The New Era of the Advisory Profession
Del Markward, current Global Vice President of SIOR* and Principal of Markward Group, discusses his thoughts on the New Era of the Advisory profession in Commercial Property Executive interview.
Below are excerpts from the original article, which can be read in its entirety at:
SIOR, the commercial affiliate of the Realtors, is known for its professional designations, earned by brokerage and advisory professionals who meet stringent standards for knowledge, production and adherence to a stringent code of ethics.
In the following excerpt Del Markward, Global VP of SIOR, discusses the challenges, changes and opportunities facing the advisory profession.
CPE: What do you see as the most important changes unfolding in the advisory profession today? How is the role of the advisor changing?
Del Markward, 2017-2018 SIOR president/CEO, the Markward Group, Allentown, Pa.: Advisory ebbs and flows with the changing cultures at the corporate real estate level. Over time, corporations move from maintaining large real estate internal departments back to relying on outsourcing and advisory services. The rapid pace of mergers and acquisitions impacts the counselling and advisory markets to the same degree as it always has. Comparables, pricing, and market data that enable users to make quick decisions are all far more readily accessible than they were just ten years ago.
CPE: What are the biggest challenges facing these professionals? For instance, how about recruitment and training, ethical standards, fostering diversity, technology, and corporate consolidation?
Markward: The commercial real estate business has always been provincial yet fragmented in its execution. While an increasing share of the business has gone digital, it is still very much a hands-on, personal- relationship industry. Large firms have more technology at their disposal than smaller firms, but the majority of deals are completed by the professionals with the best relationships and dogged determination.
There are more training aids available than ever before, both online and in print, but the content and methodologies taught remain the same. Because the large brokerage operations have a wider swath of corporate deal control, smaller firms must be more willing than ever before to create niches and specialize.
CPE: Which technological changes unfolding today, and those waiting in the pipeline, will likely have the biggest impact on the supply chain during the next several years?
Markward: Online retail will only get bigger over the next five years. This is prompting the creation of world-class systems for the movement of product from raw materials to manufacturing to shipping to delivery. Drones may play a role, but there are numerous short-term hurdles to overcome (weight of product, FAA rules, satellite communications, etc.). Farther down the road, driverless trucks will happen within the next 10-15 years, and this will dramatically increase speed and efficiency.
*Headquartered in Washington, DC, the SOCIETY OF INDUSTRIAL AND OFFICE REALTORS (SIOR, www.sior.com) is a global professional organization that certifies commercial real estate service providers with the exclusive SIOR designation. Individuals who earn their SIOR designation adhere to the highest levels of accountability and ethical standards. Only the industry’s top professionals qualify for the SIOR designation. Today, there are more than 3,000 SIOR members in 630 cities in 34 countries.