Properties Magazine January 2013 : Page 35

Resourceful Representation By Tim Panzica IQ Advisors, LLC Examining owner’s rep services as an effective project management solution Y our business is changing and you need more space, or remodeled space, or “greener” space. You are unsure how to begin or how to get from Step A to Z. Who do you call? Where do you start? Who watches the overall process? The builder? The architect? Should you control the oversight yourself? Do you have the time personally? Do you have the right in-house person and resources to do that? If not, now may be the time to look for an owner’s representative, someone who will wholly and passionately advocate for your best interests without an agenda to advance. A skilled owner’s representative pro-vides independent advisory services for master planning initiatives and con-struction projects. Moreover, a talented owner’s representative translates your business vision and goals into an excep-tional building project and, as a result, will exceed your expectations. Services could include, but are not limited to, leadership with early plan-ning and budgeting; identifying and negotiating the services of the various professionals, such as the architect, con-tractor and engineers; guidance in the incorporation of responsible sustainabil-ity initiatives; ongoing oversight during the construction phase of the project; and efficient facilitation of the close-out phase of the project. look for demonstrated passion and knowledge about incorporating respon-sible green practices into the project. Have they persuasively convinced you that they would protect your long-term goals of low operating and maintenance costs? During the very early planning stage of the project, it is imperative to have robust discussions on all of your options related to first cost expenditures versus a demonstrated return on invest-ment over a longer time horizon. Your owner’s rep must lead this charge. Are you able to discern if your pro-posed owner’s rep possesses exceptional facilitation skills with demonstrated ability to include and engage all stake-holders early and often? This is a critical skill set, given the need to ensure all voices are heard at the table. Most importantly, make sure your partner can unequivocally impress upon you that they are capable of thinking and acting like an owner. Yes. In the end, you will have selected a company for the assignment as your owner’s representative. But, make sure you know the individual from that firm who would be assigned the primary proj-ect management role for your project. The benefit It’s been said, “Conventional execu-tion, even if flawlessly carried out, can only achieve conventional results.” Do not allow this to occur on your project. You want to be able to look back on the process and proclaim you received not only what you had hoped for, but much more than was ever expected. In life, as in business, successful rela-tionships must be aligned around trust, and the best barometer of trust is plain speaking and candor. Treasure this trait! In the end, it’s imperative that your owner’s representative is a true inde-pendent, trusted advisor providing exceptional advocacy on your behalf. Know this. A talented owner’s repre-sentative will guide the entire process in the correct direction from the beginning, dramatically increasing the opportunity for a successful project outcome and, in the process, save you money overall. P Attributes of a quality partner Seek a partner who can advise you through the entire lifecycle of a capital project. Look for your partner to really understand your business vision and dream, and be sure they can convince you of being able to effectively translate that business vision into a successful building project. Can they impressively demonstrate knowledge of all phases of a capital proj-ect – planning, design and construction? As the construction represents anywhere from 70% to 80% of a capital project, your advisor should have a demonstrated expertise in this area, too. It is essential for your partner to have a solid understanding of accurately bud-geting for the entire project. Further, make sure they clearly and proficiently share with you the pros and cons about the varied models you can contemplate and use to contract with the design and construction firms. Given the prominent role of sustain-ability in today’s business environment, Tim Panzica, LEED AP, is president of IQ Advisors, LLC, an independent advisory firm provid-ing owner representation for capital projects and sustainability initiatives. He may be contacted at timpanzica@iqadvisorsllc.com IQ Advisors, LLC Owner Representation & Independent Advisory Services for Building Projects & Sustainability Initiatives Tim Panzica, LEED AP President timpanzica@iqadvisorsllc.com 216-469-0512 www.iqadvisorsllc.com www.propertiesmag.com 35

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