd party expert opinion, we would be happy to talk to you. The following sections outline some of the types of consulting services we provide:
Our experience in the industry has lead us to believe that Real Estate is an ever changing complex array of market forces and systems driven by tangible and intangible influences both locally and around the world. In a word, Real Estate can be complicated. Sometimes people get themselves into a difficult and costly situation that has no simple answer.
A highly experienced expert is needed to put you back on track. The level of success and experience that Parkes & Company has had in the area of commercial appraisals and assessment appeals has placed us in a position to help. Whether it is a problem with a lease, an expropriation or you need a highly credible 3rd party expert opinion, we would be happy to talk to you. The following sections outline some of the types of consulting services we provide:
Expert Advice and Reporting
All fully certified commercial real estate appraisers in good standing have their AACI (Accredited Appraiser Canadian Institute) The Appraisal Institute of Canada (AIC) is a professional organization with members paying dues and insurance for professional liability, much like engineers, lawyers and accountants. A wide range of occupations exist for those who have an AACI from appraisers, to portfolio managers to working for the BC Assessment Authority. They are seen as experts in the field of real estate valuations.
As in any industry, not all people with the same designation are considered equal. The distinguishing factors are based on years of experience compounded by the success attained within their time in the industry. The appraisal field is filled with AACIs with years of experience which means little if that person has been doing the same type of work for similar types of properties for the duration of their career. Parkes & Company is a preferred firm for unique and difficult real estate problems because we are recognized for arriving at creative solutions for problems relating to real estate valuation.
All fully certified commercial real estate appraisers in good standing have their AACI (Accredited Appraiser Canadian Institute) The Appraisal Institute of Canada (AIC) is a professional organization with members paying dues and insurance for professional liability, much like engineers, lawyers and accountants. A wide range of occupations exist for those who have an AACI from appraisers, to portfolio managers to working for the BC Assessment Authority. They are seen as experts in the field of real estate valuations.
As in any industry, not all people with the same designation are considered equal. The distinguishing factors are based on years of experience compounded by the success attained within their time in the industry. The appraisal field is filled with AACIs with years of experience which means little if that person has been doing the same type of work for similar types of properties for the duration of their career. Parkes & Company is a preferred firm for unique and difficult real estate problems because we are recognized for arriving at creative solutions for problems relating to real estate valuation.
Lease Negotiations and Review
Leases generally do not cause problems for either tenant or the owner as they are generally reviewed and modified by both commercial realtors and real estate lawyers. On occasion leases are a source of controversy and they often occur as a result of dated documents, poorly written clauses and amendments to leases that leave the written documents open to interpretation. These are scenarios where an expert on leases is required.
As the real estate market has changed dramatically over the last several years, tenants and owners involved with old or poorly written leases often require the services of an expert to provide perspective on lease clauses that are currently causing disagreement between involved parties. Parkes & Company has been involved with a wide variety of lease negotiations and has the experience in the industry to provide a balance perspective on aspects of the lease that seem to be open to interpretation.
Leases generally do not cause problems for either tenant or the owner as they are generally reviewed and modified by both commercial realtors and real estate lawyers. On occasion leases are a source of controversy and they often occur as a result of dated documents, poorly written clauses and amendments to leases that leave the written documents open to interpretation. These are scenarios where an expert on leases is required.
As the real estate market has changed dramatically over the last several years, tenants and owners involved with old or poorly written leases often require the services of an expert to provide perspective on lease clauses that are currently causing disagreement between involved parties. Parkes & Company has been involved with a wide variety of lease negotiations and has the experience in the industry to provide a balance perspective on aspects of the lease that seem to be open to interpretation.
Expropriations
Expropriation is one of the most complicated and potentially distressing experiences a property owner can go through. Property owners often experience negatively charged emotions and the realization that a whole new set of rules have to be followed. Therefore, it is critically important to have the right people in your corner in the event that your property is expropriated. When a property is up for expropriation, there is very little a property owner can do to thwart the process. Therefore, focus is put on the compensation.
The most typical expropriations occur when a highway or mass transit line needs a linear portion of the property. They often require a small percentage of the total land area. The expropriation of this relatively small area could however disproportionately affect the overall value of the remaining parcel.
The valuation of land to be expropriated requires valuations of the land pre and post expropriation. Often the post expropriation value is not proportional to the percentage of the land remaining relative to the pre expropriation value. In other words, if 20% of your land is expropriated, the compensation is often more than 20% of your property value as your remaining parcel could be sharply devalued. Expropriation is an expensive proposition for the expropriating party and compensating the property owner as little as possible is in their best interest. This is why you need a high powered appraisal behind you during this process.
Expropriation is one of the most complicated and potentially distressing experiences a property owner can go through. Property owners often experience negatively charged emotions and the realization that a whole new set of rules have to be followed. Therefore, it is critically important to have the right people in your corner in the event that your property is expropriated. When a property is up for expropriation, there is very little a property owner can do to thwart the process. Therefore, focus is put on the compensation.
The most typical expropriations occur when a highway or mass transit line needs a linear portion of the property. They often require a small percentage of the total land area. The expropriation of this relatively small area could however disproportionately affect the overall value of the remaining parcel.
The valuation of land to be expropriated requires valuations of the land pre and post expropriation. Often the post expropriation value is not proportional to the percentage of the land remaining relative to the pre expropriation value. In other words, if 20% of your land is expropriated, the compensation is often more than 20% of your property value as your remaining parcel could be sharply devalued. Expropriation is an expensive proposition for the expropriating party and compensating the property owner as little as possible is in their best interest. This is why you need a high powered appraisal behind you during this process.
Arbitration
In cases where tenant and landlord cannot agree during the process of lease negotiations or in a situation where there is dispute, often the services of an arbitrator are required. This is a situation where both parties agree on a particular person to be the arbitrator and that person is chosen based on their impartiality and their expertise in the field. When it comes to leases Parkes & Company is highly experienced to provide the most balanced perspective in a complex situation.
In cases where tenant and landlord cannot agree during the process of lease negotiations or in a situation where there is dispute, often the services of an arbitrator are required. This is a situation where both parties agree on a particular person to be the arbitrator and that person is chosen based on their impartiality and their expertise in the field. When it comes to leases Parkes & Company is highly experienced to provide the most balanced perspective in a complex situation.
Expert Witness
Often in a legal proceeding when property valuation is involved, a professional appraiser is required to give expert testimony. Parkes & Company has been involved in a growing number of these situations. Often the expert is subject to rigorous cross examination and in these cases only a highly qualified individual can do the job.
Often in a legal proceeding when property valuation is involved, a professional appraiser is required to give expert testimony. Parkes & Company has been involved in a growing number of these situations. Often the expert is subject to rigorous cross examination and in these cases only a highly qualified individual can do the job.
