https://mathesonvaluation.com/mv-journal daily 0.75 2024-02-22 https://mathesonvaluation.com/mv-journal/13-point-check-list-for-successful-property-valuation monthly 0.5 2021-05-12 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1620181718321-84HLW9BKU63GBKGHOVLU/rayson-tan-v242Z5Z65Dk-unsplash.jpg mv Journal - 13 Point Check-List For Successful Property Valuations https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1620181631195-L514K9AJUI0TNLJG1RYA/omid-armin-2GHCdtW45Uw-unsplash.jpg mv Journal - 13 Point Check-List For Successful Property Valuations https://mathesonvaluation.com/mv-journal/blog-post-improve-report-velocity monthly 0.5 2021-02-17 https://mathesonvaluation.com/mv-journal/cre-investment-31-point-due-diligence-check-list monthly 0.5 2021-02-17 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1612661405663-XHX1CFZIM3Z54W1VGBYG/vincent-ghilione-car+image.jpg mv Journal - MV’s 31-Point Check-List of the Essential Due-Diligence you’ll need to Complete Successful Commercial Property Transactions in the Caribbean https://mathesonvaluation.com/mv-journal/attention-all-lenders-and-credit-managers-who-use-nas-valuation-reports-review-checklist-enclosed monthly 0.5 2020-12-07 https://mathesonvaluation.com/mv-journal/why-get-property-valuation-reports-reviewed monthly 0.5 2021-03-21 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1613380208304-LZH0M3TYJT58WWJVR3NL/ISO-M.png mv Journal - Why Would a Caribbean Lender need a Valuation Report Reviewed? https://mathesonvaluation.com/mv-journal/the11keys-how-to-unlock-the-value-from-valuation-report-commercial-property monthly 0.5 2021-08-05 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1613093395504-QHAVGBU245EMKMVI5S17/Keys_pexels-george-becker-333837.jpg mv Journal - The 11 Keys: How to Unlock The Value Within Commercial Real Estate Valuation Reports Photo by George Becker from Pexels https://mathesonvaluation.com/mv-journal/hotel-underwriting-land-mines monthly 0.5 2021-06-19 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1623990426708-R5GLIEL27QKGV6TY7W6F/doris-morgan-Metrics-unsplash.jpg mv Journal - Where to Look for the Land-Mines That Can Blow Up Your Hotel Deal ! Hotel owners will account for replacement reserves in varying ways, or omit them completely. An owner-operated hotel may not reflect management fees, or a salary for their management in their operating statements. However hotel cap rate surveys will assume a replacement reserve and professional hotel management within their analysis. Similarly, most hotel financial projections will assume stabilised occupancies and ADRs; with ongoing capital improvements and renovations being needed to achieve this stabilised performance. To draw an accurate comparison when utilising a market-benchmarked discount or cap rate, Hotel underwriters should make appropriate adjustments for replacement reserves and market-aligned management fees. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1623989368102-ODHQ1UHWD7QMYKWIRCNF/dmitry-shamis-8-Land+mine+cropped.jpg mv Journal - Where to Look for the Land-Mines That Can Blow Up Your Hotel Deal ! https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1623990995723-O9GCVAAWGF97RKY8CGIB/rhys-kentish-pipeline.jpg mv Journal - Where to Look for the Land-Mines That Can Blow Up Your Hotel Deal ! https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1623990000187-THLZJXXGWJT8FSIVXE3Y/jon-tyson-Vacancy+unsplash.jpg mv Journal - Where to Look for the Land-Mines That Can Blow Up Your Hotel Deal ! Hotel underwriters need to investigate whether financial statements reflect a fully staffed-up hotel. This is especially true for the current post-pandemic tight labour markets. We can expect it to be challenging to fill & maintain certain hotel positions as we move into a recovery. Many of the experienced hospitality labour force have left the market, and entered other industries, after being furloughed & laid off during the depths of the Pandemic. The staff who remained have been placed under immense stress, as front-line workers. Many have been called on to cover multiple roles within the hotel, and are reaching the point of burn-out. From an owner's perspective, this may have allowed them to survive the Pandemic’s attack on their business. The reduced labour expense from unfilled positions can mitigate the losses experienced during depressed occupancy and demand. However, if extended too long, this can result in the remaining work force being burnt out, and the guest experience being negatively impacted. This will be reflected in reduced guest satisfaction scores, poor reviews, and declining morale among staff. You won’t see this looking in the Hotel’s cashflow statements alone. It will be important for underwriters to understand the dynamics of the labour market, as we go forward towards the forecast recovery. Include a wider range of data and customer satisfaction sources for the hotel. Finally, consideration should be given to the increased payroll expenses that may arise from attracting back qualified labour into the market, or the training of new entrants to the labour force. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1623989145960-TMOJQIQKMM6O7WHALDTX/chen-mizrach-Ramp.jpg mv Journal - Where to Look for the Land-Mines That Can Blow Up Your Hotel Deal ! - Most hotels ramp-up to stabilisation within the first or second year after an opening or renovation. Be wary of forecasts that show occupancies extending out to four or five years after a material change to the Hotel. This can easily lead to inflated cash-flow projections in later years. https://mathesonvaluation.com/mv-journal/the-hidden-dangers-of-caribbean-double-dealing monthly 0.5 2022-12-15 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/5388989b-94bc-4577-83b9-8bb5e5fecf6b/Silver+Vauxhall+Chevette.jpg mv Journal - The Hidden Dangers of Caribbean Double-Dealing - The OLD-CAR approach to Duty-of-Care The Agent’s fiduciary responsibilities are summarised with the acronym OLDCAR: Obedience: The Agent is obligated to follow Client instructions Loyalty: The Agent must Client interests ahead of any other party’s, including their own Disclosure: The Agent must disclose any “material facts” to you - i.e., facts that might influence Client’s decisions regarding the deal Confidentiality: The Agent cannot disclose anything they learn about the Client to anyone else without Client permission Accountable: The Agent must account for, and report on, any and all documents and funds pertaining to the transaction Reasonable Care: Essentially, the Agent must do his or her best to protect and advance the Client’s interests https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/88906a54-d170-4842-b08c-3450148b38c7/Nala+Moonrise+2022.jpg mv Journal - The Hidden Dangers of Caribbean Double-Dealing - In Dual-Agency, Clients Often Suffer.. When one Agent serves the Buyer and Vendor, The Conflict-of-Interest is obvious. A Dual Agent has a strong incentive to favour the Vendor. The higher the sale price, the higher the commission. In theory, this Conflict-of-Interest is reduced when one Agent from a brokerage represents the Vendor, and another Agent from the same firm represents the Buyer. In practice, one or both Clients are likely to suffer! According to a study first published in The Journal of Real Estate Finance and Economics, “...on very fast deals, list prices and sale prices are significantly higher on houses sold via Dual-Agency.” The study also found evidence that some Dual Agents practice “first-resort selling.” The agents prod the seller to set a higher price and Then try to convince “in-house” buyers to accept it. In other cases, Dual Agents do the opposite. They convince the seller to set a lower price than the home could actually fetch. This is known as “strategic pricing.” The study found “little difference between dual-agent (same agent) and within-agency (same agency, but different agent) deals.” In both situations, the researchers discovered; “..evidence of distorted outcomes associated with Dual-Agency.” https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/a0ab7a75-783f-46cb-9326-1e37adf64f7d/Riding+out+surf+at+Soup+Bowl_D.Redfern+10Dec22.jpg mv Journal - The Hidden Dangers of Caribbean Double-Dealing - Make it stand out Riding out the surf @ Soup Bowl, D Redfern https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/f53658c2-96ea-4022-b6fc-dc7e12639090/Riding+the+tube+%40Soup+Bowl%2C+D-Redfern_10Dec22.jpg mv Journal - The Hidden Dangers of Caribbean Double-Dealing - Make it stand out Inside the barrel @ Soup Bowl, D Redfern https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1209b61c-03d9-4d03-a1db-a2f298831be8/Sunset+%40Gibbs+Beach.jpg mv Journal - The Hidden Dangers of Caribbean Double-Dealing - When two agents from the same firm represent the parties, the agents can fulfill their OLD-CAR duties. But you must do more, than sit-back & hope that the Agents are “honest actors” Who won’t engage in Strategic Pricing or First-Resort Selling. Before you sign a Vendor’s listing agreement or a Buyer’s Broker agreement, Check the fine print. Some agreements allow the Agent to become a Dual Agent if the situation arises. Make sure you’re not consenting, in advance, to something that could harm your interests. Both parties MUST give Informed Consent to Dual-Agency. https://mathesonvaluation.com/mv-journal/what-to-expect-when-funding-residential-construction-projects-in-the-caribbean monthly 0.5 2024-02-22 https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/789ca075-c7fa-44b3-8151-dfc0c7ea1981/Picture7.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/2770d130-58eb-43f9-8fd0-233b69311b65/Picture14.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/bb36eea0-9989-42a1-bf38-eadd7f62db78/Picture2.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/596dfc48-8133-4264-88d6-de21796668ad/Picture1.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1ea10bba-7f1f-45e9-a58e-d407e0a03525/Picture9.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/cde6f524-9a31-43cb-9314-03ada58c7489/Picture15.jpg mv Journal - What to Expect When Funding Residential Construction Projects In The Caribbean - Make it stand out 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summer of 2006. He moved from his Graduate Role with the UK Government’s Valuation Office Agency, and joined the Investment Valuation Department of King Sturge a Pan-European Multi-Disciplinary Real Estate Consultancy, (which later merged into Jones Lang Lasalle). John assisted on the Quarterly Valuation of a Property Fund which held 360 Industrial Estates across the UK, and a Fund of 20 Retail Warehouse Parks, both valued, at the Peak of the Market, in excess of £1 billion each. He also valued a wide range of Retail and Commercial Properties, both in the UK and in Germany, for Loan Security Purposes for Bank’s & Institutions, including for packaging into CMBS and Sale & Leaseback transactions, during the heady years of 2006 - 2008. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1618204024300-UNQBVE8RPECUY90Z2GLI/cityhall%26towerbridge.jpg mv Journey - After the Market Crash of 2007 - 2008, John joined Ernst & Young, as an internal Real Estate Valuation Expert, providing Qualified Reviews of Property Valuation Reports that were submitted by Property Funds and Real Estate Companies & Developers to the EY Auditors. He confirmed compliance with RICS Standards, and whether the reported Market Values were Reasonable and inline with Market Evidence & Benchmarks. These were for some of the largest real estate holdings in the UK, including shopping centres, retail parks, City of London offices & skyscrapers like The Shard, 5* hotels and high-security data centres. Join gained a fuller appreciation of the International Valuation Standards (IVS), and how these relate & are interoperable with the International Financial Reporting Standards (IFRS). https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1618203199627-ZWPTLQ3T9CWW6S25O3B3/St.Paul%60s_millenium+Bridge.jpg mv Journey - John went from EY Real Estate Audit , to joining the Valuation and Business Modelling (V&BM) team; home to EY’s Industry Leading Expertise in Asset & Business Valuation. The newly formed Real Estate Valuation team undertook Accounts Valuations of Property Assets, when completing Purchase Price Allocation Valuations for EY’s Global Clients, post Merger or Acquisition. Often as part of multinational cross-border transactions, undertaking due-diligence & transaction-management on real estate assets on a company’s balance sheet. Often requiring coordination across EY’s global network. Assignments included : Ferro-Chromium Mine in South Africa, UK Nationwide House Builder, A Major Oil Co.’s Petrol Filling Station Network across Morocco, Chain of Boutique Hotels in Europe and Central America for Purchase by a Sovereign Wealth Fund, Portfolio of Owner Occupied and Leased Data-Centres, Golf Course Resort on the West Coast of Ireland. The V&BM team also supported EY Restructuring, who were working through the Distressed Financial Structures and ‘Bad Banks’ that had resulted from the Great Recession, both in the UK and the Republic of Ireland. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1618208854202-1STJQKDSZ7E36COHR0FC/Bridgetown.jpg mv Journey - Using the RICS Valuation Standards as the Conceptual Framework for the Bank’s Policies for Real Estate Loan Security Valuation, and aligning the Instruction, Management and Review of the Valuation Reports with the RICS Standards. The Bank was able to Significantly Reduce their Exposure to the Inherent Risks of holding Real Estate Assets as Loan Security, across the Caribbean Region. This Shift in the Paradigm of how the Bank was Instructing & Engaging with their 3rd-Party Valuers was Integral to Maintaining and Improving the Foundational Quality of the Security Values which Underpinned the Bank’s Loan Portfolio. By instigating an Internal Review Requirement for Property Valuation Reports, using the RICS Standards as a Framework the Bank was able to Successfully Manage & Mitigate Effectively the Risks associated with instructing locally based Valuers from across the Region. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1618208742170-8F9UWYP4HTYIQF7QYWQR/StLucy-SeaView.jpg mv Journey - In 2013 John had started discussing with EY a relocation to the Americas, when he saw a Job-Posting for a Real Estate Valuation Manager with CIBC FirstCaribbean on RICS-Recruit. The job-role ideally suited the valuation expertise & review experience that John held, and within 6 months of applying for the role, he was on his way with his family to start a new life in the Caribbean, on the island of Barbados. John was part of the Bank’s team tasked with reforming the Bank’s Property Valuation Report Ordering and Review Processes, by Restructuring their Approach to Engagement with their Valuers & Fund Monitors. This included the Selection and Management of the Bank’s List of Approved Valuers across the English and Dutch Caribbean. https://images.squarespace-cdn.com/content/v1/5f457ff143379f33d76933ab/1618209191644-ZR5O7XGGO5YR9HD143LM/Reflections.jpg mv Journey - After 7 enjoyable & rewarding years with FirstCaribbean, John’s time spent Reviewing & Critiquing others’ appraisal work had come to a close. John took the decision to step out from the Bank, and start to Make Real Changes in how Real Estate is being Assessed, Valued and Transacted in the Caribbean. We see matheson valuation as our vehicle to start giving back to the Caribbean Region, and it’s Real Estate Industry, which has taught and given us so much. A way of sharing the Knowledge and Expertise we’ve been gathering, passing this on to the next generation of qualifying Valuers. We want to share our knowledge and provide our guidance to our Client’s, to the Caribbean public and Business Community. matheson valuation Aim is to be the Caribbean’s main source of Expert Knowledge Sharing, of Property Advice & Guidance, as a Centre for Education in Real Estate Valuation & Transaction Advisory, and for Excellence in Service Delivery. https://mathesonvaluation.com/buy-side-transaction-management daily 0.75 2021-04-14 https://mathesonvaluation.com/article daily 0.75 2020-11-25 https://mathesonvaluation.com/mvs-values daily 0.75 2021-05-10