Eagle Eyes, Owl Ears

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The (daylight active) eagle famously has extraordinary eyesight, with four times the sharpness of humans and ability to dual focus frontally and to the sides, as well as excellent hearing. The (nighttime active) owl has such great hearing it locates prey largely by sound, and also possesses exceptional far vision, particularly in low light.

Being disappointingly human, in our work with real estate we miss stuff all the time, which is easy to do when the properties are both numerous and complex. Perfection is not a realistic goal, and usually what we miss doesn’t impact value greatly except when it involves either a limitation in (or a step forward in) property rights, utility, or design.

Failing to notice that air rights have been sold off in a densely developed urban environment is certain to launch an appeal, as is not realizing the necessity for leased, proximate parking for tenant use.

If we are somehow unaware that a manufacturing facility is so specific in design as to preclude alternative use to all but a tiny and diminishing number of occupants, we have ignored significant functional obsolescence.

If our inspection of a new, state of the art office development ignores a LEEDS designation, we are likely to understate the value estimate.

In our profession, analysis of countless components is part of the job. What can we do to avoid missing something important? Pay attention.

Bird quality eyes and ears not required.