Magazine article Real Estate Issues

Editor's Statement

Magazine article Real Estate Issues

Editor's Statement

Article excerpt

Richard Marchitelli

The state of real estate counseling in Summer 2000 can be characterized as busy. A variety of factors have created a frenetic business environment. Paradoxically, however, there are signs of a lack of creativity in problem-solving and a growing criticism by the users of counselors' services. To understand these phenomena, one has to step back and examine the fundamental nature of real estate counseling and the forces shaping its evolution.

As articulated many times before, counseling is not a discipline itself, but rather a process that involves a number of different disciplines. Solution to a specific real estate-related problem normally requires the interaction of several disciplines such as finance, research, property and portfolio management, valuation, law, accounting, etc. While a counselor must necessarily be an expert in one or more such disciplines, engagements require a multidisciplinary approach that is often beyond the expertise of an individual or even a single company.

Challenges to contemporary real estate counseling are two-fold. First, there is the trend towards specialization, which is a singularly positive development. As the body of knowledge of each discipline has grown, counselors have been forced into specialization within their own area(s) of expertise. This trend is necessary and irreversible. It has occurred in medicine, law, and accounting. It is inevitable that other disciplines should follow. Because of his/her unique role in the process of counseling, a real estate consultant must also be exceptionally diligent about keeping abreast of changes in other disciplines. …

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