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Future prospects for land agents
 

Future prospects for land agents

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Presentation at the RICS Scotland Rural Mid Session Conference, Perth, 22 November 2012. New markets, opportunities and challenges for the work of rural chartered surveyors.

Presentation at the RICS Scotland Rural Mid Session Conference, Perth, 22 November 2012. New markets, opportunities and challenges for the work of rural chartered surveyors.

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    Future prospects for land agents Future prospects for land agents Presentation Transcript

    • Challenges for internationalprofessional practice:From Market Valueto Natural ValueCharles CowapBattleby, Perth22 November 2012 Charles Cowap MBA MRICS FAAV
    • New land managementRequirements are emergingNew marketsNew challenges toprofessional practice Charles Cowap MBA MRICS FAAV
    • Peat’s Story Charles Cowap MBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • Wimbleball Resr &Context: Exmoor example R Haddeo R Exe Exmoor R Barle Replenishment Exebridge Pumping Pumping Approx 5 Station miles, lifting water from 120 to 240 m CO 2 AOD Charles Cowap MBA MRICS FAAV
    • Top 10 Business Opportunities1= Biodiversity Offsetting (BDO) andConservation Banking• Estimated size of market £50 – 300 million pa from housing, plus other sectors• Brokerage, certification and registration• Additional costs to builders/developers deducted from land value1= Peatland Carbon Code and Carbon Credits• Peat restoration for carbon storage• Management schemes and incentives• Certification and brokerage Charles Cowap MBA MRICS FAAV
    • 2. Woodfuel and Woodburning Stoves3. UK ecosystem knowledge economy4. Layered PES – Different Environmental Services to different buyers – Eg  Charles Cowap MBA MRICS FAAV
    • 6. Carbon sequestration7. Sustainability certification – Opportunities for intermediaries8. Sustainable tourism Charles Cowap MBA MRICS FAAV
    • 9= Global centre of excellence inESS certification9= Water re-use technology11 Reducing insurance risk through green infrastructure12 Environmental bonds http://www.valuing-nature.net/opportunities-uk-business- protect-and-value-natures-services-report-published- today [accessed 19 July 2012] Charles Cowap MBA MRICS FAAV
    • NEW VALUATIONREQUIREMENTS AREEMERGING Charles Cowap MBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • SOME WORK HAS BEENDONE ALREADY Charles Cowap MBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • We face challenges to valuationECONOMIC APPRAISAL Charles Cowap MBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • And NowECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • Charles CowapMBA MRICS FAAV
    • ECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
    • From TEEB Foundations, Chapter 5APPROACHES FOR THEESTIMATION OF NATURE’SVALUES Charles Cowap MBA MRICS FAAV
    • Market Contingent Cost Analysis Valuation Methods Deliberative Avoided Valuation Group Replacement CostValuation Cost Methods Regime Shift Methods Analysis Insurance Resilience Ecological Value Value Risk Footprint Analysis Joint Mitigation Analysis Input/Output Production Cost Analysis Function Method Charles Cowap MBA MRICS FAAV
    • ValuationWHERE DOES IT FIT? Charles Cowap MBA MRICS FAAV
    • Foresight Land Use Futures 2010 Charles Cowap MBA MRICS FAAV
    • Other key trends fromthe Foresight ReportDrivers:• Demographic Change• Economic growth(?), changing global economic conditions• Climate change• New technologies• Societal preferences and attitudes• Policy and Regulatory Framework Charles Cowap MBA MRICS FAAV
    • Other key trends fromthe Foresight ReportLead to 3 key challenges• + Demand for land in south- east• Climate change and land use• Delivery of public goods and services Charles Cowap MBA MRICS FAAV
    • Shorter term trends identified by WarwickBusiness School/Local Govt Association• Ageing population• Health• Families in Crisis• Climate Change• Local Economic Development and Regeneration Charles Cowap MBA MRICS FAAV
    • Shorter term trends identified by WarwickBusiness School/Local Govt AssociationLeading to:• Diverse governance frameworks• Different relationship between – State (public) – Markets (private) – Civil Society (3rd Sector) Charles Cowap MBA MRICS FAAV
    • No future for land agents and agriculturalvaluers? Charles Cowap MBA MRICS FAAV
    • Source:http://charlescowap.wordpress.com20.6.2012 Charles Cowap MBA MRICS FAAV
    • And what they saidBusiness skills and knowledge• “It‟s all about leadership, a psychological game more practised by others in big offices and organisations”• Difficulties in recruiting suitable chartered surveyors to top estate management positions• Lacking in vital business areas like risk analysis and management• Need to raise game: undergrad study not enough Charles Cowap MBA MRICS FAAV
    • Valuation• Now the unique differentiation “There are plenty of non-• But threated by cheap and surveying professionals cheerful services, and DIY who, in my opinion, are valuations by banks, ahead of surveyors in accountants etc. considering non-market values and eco-system services”• And the emergence of eco- system/non-market valuation requirements??? Charles Cowap MBA MRICS FAAV
    • More specialisation• Teamworking for complex client problems• Competition or collaboration or complementarity – „co-opetition‟• Planning, valuation, tenancy advice, business consultancy• Specialised agricultural and land administration• Local knowledge a specialisation in itself? Charles Cowap MBA MRICS FAAV
    • “with more competition for land forWe‟ll always need land and food, energy or ecosystems it will be a time of opportunity for land agentsfarming but they will need to be more expert at valuing uses and mediating• Food, fuel, fibre choices and blends between them”• Investment portfolios• But who will do the work?• “a little lycra under the tweed" Charles Cowap MBA MRICS FAAV
    • Changing nature of clients In my recent dealings looking at 2 farms for rental tender I have found the land• Client knowledge and agents quite difficult to deal with … the intelligence UP number of questions I asked that went either unanswered or were answered• Clients DIY with I dont know was disconcerting. There was also a strong feeling of being• Implications for spoken down too, rather than on a par. I – Assistant Work do feel in business that you need to – Succession in firms have a strong aptitude to build lasting relationships with people as you never• Opportunities in project know when you may look for their initiation and development help/advice in future and in too many cases I do find land agents speak as – cooperation though they are of a higher order. Charles Cowap MBA MRICS FAAV
    • A Future?• Yes, But:• Hard work to get there and stay there• And different in many ways. – Valuation – Management – Project initiatives: entrepreneur – Specialisation in networksSee MoreBlog:http://charlescowap.wordpress.com/Storify:http://storify.com/charlescowap/what-will-land-agents-and-agricultural-valuers-be Charles Cowap MBA MRICS FAAV
    • Key Questions for RICS• Is this anything to do with us?• Our Public Interest Function in this area?• Our Member Services Function in this area?• Our Global Positioning?• What, if anything, needs to be done? Charles Cowap MBA MRICS FAAV
    • Thinkpiece• Royal Charter – Promote the usefulness of the profession to public advantage• New opportunities in land management• New ways of working in development• New points to reflect in conventional valuations• New types of valuation Charles Cowap MBA MRICS FAAV
    • And we should offer:• Our expertise• In Land Tenure and its relationship to land management and development• Our experience of valuation in challenging commercial markets• Our expertise in brokerage Charles Cowap MBA MRICS FAAV
    • Questions? Charles Cowap MBA MRICS FAAV
    • Contact DetailsTranslating new knowledge for rural professional practice cdcowap@gmail.com 07947 706505Twitter: @charlescowapBlog: http://charlescowap.wordpress.com/Slideshare: http://www.slideshare.net/cdcowap Charles Cowap MBA MRICS FAAV