MIAMI—We’ve been talking with Lee & Associates CEO Ed Indvik about the company’s recent move into valuations and appraisals. He’s been transparent about his strategy and how he plans to execute it. In part two of this exclusive interview, Indvik tells GlobeSt.com how the new business line will impact Lee, why the firm chose to headquarter the new services division in Atlanta, what kind of growth he expects and more.
GlobeSt.com: Why now? Is this something that will help Lee improve its service to clients in CRE?
Indvik: Absolutely. As we have grown our clients ask for and we want to provide as many solutions to their needs that can be done with our committed promise of excellence. We think with the Valuation and Appraisal Service there is a real opportunity to provide a great benefit to our clients and the marketplace.
The appraisal business is a highly fragmented industry and clients are not satisfied with their limited choices in vendors. They are seeking additional appraisal and valuation organizations that are imbedded within a strong national brokerage firm. Government regulations are continuing to expand and there is a groundswell of new work coming to the appraisal industry through refinancing, development and transactional assignments. This is in addition to the product and services that we will provide in the valuation for financial reporting targeted to the c-suite level and the accounting industry.
GlobeSt.com: Why is it based in Atlanta?
Indvik:This is where both Daniel Boring and Victor Segrest [leaders of the new division] are based but Atlanta is also home to the Coca-Cola Company, Home Depot, Delta Air Lines, AT&T Mobility, UPS, and Newell-Rubbermaid. It is also important to note Atlanta contains the third largest concentration of Fortune 500 companies in the country.
Over 75% of Fortune 1000 companies conduct business operations in Atlanta and the region hosts offices for over 1,250 multinational corporations. Atlanta’s economy ranks 15th among world cities and sixth in the nation. It provides our executives with a great location that brings together the capital markets, owners, occupiers and their real estate.
GlobeSt.com: How do you see the new line expanding in the next year?
Indvik: As rapidly and as strategically as possible! Our focus will be on growing our operations within the existing Lee structure in combination with growing operations within secondary markets where our client’s assets are located. The valuation service line is dedicated to providing a wide range of services that not only includes the valuation of real property, but also such things as the analysis and valuation for financial reporting of businesses and going concerns and furniture, fixtures and equipment.
GlobeSt.com: Can we expect to see other services unveiled?
Indvik: We will have further announcements this year on at least one additional service line and specialty brokerage practice. I expect as we continue to grow we will constantly evaluate appropriate additions to our organization. We are very proud of our growth and our broker-agents ownership model and believe it will continue to be one that will serve us and our clients well for decades to come.
Click here to read part one of this interview.