Month: August 2016

Meet Dubai’s own Wolf of Real Estate

By:Binesh Panicker
Published: Property Times
Date: 28 August 2016

Mohanad Alwadiya is a well-known name in the Dubai real estate market, and he wears many hats. Apart from his professional obligations as the CEO of Harbor Real Estate, he also finds time to contribute to the betterment of the market as Senior Advisor & Instructor at the Dubai Real Estate Institute. He is already a raging hit on social media, not an easy task for someone
from real estate.

Tell us about Memaar. How did the concept take off?
Having a primetime property reality TV show in the Middle East has been a long time coming – whether you’re in the UAE, Saudi Arabia, Qatar – practically anywhere in the Middle East, there’s always a new tower, a unique residential project or a new iconic building being launched or unveiled. So MEMAAR simply had to be.

MEMAAR is the brainchild of the Dubai Channels Network (DCN), and we officially went on air for Season 1 in May 2015. We already have a solid audience following comprising millions of viewers from all across the GCC and beyond. When it comes to our guests, we always select real clients from different backgrounds and objectives in order to offer various enriching perspectives.

The show’s objective is to educate, entertain and engage viewers with the real estate sector. I’m overwhelmed with the amount of positive feedback that I receive on a daily basis from viewers from all over the world praising the show and seeking my advice. The show is now broadcasted weekly on Dubai TV every Wednesday at 7pm, Sama Dubai TV every Sunday at 9pm and Dubai One TV (with English subtitles) every Monday at 8pm with multiple repeats on all the 3 channels.

What are the future plans for the show?
After the tremendous success of the first and second seasons, we’re going full-blast on a multimedia level. We have a lot more in store for our ever-growing number of loyal fans.
We are currently shooting for Season 3, with 16 new exciting guests and episodes. The show started broadcasting on Dubai One TV with English subtitles and will continue to run on Dubai TV and Sama Dubai TV. Of course, we want to keep growing and developing, always mindful of the feedback we are getting from our MEMAAR fan base.

You are popularly known as “The Wolf of Real Estate,” which made you a huge hit in social media. Tell us more about your social media presence and its effect.

Thanks to Property Times back in 2014, I got the “Wolf of Real Estate” title given to me which has proven to be a very interesting and strategic form of branding for myself which I have, yes, fully embraced – that is, minus the negative connotation associated with the more famous moniker for Jordan Belfort – “The Wolf of Wall Street.”

However, I believe the moniker emanated from the work of our company, Harbor Real Estate, having been previously referred to as a star that emerged from the last GFC. Beyond having simply survived, it was during the GFC that Harbor Real Estate, in the face of a level of adversity that the industry had never witnessed before, really grew as a real estate enterprise of significant capability and standing in the industry.

In terms of my current social media presence, I do have more than 1,300,000 followers on my public Facebook pages, almost 40,000 followers on my “The Wolf of Real Estate Official” Instagram account, and 515,000 followers on my “Mohanad Alwadiya” official Instagram account. On Twitter, I have a little over 50,000 followers on Snapchat and over 10,000 connections on LinkedIn.
I get all sorts of positive and encouraging comments and messages on different social media platforms, such as those expressing their gratitude for the information and analysis I provide on the TV show, articles I write or social media posts. I also receive a lot of messages from followers asking for my opinion about certain issues or real estate advice. As for the unusual ones and even those which appear negative, I usually just take them with a grain of salt and try to respond positively. In general, I try to answer all the messages I receive as much as I can because I really enjoy the interaction with all my followers, and this allows me to stay in touch with the market and gauge the impact of the various activities I’m involved in.

The response from people via social media has been overwhelming and I am still trying to get used to being referred to as some sort of celebrity in my own right because, frankly, I don’t consider myself a celebrity… just the facilitator of the reality TV show MEMAAR… just doing my job!

What is your ultimate dream?
Well, there’s a lot of things on my mind, and so much that I wish to do! However, the realities imposed by time makes careful prioritization essential.
I’m currently working on a portfolio of development projects and initiatives. Harbor Real Estate continues to expand and is continually developing the capability to provide industry leading service. I call this the “never-ending initiative” as every individual or organization can always improve regardless of past achievements.

From a business growth perspective, there is plenty to be excited about. We have several new projects and unique services that will be launched very soon and we are looking forward to Cityscape to allow us to share these with investors and aspiring homeowners.

Meanwhile, I am also at the final stages of publishing my first bilingual property management book and will be working closely with the Dubai Real Estate Institute on introducing an advanced version of the certification property management course.

There are many other ideas and initiatives that I wish to develop after 2016. I still believe our industry can benefit and better serve our customers by adopting and applying technologies in the areas of product development and communications. The world has become a global marketplace but I still believe that global capital flows in our industry are still hindered somewhat because we do not do a good enough job of putting enough global investors in a position of confidence and certainty. There remains a lot of potential in this space I believe.

Then of course, there’s MEMAAR. As mentioned earlier, we’re all working together and collaborating on how we can keep the show growing and developing, so it only gets better every season.

What is your take on the next few months for Dubai market? There is a general feeling of positivity among agents. What is the reality?
Everyone knows that Dubai real estate has been undergoing correction for quite some time now. We feel that the decline in values associated with that correction has halted or virtually halted in all market segments, or that the market is bottoming out. In Q1 of 2016, we have already witnessed significant growth in investor activity and strong land sales. Both are leading indicators that the market is heading into its next cyclical phase. We at Harbor believe that by the end of 2016, the market will have entered its next phase of growth which is expected to accelerate as we draw ever closer to the Dubai World Expo in 2020.

PROFESSIONALIZING THE REAL ESTATE PRACTICE

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
Published by: Property Time Magzine

During the years marking the last global economic recession, reports on fraudulent business practices and shady dealings in real estate became quite rampant, and people (investors and end-users) realized that those who fail to practice due diligence have nothing to gain in a relatively new and still-emerging albeit rapidly growing property market.

Now, even as the UAE economy as a whole continues to lag from its earlier predicted level of activity, the real estate industry, in spite of the industry-wide slowdown, continues to earn its share of winners and non-gainers in terms of current industry practice.

Some individuals still manage to pose as agents or real estate representatives, produce fake documents, and get away with the money virtually scot-free. And while the government has put in place strict protocols whether it be in professionalizing industry practices or instituting new policies and regulations to guard the best interests of the market, there are still a few unscrupulous individuals who manage to prey on buyers, even tenants.

The term “business ethics” is not something alien or new to us, but some people with careers outside of the real estate realm may view the term with a heavily critical eye, with some perhaps even joking about the incompatible nature of the words “business” and “ethics.”

But we all know that in real estate, a number of professions emerge including, but not limited to: commercial or residential brokerage, appraisal/valuation, property management, real estate counselling, etc. That being said, for a job to be considered a bona fide profession, it would require some commitment to a certain standard of conduct that the general public expects from the practitioner. This is where the real estate code of ethics comes in.

However, some might say: but anyone can become a realtor, so how does this seemingly “open” industry professionalize current practice and regulate the activities of real estate practitioners? What rules or structures are in place to prevent any form of abuse and/or malpractice in an industry where sometimes morally contradictory relationships or grey areas exist such as in the case of open market listings where one seller lists with various agents, and the big question is where would the realtor’s loyalty be – with the seller or the buyer? Or in the case of valuation assignments where the client may indirectly or even expressly makes known to the appraiser the outcome they are expecting.

Another dilemma confronting realtors is their reliance on commission-based remuneration whereby agents’ dependence on said commission may run counter to the best interests of the client. While a good commission structure would evidently motivate realtors to give their best efforts in order to successfully convert a lead and close a deal, the question of whether or not conditions set are for or against the best interests of their client remains – with yes being the answer in some cases, and at other times not so especially in cases of self-dealing in real estate.

Aside from By-law No. 85 “Regulating the Real Estate Brokers Register in the Emirate of Dubai” which expressly states the legal mandate governing the real estate practice, the Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) established a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The DREI also organizes license renewal courses and exams along with a very rich variety of career development programs intended to help elevate the standards of professionalism and effectiveness of brokers in Dubai.

All realtors are, therefore, expected to abide by local laws pertaining to the real estate practice as well as to government regulations that are periodically introduced and, at times, go through a series of revisions or reforms in order to address new issues or problems that crop up every once in a while.

But even in the face of such regulation, real estate firms must also take it upon themselves to continuously educate and empower their agents to make the best decisions in order to maintain individual and corporate integrity, professionalism and, ultimately, success in the real estate business.

Investing in training, whether in-house or otherwise, definitely pays a huge dividend. Extensive and tailor-made training programs should include education on the industry and pertinent rules/regulations (especially on current or new legislation), soft skills and specialized training courses that help employees attain a level of mastery in all the macro and micro aspects of their profession.

The ongoing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irresponsible speculative, predatory or unethical practices, all reveal a mature and balanced approach to shaping an industry which exhibits sustainable growth over the long term.

Taken altogether, the laws of the land serve as the primary push for realtors to act in a way that upholds and reflects the greater good while constant education through training, workshops, seminars and the like (whether mandatory or voluntary) help real estate practitioners internalize the values that must inherently pervade the system for the industry to thrive and continue to serve as one of the primary sectors supporting the UAE economy.

The Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) have set a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The Dubai Real Estate Institute also organizes license renewal courses and exams along with a very rich variety of career development programs designed to help elevate the standards of professionalism and effectiveness of brokers in Dubai.

ASK THE AGENT

By: Mohanad Alwadiya
Published: Gulf News
Dated: 06 August 2016

Question: As a new investor venturing into the UAE property market, how do I know if my property consultant is giving me correct information and the best advice?

If you have the feeling that your property consultant is not representing your best interest, I suggest you have a meeting with him and request a justification and rationale for all of his recommendations and advice. But in order to ascertain whether his justifications and rationale make sense, you should conduct your own research so you are able to verify the veracity of his claims and assertions. If you are still nervous about the quality of his advice, then seek an alternative as there are plenty of property consultants who are hungry for your business.

And whether or not you are a newbie to the real estate industry, you should take upon yourself the responsibility of getting to know the property industry in-depth as you wouldn’t want to risk your wealth or life savings by carelessly venturing into something strange and unfamiliar.

Question: Given that the market is still going through a down cycle, would now be a good time to invest in a REIT?

Yes, there can definitely be some benefits in investing in a well-managed REIT during cyclical downturns such as the one being experienced at the moment.

As you would be aware REIT is an acronym for “Real Estate Investment Trust” which, as a trust company, accumulates a pool of money through an initial public offering (IPO) and buys, develops, manages and sells real estate assets. REITS allow both small and large investors the ability to invest in real estate without investing large amounts of capital or devoting a lot of time in directly managing a property portfolio.

Investors have the opportunity to buy a unit in a REIT which is actually a portion of a managed pool of real estate. This pool of real estate then generates income through the renting, leasing, selling and financing of property, and distributes it directly to the REIT investors on a regular basis.

A REIT can provide portfolio diversification because of the large amounts of pooled funds available to the REIT management team enables the accumulation and operation of different types of property assets in different locales. This provides the REIT management greater flexibility to minimize the effects of any cyclical downturn by enabling them to focus on opportunities that always exist and emerge from any correctional period to provide superior returns.

Question: It has been my plan to work as a real estate broker in Dubai, but I don’t know which company to join. Any ideas?

Have you ever worked in the industry before? To gain the greatest advantage, I suggest you join a company that will enable you to fast track your learning because, believe me, you have a lot to learn.

Find a full service company so that you gain a greater understanding of what the real estate business is all about, especially here in Dubai, because it sure is not just about buying and selling property.

The company you choose should value you as an individual and remunerate you appropriately. But they should also be prepared to invest in you by providing the types of learning experiences that come with formal training (mandatory to become a licensed agent in Dubai), in-house training as well such as being assigned a mentor, being placed on an internal rotation scheme to enable a broader knowledge of the business to be developed, or being given special projects that will facilitate your learning by encouraging you to seek answers and solutions yourself. Those companies that invest in high-potential people are typically the ones that succeed.

Surround yourself with people who are passionate about the industry because passion is contagious and it is what sets champions apart. Best of luck.

Question: In Dubai, what types of training are mandatory for new real estate agents?

Question of the Week:

What sort of documents are required after accepting an offer to buy my property?

The first (and most important) step is to prepare and sign an MOU which contains all the details and timing particulars of the offer. The buyer has to sign the MOU after reviewing its provisions. As with all legal documents, we recommend you have a proficient broker or legal representative draft the MOU for you.

You will also need to sign a “Form F” which is, in essence, a contract between buyer and seller. As part of this step you should ensure that the buyer and / or all the relevant representatives such as a POA holder with original documents) have their respective identification and/or authorizations in order that payments such as the down payment and/or balance amounts, payable by either by manager’s cheque or payment from bank due at transfer, have been satisfactorily arranged.

Step 2 will require the receipt of a “No Objection Certificate” from the developer. This is usually straightforward and a simple procedure.

Step 3 is to pay and final utility bills so that the account is cleared and ready to be taken over by the new owner. If there’s a tenant, you will need to sort out any outstanding rent / payment details.

Step 4 will require you to go to the Dubai Land Department offices or a trustee registration office together with the buyer and all relevant parties, and conduct the final transfer. Transfer of ownership will take place at the DLD with all monies owed by the buyer to you to be presented as part of the transfer procedure.

Although the above procedure appears simple enough, I recommend you engage a professional to handle the transaction process for you. You will be surprised how little issues, many not foreseeable to the inexperienced, can delay the satisfactory settlement of your property sale.

العروض الترويجية التنافسية تتصدر المشهد 300 شركة من 30 دولة في الدورة الـ 15 من «سيتي سكيب دبي

دبي: ملحم الزبيدي

تستعد 300 شركة عقارية من 30 دولة لانطلاق فعاليات الدورة ال15 لمعرض «سيتي سكيب جلوبال دبي 2016»، التي تعقد في «مركز دبي التجاري العالمي» خلال الفترة من 6 إلى 8 سبتمبر/ أيلول المقبل، وسط توقعات بأن تتصدر العروض الترويجية للمطورين المشهد التنافسي بين العارضين.

تعول مفاتيح العمل في صناعة العقار على دورة هذا العام للوقوف عند التطورات التي شهدها القطاع خلال الأشهر الماضية ومدى فعاليتها على ضخ المزيد من دماء الثقة بالبيئة الاستثمارية المحلية والنتائج التي ستتضح عنها لرسم معالم المرحلة المقبلة.

 واستبعدت مصادر عاملة في السوق العقاري المحلي أن يشهد معرض «سيتي سكيب جلوبال دبي 2016» إطلاق مشاريع ضخمة جديدة، مشيرة إلى أن غالبية الشركات المشاركة ستركز على الترويج لعروضها التنافسية لجذب واستقطاب المستثمرين والمشترين النهائيين الراغبين بالشراء.

متانة البيئة الاستثمارية

كما أشار مراقبون إلى أن مشاركة مفاتيح صناعة العقار المتمثلة بكبرى شركات التطوير العاملة في القطاع والمتمثلة ب«دائرة الأرضي والأملاك»، و«إعمار» و«نخيل»، و«مجموعة دبي للعقارات، و«ميراس»، و«دبي ورلد سنترال»، و«ميدان»، و«فالكن سيتي أوف وندرز» و«الاتحاد العقارية»، و«تمليك»، و«جزيرة المرجان»، و«أيكون سيتي» من «داماك».

وترجح دلالات الظروف الراهنة والتطورات الأخيرة التي شهدها السوق العقاري الحلي، حضور المزيد من المستخدمين النهائيين المؤسسين للدورة ال15 للمعرض من أجل البحث عن أفضل صفقات الاستثمار للشراء أو استئجار الوحدات السكنية والمرافق التجارية والصناعية.

وبالنسبة لصانعي القرار، فإن المؤتمرات التي ستعقد خلال أيام المعرض ستكون فرصة ممتازة لتوفير الوعي والفهم حول آخر القوانين المطبقة وللحصول على التغذية الراجعة اللازمة من السوق، وبالنسبة للمستثمرين، فإن «سيتي سكيب جلوبال» سيوفر محطة توقف واحدة للتسوق العقاري تتوفر فيها آخر المستجدات حول المناخ الاستثماري العام في الأسواق الناهضة.

رضا وتفاؤل

قال المهندس محمد بن غاطي الجبوري، الرئيس التنفيذي ورئيس الهندسة المعمارية في شركة «بن غاطي للتطوير»: «تأتي الدورة الجديدة «سيتي سكيب جلوبال» بثوب جديد مكسو بألوان الرضا عن أداء القطاع العقاري المحلي في الإمارة خلال الفترة الماضية من جهة، من حيث بيانات التصرفات وعقد الصفقات وإطلاق المشاريع النوعية، والتفاؤل بالمرحلة المقبلة، من جهة أخرى، في ظل إجماع غالبية أطراف صناعة العقار على أنها ستشهد تطورا ملحوظا من حيث تسارع عجلة النشاط في بداية العام المقبل 2017.

 وأوضح الجبوري أن التطورات العالمية المرتبطة بتراجع أسعار النفط وانخفاض أسعار بعض العملات مقابل الدولار إلى جانب الأوضاع الجيوسياسية التي تشهدها المنطقة، لم تؤثر بشكل سلبي ومباشر في سوق «عقارات دبي». وبين قائلاً: «لم نلمس أي تباطؤ على صعيد دورة إطلاق المشاريع الجديدة، ولم تتوقف عجلة أعمال التنفيذ والإنجاز لتسليم الملاك لوحداتهم في المواعيد المتفق عليها، كما لم نسمع عن حالات إلغاء لمشاريع أو تعثر بعضها أو تخلف المشترين عن السداد، وهي جميعها عوامل تؤكد متانة السوق العقاري المحلي وجاذبيته على المستوى العالمي». وأكد الرئيس التنفيذي ورئيس الهندسة المعمارية في «بن غاطي للتطوير» على أهمية مشاركة الشركة في معرض «سيتي سكيب جلوبال» في دبي، للمرة الثانية على التوالي، إيماناً منها بأهمية المعرض في تعزيز سبل التواصل والتعاون بين أطراف صناعة التطوير العقاري، ودوره بالتعريف بمستجدات القطاع خلال الأشهر الماضية وأبرز المشاريع الجديدة. وأضاف الجبوري قائلاً: «تستعرض «بن غاطي للتطوير» خلال مشاركتها في الدورة ال15 مشاريعها السكنية قيد التطوير منها ما هو منجز بالكامل، وأخرى تجري الأعمال الإنشائية على قدم وساق فيها، كما سيتم الكشف في المعرض عن مشروع جديد يعكس تحفة معمارية من حيث التصميم على إحدى أراضيها التي تملكها في دبي».

هدوء واستقرار

أشار الخبير العقاري مهند الوادية، المدير التنفيذي لشركة «هاربور العقارية»، والمحاضر في «كلية دبي العقارية»، الى ان كل التوقعات والبيانات الراهنة تشير إلى أن السوق العقاري المحلي في الإمارة سيميل في أدائه للاستقرار والهدوء خلال الأشهر المقبلة من العام الجاري 2016.

 وقال: «لا يبعث هذا الهدوء للشعور بالقلق أو التخوف من تراجع حاد أو عميق في أسعار العقارات المطروحة للبيع أو الإيجار في سوق دبي، وأن حالة الهدوء والاستقرار الراهنة طبيعية جداً وصحية للقطاع على المديين المتوسط والطويل».

وأضاف الوادية قائلاً: «نتوقع، حسب قراءتنا لواقع القطاع العقاري المحلي في دبي على وجه الخصوص، أن تتغير صورة مشهد الهدوء والاستقرار بشكل تدريجي نحو النشاط والنمو مع بداية العام المقبل 2017، حيث وصلت أسعار المنتجات العقارية إلى نقطة الثبات بعد أن قاومت كل عوامل التراجع خلال الأشهر الستة الأولى من 2016».

 وحول الدورة الحالية لمعرض «سيتي سكيب جلوبال» في دبي، أوضح الوادية أنها ستبرز اللاعبين الحقيقيين في سوق صناعة العقار المحلي الذين سيحرصون على اللقاء بعملائهم الحاليين والمستهدفين للتعريف بآخر التطورات على صعيد مشاريعهم من حيث سير الأعمال الإنشائية ومواعيد التسليم، واستعراض العروض الراهنة التي تحقق أفضل العوائد الاستثمارية إلى جانب خطط السداد المرنة.

http://www.alkhaleej.ae/economics/page/8f3fbb35-6b43-4e64-9b59-383b56a5b450

The impact of Brexit on UAE real estate

Published by Expert Eye
By Mohanad Alwadiya

June 23, 2016 will forever be remembered in history as the day the British, all 52 percent of the 71.8 percent referendum turnout versus the 48 percent who elected to stay, voted to leave the European Union (EU).

However, with the United Kingdom being one of the world’s largest economies, the so-called “Brexit” which is yet to be finalized in the next two years depending on when UK leadership will actually “trigger” Article 50 of the Lisbon Treaty is expected to send ripples around the global business community, not to mention the political ramifications of said move.

The effects of Brexit are as diverse as they are far-reaching, with experts considering how the decision made by the majority of Brits will affect everything from the European geopolitical and socio-economic landscape, the strength and resilience of the European Union in the face of further discontent within its member states, the social and economic ramifications to a newly “independent” United Kingdom and the inevitable question as to whether the United Kingdom can remain united given the Scottish and Northern Island wishes to continue as part of the EU.

In addition, the whole strategic alliance framework of the West has been weakened somewhat as a robust and strongly united European Union was always considered to be a cornerstone to an effective defence to an aggressive Russia and China on both economic and security fronts.

Understandably, the whole world is worried because all the financial and trade mechanisms, agreements, communication channels, policies, protocols and security arrangements that have taken over four decades to build will soon be set to zero for renegotiation.
No wonder the world is nervous and understandably uncertain as to what the future might hold.

And it’s that uncertainty which will have an effect on the UAE property scene. As we all know, investors and potential homeowners alike do not handle uncertainty, especially of this scale, well.

And it’s uncertainty that now lies around the effect of the Brexit on world growth and the possibility of European and UK recessions in the coming year that will make most investors move to less risky assets and safe haven currencies such as the Yen and the US dollar.

Of course, uncertainty regarding world growth has also negatively affected oil prices so many investors will be more reticent to invest in those economies that rely on its revenue. While we all know that Dubai is much less reliant on oil than its neighbouring emirates and countries, it will still be affected by investor nervousness by way of association which is unfortunate yet a reality. Just look at the Dubai Financial Market. It lost 3.3 percent, the biggest decline since January, as Emaar Properties PJSC fell 4.7 percent, mirroring the Brexit effect on many other markets around the world. Hardly rational, in my view.

Investors will be looking closely at the effect on UAE’s tourism. In the first quarter of 2016, Western Europe was the second largest source of tourists to Dubai by region, accounting for 23 per cent, led by the UK’s eight per cent and Germany’s three per cent. With the Euro weakened to $1.10, and with most analysts bearish on its immediate future, it is hard to imagine that level of contribution will continue until the post-Brexit uncertainty dissipates. Now such a strong pillar in the UAE’s burgeoning economy, tourism rates can be affected as nearly every global currency has depreciated versus the AED, making travel to the UAE more expensive for the majority of global travellers while journeying to the UK and Europe for most people has just got a lot cheaper. Hopefully, many will still use the country as a travel hub from and take advantage of what this exciting country has to offer during stopovers.

At the time of writing, the British pound had fallen more than 10% to below $1.34 and still falling as uncertainty continues to cloud everybody’s view as to the future of the UK economy. This is significant as British investors alone injected £1.9 billion into Dubai’s property sector in 2015 purchasing around AED 10 billion worth of UAE property assets, putting them at No.2 with an overall 7 percent of total investments made in the sector in 2015.

Needless to say, with such a currency devaluation and an uncertain outlook, Dubai property has suddenly become a lot more expensive for those wishing to purchase with British pounds, while the London property market has just become a lot more affordable. While a feeding frenzy hasn’t developed as yet, a prolonged weakness in the pound could divert significant levels of investment capital away from a market such as Dubai, especially as British expats, living in the emirate and earning UAE dirhams, take advantage of exchange rate gains to invest back home.

But even in the face of such uncertainty, there is no need to act with undue haste or panic. With or without Brexit, the world of real estate investment has always been riddled with both risks and opportunities. One thing is certain, though, mature and astute investors would know when to grab onto property or let go, making their own calculations and analyses, and seeking further expert advice as events continue to unfold.