Are you experiencing real estate change and ready to engage an Owner’s Representative to carry out your project? There are some key steps to preparing and selecting the right firm for your job. These steps include determining what that change entails, researching firms in your area that offer Owner’s Representation services, interviewing these firms to find a good fit, and finally, selecting a firm based off your specific needs and values. We will expand on best practices for each of these steps below to help you engage the right Owner’s Rep for your project.
Determine What the Change Entails
First, determine what this change entails for you or the project scope. Is your goal to procure land and develop new construction? Are you renovating an existing space? The selected Owner’s Rep will help you through the details of the project scope of work, but it is helpful to have a general idea going in. Consider financial constraints early on to assist in determining the project budget. Being upfront about your budget early on will save time in the long run. Finally, what does your desired project timeline look like? It is important to level-set expectations up front and finds an Owner’s Rep that is best suited to meet your expectations and needs.
Research
Next, research firms that offer Owner’s Rep services. Take advantage of LinkedIn, professional affiliations, and search engines to find Owner’s Reps in your area. You may be familiar with an individual or company who recently kicked off or finished a project of their own. Use your connections to collect recommendations and create a list of qualified firms you would like to pursue.
Interview
Now that you have a list of qualified Owner’s Rep firms, reach out to each one to distribute a request-for-proposal or set up interviews. Be upfront about your scope, budget, and timeline. Make sure the firm has experience with similar projects and request examples of their work, including client references. Consider what criteria you are looking for ahead of the interview and develop a ranking system to assist with evaluations. Some examples may include years of experience, firm size, or how your personalities mesh. Prepare questions that relate to your criteria and make sure to take notes during the interview. This will help you to select the right firm when the time comes.
Firm Selection
Once you have interviewed the Owner’s Rep firms, it is time to make your decision. Begin by identifying the top firms based off your criteria. Notify the firm you selected and wait for an acknowledgement. Once this is received, you can reach out to the other firms to thank them for their time and effort, and ultimately inform them that the project was awarded to another firm.