Primus Institute for Valuation Studies LLC (PrimusIVS) was created as a vehicle for multidisciplinary learning. Its focus is solely on subjects that have been almost entirely missed by traditional valuation education providers. While the normal discipline-centric education has been successful in qualifying many thousands of valuers who serve the public well, multidisciplinary topics and qualification have been mostly languishing. This must change.
The vast number of fractionalized real estate holdings that have been created in the past few decades, combined with the aging of their creating generation, has brought about a major turning point. It suggests that the already-limited number of qualified valuers will soon be woefully inadequate to support partner buyouts and legal conflicts, not to mention proposed wealth taxes and basis step-up changes.
The first PrimusIVS-offered publication is Valuing Fractional Interests in Real Estate 2.0, which seeks to bring clarity to a fragmented practice niche. The book shows how such practice carefully builds on the professions’ existing bodies of knowledge, bringing its foundations within the scope of existing professional training. Adding this practice niche should not be that big a stretch for a qualified business valuer or real estate appraiser.
PrimusIVS will have no involvement in actual valuer credentialling, but will step in and offer professional seminars to the extent that they are needed beyond the current book and PrimusPVX. It is more likely that PrimusIVS will address the education needs of advisors: CPAs, attorneys and property-owning partners who will need to cope with intra-partnership valuation questions, establish fair and workable buyout provisions and the like.
Once created, most fractional ownership structures will persist indefinitely, and so will the need for professionals who can competently value ownership interests. Making sure this happens is the purpose of PrimusIVS.