Marx Okubo's property condition assessment (PCA) services are predicated on giving real estate owners, investors, and lenders an accurate picture of what a property's capital needs will be in the short and long term.
Marx Okubo understands the risks a property owner or equity investor faces if large capital surprises occur. You need documented and true property data from qualified professionals to make the most informed decisions possible and ensure the success of your real estate transaction.
A more precise property picture.
With experienced engineering professionals registered in their respective disciplines—construction, architecture, civil, structural, mechanical, electrical, and plumbing—our focus is to provide expert PCA services to assist our clients in the acquisition, ownership/maintenance, and disposition of real estate assets.
Marx Okubo's property condition services meet the technical requirements of the ASTM E2018-24 baseline protocols for most lender circumstances; however, our strength lies in delving much deeper. Our professional teams deliver detailed, impartial reports that can help building owners and investors gain a clear, informed understanding of current and future capital risks and benefits.
Key property condition assessment services:
Site and parking structure reviews
Building envelope reviews
Building systems reviews
Vertical transportation reviews
Engineering system reviews
Specialty consultant integration
Lifecycle cost evaluation
Seismic evaluation
Accessibility reviews
Sustainability reviews
What is different and better about our approach?
At Marx Okubo, we perform to a higher standard. Clients often want to understand how Marx Okubo differs from firms that perform property condition assessments (PCAs) per baseline ASTM standards. Since there is not usually an apples-to-apples comparison, it’s important for clients to be informed about what we will deliver—uniquely.
Here is a summary of what differentiates Marx Okubo’s PCA work from other firms’. Expand items below to read more.
Provide more thorough evaluations using a team of Marx Okubo employees.
One of our biggest distinctions is—we typically send an in-house,
multidisciplinary team of experts to evaluate a property. Marx Okubo’s PCA
teams typically include multiple full-time employees with education,
training, and credentials in architecture and engineering who have years
of experience working with each other. An experienced in-house team can
more thoroughly evaluate a property—there are not only more eyes, but also
our team members have diverse experience, more specialized expertise, time
to focus on specific aspects of a property, and the capacity to provide a
more comprehensive assessment of each system and the property as a whole.
To compare: Other firms conducting PCAs may send one
individual who may not be a licensed architect or engineer, could be a
1099 consultant with little to no familiarity with other members (if any)
of the assessment team, and may be burdened with simultaneously conducting
both a PCA and environmental assessment. This type of single generalist
can neither be an expert in all components of a property nor have the time
to evaluate all of them thoroughly in one site visit.
HOW DO WE KNOW WHEN IT’S BEST TO SEND A TEAM VS. ONE
PERSON? First, we talk with our clients about their needs and right-size
the condition assessment approach accordingly. And yes, sometimes an
evaluation can call for one person. We send more people only when the size
and complexity of the project calls for additional expertise and a
collaborative approach. In those cases, more skilled eyes lead to more
insightful and meaningful findings which help our clients mitigate risks
and maximize opportunities.
Meet a higher standard and expectation.
Our more detailed PCA scopes are tailored to clients who have a vested
interest in the long-term performance of an asset, and therefore their due
diligence needs and expectations are higher. Our multidisciplinary team of
experts allows for a wider sampling of the property’s components. As PCA
work relies on representative sampling to help clients mitigate risks and
maximize opportunities, the more that is sampled, the more accurate the
assessment is likely to be.
To compare: A baseline ASTM PCA is intended to meet a
minimum standard (such as for lenders who do not have as significant of a
stake in the property). We go to the extra effort to count and measure
things when necessary to develop more accurate assessments,
recommendations, and resulting costs. As an example, we typically review
every major piece of HVAC equipment at a property, whereas a PCA performed
to baseline ASTM standards may review a smaller sampling of equipment and
then extrapolate the findings and recommendations based on the limited
sample size.
HOW ELSE MIGHT THIS TRANSLATE? We include more. For
example, when we prepare our cost tables, we typically include
indirect/soft costs when making recommendations associated with more
significant/major needs at the property, so our client can understand the
total cost of these types of projects; a baseline ASTM PCA scope
specifically excludes these costs
Uncover more, go deeper.
We don’t take things at face value. We will move furniture or panels
during a site visit and make extra effort to see and inquire about what is
necessary to more fully evaluate a property whereas a baseline ASTM
standard PCA specifically excludes moving or removing anything to get a
better understanding. For example, when it’s safe and appropriate for the
scope, it is common practice for our MEP engineer to remove covers from
major pieces of equipment to look at the internal components. Sometimes,
it’s not possible to fully evaluate these types of systems based solely on
their exterior appearance. This is particularly true and critical for
larger or complex building types and systems.
To compare: With our more diverse and experienced staff,
we take the time to investigate and ask more questions to truly understand
the conditions at the property in comparison to a single consultant
performing a baseline ASTM standard PCA who is rushing to review
everything they need to evaluate. If needed, we will spend more than one
day at a property, conduct follow-up interviews, review documentation, and
reach out to industry partners to truly understand the conditions and
identify the risks for our client.
Customize our evaluations to fit client needs.
We fine-tune our PCA scopes to meet our clients’ needs. Baseline ASTM
standard PCAs are often completed using standardized reporting templates
and not tailored to a client’s specific needs or timing. For example, if a
client’s goals are to purchase and redevelop a property, we will customize
our evaluation and recommendations for that specific purpose and deliver
the key information on a timeline that meets their sometimes-accelerated
needs. We will identify costs for improvements/renovation of the property
if requested by the client—whereas a more standard PCA specifically
excludes any upgrades or enhancements to a property and only provides
costs to maintain a property “as is.”
To compare: Time is of the essence in a building
transaction. With our collaborative, multidisciplinary approach, we can
identify issues quickly vs. other PCA consultants who may need to
recommend further study due to their more limited initial assessment of
the property (which can cause delays and other issues in a property
transaction). Due to the breadth of our experience and knowledge of a wide
range of property types, we can provide opinions of cost sooner since we
need to recommend further study less often—this keeps a property
transaction moving. When needed, we also work with our clients to
customize our reporting to meet their requirements and timelines, instead
of delivering the same report to every client regardless of their
situation.
Understand local/regional nuances and integrate for accuracy and efficiency.
With experts in regional offices across the country, we have a more
thorough understanding of local/regional variations in how things are
built, how they perform, how they need to be maintained, and more. Because
of this local insight, we can provide more detailed assessments because we
know what we can anticipate in various climates and regions.
To compare: While Marx Okubo has these local experts
available across the country, firms that perform baseline ASTM standard
PCAs may send a PCA site assessor all over the country, and that assessor
will not have the local knowledge/expertise to more thoroughly evaluate
the property.