PRAXI Valuations takes off!
08 April, 2019
PRAXI Valuations, an international network of valuations and appraisals firms, takes off
Original Italian version published in il Quotidiano Immobiliare
The real estate services market is becoming increasingly global, and in particular, so are valuations for real estate or large real estate portfolios. The major operators have a worldwide presence regardless of their domestic market, and many investors now resemble multinational companies, which shift their investment objective according to risk-return logic, independent of geography.
This new investment attitude necessitates access to real estate services in foreign markets, sometimes exposing oneself to the risks of having to deal with service providers whose quality standards may not be entirely in line with expectations and, above all, whose levels of responsibility and guarantee might not be compatible with the needs of international professional investors.
On the other hand, the valuations companies able to guarantee high standards across markets are very few, and often the services offered are not consistent from country to country, even if operating under the same umbrella.
Praxi S.p.A., certainly one of the most notable names in Italian real estate valuations, set out to find a solution that could guarantee the high standards that their Italian clients expect while at the same time providing leverage against large international competitors.
Being a market leader requires not only an established presence over time, but also a solid structure and an experienced and highly professional team. Those who work in this sector are well aware that setting this up is extremely complex and involves a very high investment of time and expenses.
Furthermore, establishing operations abroad in order to access numerous markets at the same time is also a bet on which markets will perform, and this can change rapidly.
The only solution to this dilemma was to identify international channels to local market leaders. This resulted in a network of companies with similar characteristics and attitudes, but above all with the same operational, ethical and relational standards. Customers, regardless of their location, will find the same competence abroad that they expect locally, simply by turning to their local valuations firm.
PRAXI Valuations was built upon these reflections, and as of today begins officially as a network of companies of the highest quality standards, leaders in their local markets, sharing the common mission to “make the customer feel at home wherever they invest”.
It took over two years of travel, meetings and gatherings in many European countries, but today PRAXI Valuations is proud to represent a group of nine independent companies able to offer valuation services in the most prominent European countries. Through a careful selection and vetting that included many discussions and direct meetings with the partners of the selected companies, today the network consists of leading companies, most of which are regulated by RICS, the Royal Institution of Chartered Surveyors, and qualified with the most relevant local credentials.
It is important to underline that this project, in addition to increasing the international reputation of each member, represents a success for Italian credibility. By relying on its excellence in real estate services, Praxi, an Italian firm has been able to combine prestigious brands operating in markets traditionally larger and far more signficant than its own.
Together with Praxi S.p.A. in Italy the following firms have joined the network:
- Belgium: de Crombrugghe & Partners SA
- France: Colomer Expertises
- Germany: Dr. Gleser & Dalhoefer
- Greece: Arbitrage Real Estate Advisors
- Poland: Polish Properties SP. Z O.O.
- Spain and Portugal: Gesvalt S.A.
- Switzerland: REVA Real Estate Valuation & Advisory Sagl
- United Kingdom: Carter Jonas LLP
These companies make up the backbone of a network that will expand to cover an increasingly vast area, ultimately covering all continents.
Integrity leads the list of qualities that characterize ideal partners, in addition to compliance with international standards, constant attention to the customer, a proven track record and good references in the local market. All companies have comparable dimensions, in relation to their reference markets, both in terms of turnover and number of employees, and they will remain absolutely autonomous and independent in their respective domestic markets.
The network will be managed from an organizational point of view by a dedicated PRAXI team but the strategic direction will be guided by a peer-to-peer approach, allowing members to interface directly with each other, without intermediation, in order to provide fast and effective valuations services.