Hiring an Owner’s representative in New York: 3 things to consider for a contract

1. Hiring an Owner Hiring an Owner’ ’s representative in New s representative in New York: 3 th York: 3 things to consider for a contract ings to consider for a contract The real estate business needs eyes that see what the naked eyes cannot see. Not literally, but yes the owners have the acumen to analyze, grow, invest, sell, and make a profit in the sleek markets also. The New York market is tough and sometimes unpredictable for builders and buyers, both. If you are looking for an owner’s representative services in New York, you must hire Harvest International. With the gamut of experience in the real estate industry, this owner’s representative services company will assure you of guaranteed benefits and steer your profits till the end. But before you think to hire an owner’s representative for yourself, know that you will have to sign a contract with the rep. It is to ensure project safety, prevent legal complications, and unnecessarily delay in the completion.

2. Here are three vital considerations for you to make a note of before getting into the contract with the owner’s representative: 1.Understanding in regards to professional services. The owner’s representative you wish to hire for your real estate company must understand the purview and the meaning of professional services. In some cases, you may hire an individual from another segment of the construction industry they tend to not have the required experience. The person might lack the awareness of the legal clauses which might hamper the construction or the projected development. This can affect the project development, reputation of the owner, and losses due to the failure of the whole concept. To avoid any such troubles, make sure you put in the clause of professional services. Under this, the owner’s rep will be liable to deliver the services abiding by this clause. The level of services will have to conform to the standard of care fulfilling other compliances. 2.Scope of duties. Your owner representative in New York must know the importance of technical skills. The company or the individual must have the ability to align their professional abilities to the areas like project financing, development, cost estimation, constructability reviews, and project forecasting. If the company or individual is not capable of taking charge of these duties, you must not hand-over them the complete project. Make mention of this in your contract to avoid any mess later. The owner’s representative must acknowledge each responsibility failing to achieve which the owner can face the brunt of legal liability. The rep must realize that he must look into the engineering or design studies, consulting, monitoring financial performance. 3.Dispute Resolution: You must not miss adding a clause of dispute resolution with the owner representative you hired. With the increase of the work responsibilities, the chances of rising disputes grow. The representatives should always be clear that in no case will they acquire the ownership of the

3. project. A representative will just be responsible to handle the documents during the process of the project. The rep will also be accountable to submit all the information and documents collected and that relates to the project. The owner’s representative is generally asked to monitor, track, and evaluate the project at every step. The company or the individual you appoint as the rep must have technical knowledge of the entire project. It helps them to deliver the issues as per the contract. While you hire a representative, you must be assured of the qualifications, past projects handled by the representative, and contractual commitments. Put everything in black and white. Why is it important to sign a contract with the owner’s representative in New York? Owners need to sign a contract with the representative as it: ●Authenticates the deal or the agreement between the two parties. ●Facilitates the legal actions, if either of the parties involved fails to deliver what was agreed upon. ●Indicates the duration of the contract for which the two parties are legally bound to work with each other. ●Under the contract, both the parties the owner as well as the representative, are bound to keep the information secret. You must be mindful when getting into the contract with the representative you hire. Make sure all the aforementioned points are included as a part of the contract. You must realize the importance of the contract and its benefits. For more information and inquiry, please contact charlesc@harvestinternational.net