Building Your Real Estate Investment Team
by John P. Myers
How successful you become as a real estate investor will be determined by how well you assemble your team. You will need to have team members who have knowledge and expertise in their field, as well as be trustworthy and reliable. Following are players you need to recruit for your team.
Credit Repair Specialist - Even if you have good credit, it is always a good idea to have someone to repair and monitor your credit. Especially today where identity theft is prevalent, it is a good idea to monitor your credit in order to keep it in good standing.
Accountant - Keeping your accounts in proper order is difficult due to the various laws that apply to investors. Find an accountant who is familiar with these rules and regulations, is an investor himself, or works closely with real estate investors.
Real Estate Attorney - A good attorney is worth their weight in gold. There are just too many laws to learn yourself. Make sure they know the laws in your area and understand the types of deals you are going to be doing. Also I recommend you have them look over any contracts to make sure they are legal for your area.
Real Estate Agents - A real estate agent is good to have in case you decide to sell a property. In addition, the agent has access to the Multiple Listing Service (MLS). It may take a while, but find one that works with investors and understands the types of deal you are going to be looking for.
Title Company - You need to find a title company that works with investors and knows how to handle the types of deals you are going to be doing. They must also understand the investor terms you will be using and be able to close quickly if possible. Like the real estate agent, it may take awhile to find a title company you can work with.
Investment Advisor - An investment advisor is someone who can give you suggestions where to invest your profits. It is a good idea to have someone who does this full time and can give you sound advice to maximize your investment profile.
This should give you a good idea who you need to have on your real estate investment team. Having a good solid team will not only make investing easier, but it will also be more profitable.
วันอาทิตย์ที่ 30 มีนาคม พ.ศ. 2551
Sedona New Homes and Real Estate
Sedona New Homes and Real Estate
by Jayson Gibson
Sedona, Arizona has seen a significant increase in visitors and residents over the past several years. If you have ever visited, you would not be surprised. Sedona offers visitors and residents alike, beautiful scenic views of red rocks and mountain landscapes. The recent growth has attracted new business owners and an increase in the demand for new housing communities.
Sedona homebuyers will find attractively priced homes for sale that are equipped with energy saving products and green building materials. Be it an existing home or a new home, making a home investment in this city is sure to bring in its rewards in terms of built-up equity value in the coming years. Given today's housing market situation, this is particularly true. Home sales have slowed somewhat over the past several months, which has resulted in buyers having more options to choose from. Many industry experts predict home values to significantly increase as we move closer towards the latter part of 2009.
Sedona new home buyers can find many single-family homes, quick move-in homes, condos, and townhomes to choose from. Prospective homebuyers in the Sedona area should research a good real estate agency in the area to aid them with their new homes purchase.
Try to locate a buyer's agent when looking for the right real estate agent for your next home purchase. This will ensure that your interests are protected in every aspect of the home buying transaction. A buyer's agent works to appease the buyer and will, more than likely, always disclose all information available on the particular property under consideration. Unlike seller's agents who are often more interested in getting through with the deal; which causes them to focus more so on only the positive aspects of each property.
If you are purchasing a brand new home in Sedona, do not overlook having a new home inspection conducted. It is a common misconception that new homes are not without minor repair issues. Home inspection reports, clearly state out a property's condition and the buyer can be informed about a condition that needs to be looked into. If the seller or the builder refuses to acknowledge the existence of a problem condition specified in the home inspection report, or refuses to help, then the buyer should beware. A good real estate agent will bring this to their client's attention.
If you are building a custom home in Sedona, a local real estate agent will be able to suggest several reputable home builders. Home builders in Sedona offer multiple floor plans and variations to choose from; you can also have your own architect design your perfect home and have a local Sedona homebuilder build it for you.
by Jayson Gibson
Sedona, Arizona has seen a significant increase in visitors and residents over the past several years. If you have ever visited, you would not be surprised. Sedona offers visitors and residents alike, beautiful scenic views of red rocks and mountain landscapes. The recent growth has attracted new business owners and an increase in the demand for new housing communities.
Sedona homebuyers will find attractively priced homes for sale that are equipped with energy saving products and green building materials. Be it an existing home or a new home, making a home investment in this city is sure to bring in its rewards in terms of built-up equity value in the coming years. Given today's housing market situation, this is particularly true. Home sales have slowed somewhat over the past several months, which has resulted in buyers having more options to choose from. Many industry experts predict home values to significantly increase as we move closer towards the latter part of 2009.
Sedona new home buyers can find many single-family homes, quick move-in homes, condos, and townhomes to choose from. Prospective homebuyers in the Sedona area should research a good real estate agency in the area to aid them with their new homes purchase.
Try to locate a buyer's agent when looking for the right real estate agent for your next home purchase. This will ensure that your interests are protected in every aspect of the home buying transaction. A buyer's agent works to appease the buyer and will, more than likely, always disclose all information available on the particular property under consideration. Unlike seller's agents who are often more interested in getting through with the deal; which causes them to focus more so on only the positive aspects of each property.
If you are purchasing a brand new home in Sedona, do not overlook having a new home inspection conducted. It is a common misconception that new homes are not without minor repair issues. Home inspection reports, clearly state out a property's condition and the buyer can be informed about a condition that needs to be looked into. If the seller or the builder refuses to acknowledge the existence of a problem condition specified in the home inspection report, or refuses to help, then the buyer should beware. A good real estate agent will bring this to their client's attention.
If you are building a custom home in Sedona, a local real estate agent will be able to suggest several reputable home builders. Home builders in Sedona offer multiple floor plans and variations to choose from; you can also have your own architect design your perfect home and have a local Sedona homebuilder build it for you.
วันเสาร์ที่ 29 มีนาคม พ.ศ. 2551
Hyderabad's Real Estate to Gain From City's New Airport
Hyderabad's Real Estate to Gain From City's New Airport
by George Gonigal
Hyderabad has been in limelight ever since the launch of its new airport on March 23. The new Rajiv Gandhi International Airport at Shamshabad has brought glory to the city on many scores. With the coming of this airport, the city is already being tagged as a 'developed city'. This accolade will help the city in many ways than one. The city's infrastructure and real-estate will gain most from this development.
The property in and around Shamshabad is already in demand. Shamshabad was once a sleepy, small, sub-urban locality on the outskirts of Hyderabad. Today, this area witnesses important developmental activities and is being considered as a major property hub. Civic authorities have announced a slew of residential projects there. And private builders, both big and small, are picking up land banks to develop residential property there.
Shamshabad is connected to the city centre by a 30-km long road. The areas along this road will also benefit from the new airport. This road will serve as a major transport corridor for the traffic coming in and out of Shamshabad. Hence, property developers and builders are anticipating that this road will become a major transport link. Thus, land banks along this corridor will command high property value. Many of them are toying with the idea of starting commercial and corporate projects in and around these areas.
The new constructions are mostly happening in Kukatpally, Madhapur, Secunderabad and Hussain Sagar Lake. Property rates in Secunderabad and Hussain Sagar Lake are already hitting roof tops. The property values in Shamshabad are comparatively reasonable. Hence, the investors are hopeful of finding spacious land banks at affordable prices that will help them get phenomenal return on investments.
Need we say more, why the real estate professionals are packing their bags for Hyderabad? Certainly not. The city is bracing up to grab its place along with major cities like Delhi, Bangalore, Mumbai and Kolkata.
by George Gonigal
Hyderabad has been in limelight ever since the launch of its new airport on March 23. The new Rajiv Gandhi International Airport at Shamshabad has brought glory to the city on many scores. With the coming of this airport, the city is already being tagged as a 'developed city'. This accolade will help the city in many ways than one. The city's infrastructure and real-estate will gain most from this development.
The property in and around Shamshabad is already in demand. Shamshabad was once a sleepy, small, sub-urban locality on the outskirts of Hyderabad. Today, this area witnesses important developmental activities and is being considered as a major property hub. Civic authorities have announced a slew of residential projects there. And private builders, both big and small, are picking up land banks to develop residential property there.
Shamshabad is connected to the city centre by a 30-km long road. The areas along this road will also benefit from the new airport. This road will serve as a major transport corridor for the traffic coming in and out of Shamshabad. Hence, property developers and builders are anticipating that this road will become a major transport link. Thus, land banks along this corridor will command high property value. Many of them are toying with the idea of starting commercial and corporate projects in and around these areas.
The new constructions are mostly happening in Kukatpally, Madhapur, Secunderabad and Hussain Sagar Lake. Property rates in Secunderabad and Hussain Sagar Lake are already hitting roof tops. The property values in Shamshabad are comparatively reasonable. Hence, the investors are hopeful of finding spacious land banks at affordable prices that will help them get phenomenal return on investments.
Need we say more, why the real estate professionals are packing their bags for Hyderabad? Certainly not. The city is bracing up to grab its place along with major cities like Delhi, Bangalore, Mumbai and Kolkata.
Belize Real Estate: A Great Investment
Belize Real Estate: A Great Investment
by Jim Kesel
Gaining popularity in recent years as the ultimate place to retire or build a vacation home, Belize real estate is becoming more attractive than ever to many investors and retired property buyers.
Belize is the only English speaking country in Central America and it is also the only one without a shoreline on the Pacific. It only has the Caribbean Sea for its coastline and its neighboring countries are Guatemala to the west and south, and Mexico on its north. With the drive for development, eco-tourism and attractive retirement packages, it is no wonder that Belize real estate has experienced a surge.
If you are planning to put your money in Belize real estate, you have to understand the factors which guide real estate prices. First is the property type. Determine whether it is a commercial, residential, beach front, exclusive property area, or etc. Next is the location of the property. How far is it from the major towns or villages? Is it in a major tourist attraction? Remember, the first two factors (location and type of property) are the most important variables in land values.
Other things you have to consider when scouting for a good Belize real estate are: property accessibility, availability of major consumer needs such as water and electricity, and also, maturity of the property--was it already developed previously or is it virgin parcel of land?
In order to have a good idea of what can be considered a sufficient budget for Belize real estate, the average cost of a house in Belize is USD 45-75 per square foot. This is for small to medium scale houses. For above average residences, it starts from USD 75 per square foot and above.
In Belize City, a parcel of land can go as low as USD 8,000 and sky is the limit for those which are located in prime spots. If it is an acre of land in Cayo, Toldo, and Stan Creek, the standard cost starts from USD 2,500 up to USD 3,500. This also depends on its nearness to ocean or rivers.
If you are more inclined to purchase commercial and residential Belize real estate in upscale neighborhoods, then be prepared to shell out at least USD 40,000 for a parcel of land. In the Western and Southern district in main towns, you should have at least USD 20,000-30,000 to spend on the land.
In buying properties in Belize, you have to take note of the fees you have to consider in your budget. There is the recording fee, registration fees, publishing notices in the Government Gazette, registrar general's fee, and the attorney fees, which is usually 2% of the sale price. Lawyers are particularly helpful in understanding and arranging the deeds, contracts and other property transactions.
For both foreigners and citizens, a 5% fee is required of the selling deliberation as a transfer tax or stamp of duty to the government of Belize. To foreign investors who want to send home 100% of their investments or profits, they should register with the Central Bank all foreign exchange properties they have brought into the country. A minimum of BZD (Belizean Dollar) 250,000 must be invested in order to take advantage of such tax privilege. Applications can be submitted to Belize' Ministry of Economic Development.
It goes without saying that you will need to do a good job of researching the property you are interested in. Realtors are unlicensed by the Belize government so it very important to find an attorney or buyers agent that has a good reputation to assist you in the purchase process. Never the less purchasing Belize real estate is a good investment in a tropical paradise. Moving to Belize is really quite easy and having a great home there makes it even better.
by Jim Kesel
Gaining popularity in recent years as the ultimate place to retire or build a vacation home, Belize real estate is becoming more attractive than ever to many investors and retired property buyers.
Belize is the only English speaking country in Central America and it is also the only one without a shoreline on the Pacific. It only has the Caribbean Sea for its coastline and its neighboring countries are Guatemala to the west and south, and Mexico on its north. With the drive for development, eco-tourism and attractive retirement packages, it is no wonder that Belize real estate has experienced a surge.
If you are planning to put your money in Belize real estate, you have to understand the factors which guide real estate prices. First is the property type. Determine whether it is a commercial, residential, beach front, exclusive property area, or etc. Next is the location of the property. How far is it from the major towns or villages? Is it in a major tourist attraction? Remember, the first two factors (location and type of property) are the most important variables in land values.
Other things you have to consider when scouting for a good Belize real estate are: property accessibility, availability of major consumer needs such as water and electricity, and also, maturity of the property--was it already developed previously or is it virgin parcel of land?
In order to have a good idea of what can be considered a sufficient budget for Belize real estate, the average cost of a house in Belize is USD 45-75 per square foot. This is for small to medium scale houses. For above average residences, it starts from USD 75 per square foot and above.
In Belize City, a parcel of land can go as low as USD 8,000 and sky is the limit for those which are located in prime spots. If it is an acre of land in Cayo, Toldo, and Stan Creek, the standard cost starts from USD 2,500 up to USD 3,500. This also depends on its nearness to ocean or rivers.
If you are more inclined to purchase commercial and residential Belize real estate in upscale neighborhoods, then be prepared to shell out at least USD 40,000 for a parcel of land. In the Western and Southern district in main towns, you should have at least USD 20,000-30,000 to spend on the land.
In buying properties in Belize, you have to take note of the fees you have to consider in your budget. There is the recording fee, registration fees, publishing notices in the Government Gazette, registrar general's fee, and the attorney fees, which is usually 2% of the sale price. Lawyers are particularly helpful in understanding and arranging the deeds, contracts and other property transactions.
For both foreigners and citizens, a 5% fee is required of the selling deliberation as a transfer tax or stamp of duty to the government of Belize. To foreign investors who want to send home 100% of their investments or profits, they should register with the Central Bank all foreign exchange properties they have brought into the country. A minimum of BZD (Belizean Dollar) 250,000 must be invested in order to take advantage of such tax privilege. Applications can be submitted to Belize' Ministry of Economic Development.
It goes without saying that you will need to do a good job of researching the property you are interested in. Realtors are unlicensed by the Belize government so it very important to find an attorney or buyers agent that has a good reputation to assist you in the purchase process. Never the less purchasing Belize real estate is a good investment in a tropical paradise. Moving to Belize is really quite easy and having a great home there makes it even better.
Good news in Phoenix Real Estate
Good news in Phoenix Real Estate
by Gary Kiernan
At last, some good news for the Phoenix real estate market? Well, yes, but...
As I write this article, in the dying days of March, it seems that there may be a light at the end of the tunnel; and I do not believe it is a train coming towards us!
It has been reported, on a nation-wide basis, that existing home sales in February, 2008, actually rose. Something that has not occurred in seven months. So that gives us one reason for cautious optimism.
Also, the weakening of the U.S. dollar is not all bad news. It has made homes here in the United States a very attractive proposition for overseas buyers, and we have noticed a sizable increase in inquiries. Particularly from our neighbors in the north, many of whom seek retirement homes here in the Phoenix area, as a respite from the frigid temperatures that Canada often endures.
Locally, the news is a mixed bag depending on your geographical location. Carefree lived up to its name, reporting a median price 6.7% higher than last year, at $944,000. At the other end of the scale, Queen Creek saw a 19% drop in median prices. Why the disparity? Queen Creek is an entry-level community that appealed to a lot of first-time buyers, and "investors", that have been affected by the whole sub-prime mess. Consequently, the level of foreclosures and short-sales, plus the abandonment by said 'investors' has, naturally, had a detrimental effect on prices. Hopefully, this year will see these homes absorbed by real end-users to bring some level of stability back to the market.
Conversely, Carefree is an extremely upmarket, witness the median price, mostly retirement community that has emerged relatively unscathed by the vagaries of the real estate world. The reported increase of 6.7%, on the back of just 70 sales in 2007, reflects the fact that wealthy retirees, or snow-birders, who did not have to sell, are able to ride out the rough times. Also, wealthy buyers are able to pay higher prices for the quality that Carefree provides.
Interestingly, neighboring Cave Creek reported a drop of 4.7% in 2007 to $505,000. The reasons for this, I believe, are a little more nuanced. For reporting purposes zip code 85331 is used for Cave Creek. It does not make a distinction between houses actually in Phoenix, generally south of Carefree Highway, that share the zip code by post office whim. Home prices in "actual" Cave Creek have been quite resilient, but the statistics have been skewed slightly by the "not real" Cave Creek sales.
To sum up, things are starting to look up and I think 2008 will set us back on a path to normalcy, such as it is in real estate.
Buyers are timidly emerging, so sellers remember to price your home like 2008, not 2006, and all should be well.
by Gary Kiernan
At last, some good news for the Phoenix real estate market? Well, yes, but...
As I write this article, in the dying days of March, it seems that there may be a light at the end of the tunnel; and I do not believe it is a train coming towards us!
It has been reported, on a nation-wide basis, that existing home sales in February, 2008, actually rose. Something that has not occurred in seven months. So that gives us one reason for cautious optimism.
Also, the weakening of the U.S. dollar is not all bad news. It has made homes here in the United States a very attractive proposition for overseas buyers, and we have noticed a sizable increase in inquiries. Particularly from our neighbors in the north, many of whom seek retirement homes here in the Phoenix area, as a respite from the frigid temperatures that Canada often endures.
Locally, the news is a mixed bag depending on your geographical location. Carefree lived up to its name, reporting a median price 6.7% higher than last year, at $944,000. At the other end of the scale, Queen Creek saw a 19% drop in median prices. Why the disparity? Queen Creek is an entry-level community that appealed to a lot of first-time buyers, and "investors", that have been affected by the whole sub-prime mess. Consequently, the level of foreclosures and short-sales, plus the abandonment by said 'investors' has, naturally, had a detrimental effect on prices. Hopefully, this year will see these homes absorbed by real end-users to bring some level of stability back to the market.
Conversely, Carefree is an extremely upmarket, witness the median price, mostly retirement community that has emerged relatively unscathed by the vagaries of the real estate world. The reported increase of 6.7%, on the back of just 70 sales in 2007, reflects the fact that wealthy retirees, or snow-birders, who did not have to sell, are able to ride out the rough times. Also, wealthy buyers are able to pay higher prices for the quality that Carefree provides.
Interestingly, neighboring Cave Creek reported a drop of 4.7% in 2007 to $505,000. The reasons for this, I believe, are a little more nuanced. For reporting purposes zip code 85331 is used for Cave Creek. It does not make a distinction between houses actually in Phoenix, generally south of Carefree Highway, that share the zip code by post office whim. Home prices in "actual" Cave Creek have been quite resilient, but the statistics have been skewed slightly by the "not real" Cave Creek sales.
To sum up, things are starting to look up and I think 2008 will set us back on a path to normalcy, such as it is in real estate.
Buyers are timidly emerging, so sellers remember to price your home like 2008, not 2006, and all should be well.
วันศุกร์ที่ 21 มีนาคม พ.ศ. 2551
Real Estate Agents: Create A Lasting Presence With Professional Cds Of Information
Real Estate Agents: Create A Lasting Presence With Professional Cds Of Information
by Dale Kubin
When you work in real estate, competition is stiff. During a sellers' market, everyone who is even thinking about listing their home is going to be trying to find the one agent who can help them get the highest price for their home. During a buyers' market, everyone who is thinking about listing their home is going to be looking for that one agent who can make the sale; they don't want their home to stay on the market indefinitely, they want to know what an agent is going to do to make their home stand out and sell quickly. It all comes down to your listing presentation.
Which of these scenarios do you believe would leave a longer lasting impression?
a. You walk into a meeting with a seller with a stack of paper. On one sheet, there's a diagram of the housing market in their area. On another there's a copy of a traditional selling brochure. On another there are descriptions of how you create an audio recording for each property your represent. After you've met with them, you leave them with key paperwork and your business card; or
b. You walk into a meeting with a seller with a sense of what you'll be talking about and a professional CD or DVD of some of your best marketing tools. Included is an MP3 audio file of a recording on your info line about a property walking callers through a home, a movie file that shows a virtual tour as it will appear on our company website with the listing, an interactive sellers' guide. On the CD or DVD is your contact information - which also appears at the top and bottom of every file that is burned on the disc.
When sellers are able to explore the tools that you will use to help them sell their homes, they are more likely to remember your listing presentation - you're more likely to make a lasting impression on them. With the Nexis CD publishing system, creating these professional CD presentations is as simple as selecting the files of content and selecting the images and details of your business for the CD artwork.
The best part is that the Nexis CD publishing system enables you to save the artwork file as well as the content file; if you regularly use the same listing presentation, you'll simply be able to print and burn a new CD when it's needed. Alternately, you'll find that you can burn multiple copies in advance so that they are ready when you need them - saving you time when you need it most.
When you are able, as a real estate agent, to create a more professional listing presentation - and when you are able to provide prospective sellers with a professional CD that allows them to review that presentation before choosing a listing agent - you can be sure that sellers will remember what you had to say and what you have to offer. That will assuredly help you to get more listings - and make your business more successful.
by Dale Kubin
When you work in real estate, competition is stiff. During a sellers' market, everyone who is even thinking about listing their home is going to be trying to find the one agent who can help them get the highest price for their home. During a buyers' market, everyone who is thinking about listing their home is going to be looking for that one agent who can make the sale; they don't want their home to stay on the market indefinitely, they want to know what an agent is going to do to make their home stand out and sell quickly. It all comes down to your listing presentation.
Which of these scenarios do you believe would leave a longer lasting impression?
a. You walk into a meeting with a seller with a stack of paper. On one sheet, there's a diagram of the housing market in their area. On another there's a copy of a traditional selling brochure. On another there are descriptions of how you create an audio recording for each property your represent. After you've met with them, you leave them with key paperwork and your business card; or
b. You walk into a meeting with a seller with a sense of what you'll be talking about and a professional CD or DVD of some of your best marketing tools. Included is an MP3 audio file of a recording on your info line about a property walking callers through a home, a movie file that shows a virtual tour as it will appear on our company website with the listing, an interactive sellers' guide. On the CD or DVD is your contact information - which also appears at the top and bottom of every file that is burned on the disc.
When sellers are able to explore the tools that you will use to help them sell their homes, they are more likely to remember your listing presentation - you're more likely to make a lasting impression on them. With the Nexis CD publishing system, creating these professional CD presentations is as simple as selecting the files of content and selecting the images and details of your business for the CD artwork.
The best part is that the Nexis CD publishing system enables you to save the artwork file as well as the content file; if you regularly use the same listing presentation, you'll simply be able to print and burn a new CD when it's needed. Alternately, you'll find that you can burn multiple copies in advance so that they are ready when you need them - saving you time when you need it most.
When you are able, as a real estate agent, to create a more professional listing presentation - and when you are able to provide prospective sellers with a professional CD that allows them to review that presentation before choosing a listing agent - you can be sure that sellers will remember what you had to say and what you have to offer. That will assuredly help you to get more listings - and make your business more successful.
วันอังคารที่ 18 มีนาคม พ.ศ. 2551
Expert Witness Testimony for Real Estate
Expert Witness Testimony for Real Estate
by Patrick O'Connor
Expert witness analysis and testimony provides both the parties information to settle prior to the actual judicial proceeding. When settlement negotiations are not successful, expert witness testimony provides the trier of fact (judge or jury) information to consider in making their decision. Expert witness testimony is a subset of litigation support services. The expert witness' primary responsibility is to develop and support a credible opinion of value. The standard of care for expert witness assignments is substantially higher than for typical valuation assignments. Both opposing counsel and the expert witness representing the other party will likely carefully review and scrutinize the expert's underlying data, analysis and final report. Expert witnesses who develop an opinion of value which is unreasonable tend to cause cases to unnecessarily proceed to trial.
The higher standard of care appropriate for expert witness assignments extends through all phases of the assignment. The expert should precisely determine the scope and purpose of the assignment. This includes the letter of engagement, scope of work, research, report preparation, deposition and trial testimony, and preparation for deposition and trial testimony. All data needs to be researched and verified. In many cases, even if sales data has been previously confirmed, it will be verified a second time for the expert witness assignment. Even if the factual data regarding a comparable sale is accurate, issues relating to the motivations of the party can be meaningful. For example, if a purchaser was anxious to purchase it a property because they own the adjacent property, this could artificially influence the sales price. If an expert witness was unaware of such a fact, it could undermine their credibility during a deposition or at trial. The calculations and thought process for the analysis need to be checked and double-checked, as do the report. The expert needs to carefully prepare for both deposition and trial testimony.
Appraisers sometimes believe that preparing a voluminous narrative appraisal, totaling perhaps 200 pages, which effectively documents their opinion is helpful for litigation. However, it is virtually impossible to prepare a voluminous document without overlooking minor errors. For this reason, is typically better to summarize the data and opinion instead of presenting them in a voluminous report. Preparing a summary report also helps to reduce the cost of an expert witness engagement. While it is important to carefully research the facts and perform a thorough analysis, there is little benefit to preparing a voluminous report.
It is imperative that the expert witness understand that the objective of opposing counsel is to discredit the witness and their testimony. Any aspects of the experts' opinion, data, analysis or testimony which does not appear to be reasonable provide opposing counsel an excellent opportunity to discredit the expert witness. Typographical errors and minor math mistakes can be effectively utilized to undermine the expert witness's credibility. If the expert has made a mistake, he should promptly admit it. While all people make mistakes, those who deny them lose credibility.
The expert witness needs to be an advocate for their analysis and opinion, not for their client. Novice expert witnesses sometimes succumb to pressure from clients or other parties to develop an opinion which is not reasonable, credible or supportable. While this approach initially appears helpful to the client, it does not typically provide meaningful assistance to legal counsel or the client since it is not credible evidence for trial. Therefore, it is not efficacious for resolving litigation. In addition, opining an unreasonable opinion has a deleterious effect on the reputation of the expert witness. Expert witnesses who provide legitimate and credible opinions of value provide a meaningful benefit to their clients, counsel and the judicial process. Most cases settle when the experts provide a well-supported analysis.
A credible expert witness who is properly prepared to document and articulate a credible opinion is an integral part of the team necessary to resolve cases before trial or win at trial. In some cases, it makes sense to initially hire the expert witness as a consulting expert. If the expert's opinion is not consistent with what counsel is hoping to receive, the opinion and/or report does not have to be provided to opposing counsel. Legal counsel and the expert witness need to directly discuss the strengths and weaknesses of the case. Although a credible report may not comply with the exact preference of the party or counsel, it is an effective method to provide counsel with the insights they need to effectively resolve the case.
O'Connor and Associates is the largest independent appraisal firm in the southwestern US and has over 40 full-time staff members engaged full-time in valuation and market study assignments. Their expertise includes valuing commercial and single-family real estate, business personal property, business enterprise value, purchase price allocation for businesses, valuation for property tax assignments, partial interest valuation, estate tax valuation, expert witness testimony and valuation for condemnation. They have provided litigation support and expert witness testimony in hundreds of cases.
To obtain a quote or further information regarding expert witness testimony, contact either gthomas@poconnor.com George Thomas or cyoung@poconnor.com Craig Young at 713-686-995.
by Patrick O'Connor
Expert witness analysis and testimony provides both the parties information to settle prior to the actual judicial proceeding. When settlement negotiations are not successful, expert witness testimony provides the trier of fact (judge or jury) information to consider in making their decision. Expert witness testimony is a subset of litigation support services. The expert witness' primary responsibility is to develop and support a credible opinion of value. The standard of care for expert witness assignments is substantially higher than for typical valuation assignments. Both opposing counsel and the expert witness representing the other party will likely carefully review and scrutinize the expert's underlying data, analysis and final report. Expert witnesses who develop an opinion of value which is unreasonable tend to cause cases to unnecessarily proceed to trial.
The higher standard of care appropriate for expert witness assignments extends through all phases of the assignment. The expert should precisely determine the scope and purpose of the assignment. This includes the letter of engagement, scope of work, research, report preparation, deposition and trial testimony, and preparation for deposition and trial testimony. All data needs to be researched and verified. In many cases, even if sales data has been previously confirmed, it will be verified a second time for the expert witness assignment. Even if the factual data regarding a comparable sale is accurate, issues relating to the motivations of the party can be meaningful. For example, if a purchaser was anxious to purchase it a property because they own the adjacent property, this could artificially influence the sales price. If an expert witness was unaware of such a fact, it could undermine their credibility during a deposition or at trial. The calculations and thought process for the analysis need to be checked and double-checked, as do the report. The expert needs to carefully prepare for both deposition and trial testimony.
Appraisers sometimes believe that preparing a voluminous narrative appraisal, totaling perhaps 200 pages, which effectively documents their opinion is helpful for litigation. However, it is virtually impossible to prepare a voluminous document without overlooking minor errors. For this reason, is typically better to summarize the data and opinion instead of presenting them in a voluminous report. Preparing a summary report also helps to reduce the cost of an expert witness engagement. While it is important to carefully research the facts and perform a thorough analysis, there is little benefit to preparing a voluminous report.
It is imperative that the expert witness understand that the objective of opposing counsel is to discredit the witness and their testimony. Any aspects of the experts' opinion, data, analysis or testimony which does not appear to be reasonable provide opposing counsel an excellent opportunity to discredit the expert witness. Typographical errors and minor math mistakes can be effectively utilized to undermine the expert witness's credibility. If the expert has made a mistake, he should promptly admit it. While all people make mistakes, those who deny them lose credibility.
The expert witness needs to be an advocate for their analysis and opinion, not for their client. Novice expert witnesses sometimes succumb to pressure from clients or other parties to develop an opinion which is not reasonable, credible or supportable. While this approach initially appears helpful to the client, it does not typically provide meaningful assistance to legal counsel or the client since it is not credible evidence for trial. Therefore, it is not efficacious for resolving litigation. In addition, opining an unreasonable opinion has a deleterious effect on the reputation of the expert witness. Expert witnesses who provide legitimate and credible opinions of value provide a meaningful benefit to their clients, counsel and the judicial process. Most cases settle when the experts provide a well-supported analysis.
A credible expert witness who is properly prepared to document and articulate a credible opinion is an integral part of the team necessary to resolve cases before trial or win at trial. In some cases, it makes sense to initially hire the expert witness as a consulting expert. If the expert's opinion is not consistent with what counsel is hoping to receive, the opinion and/or report does not have to be provided to opposing counsel. Legal counsel and the expert witness need to directly discuss the strengths and weaknesses of the case. Although a credible report may not comply with the exact preference of the party or counsel, it is an effective method to provide counsel with the insights they need to effectively resolve the case.
O'Connor and Associates is the largest independent appraisal firm in the southwestern US and has over 40 full-time staff members engaged full-time in valuation and market study assignments. Their expertise includes valuing commercial and single-family real estate, business personal property, business enterprise value, purchase price allocation for businesses, valuation for property tax assignments, partial interest valuation, estate tax valuation, expert witness testimony and valuation for condemnation. They have provided litigation support and expert witness testimony in hundreds of cases.
To obtain a quote or further information regarding expert witness testimony, contact either gthomas@poconnor.com George Thomas or cyoung@poconnor.com Craig Young at 713-686-995.
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