As part of a six-part series, Strategic Shorts, Dr. David Rowe explores how theological school leaders and boards can strengthen economic vitality and mission fulfillment. David interviews industry experts Lily del C. Berrios (Sizemore Group) and Anthony Barbar (Barbar & Associates), who examine key components related to underused facilities and undervalued properties. To view all Strategic Shorts, click here.

Industry experts Lily del C. Berrios (Sizemore Group) and Anthony Barbar (Barbar & Associates), examine key components related to underused facilities and undervalued properties that can support and sustain educational missions as schools plan for a more sustainable future. Below is some helpful advice that they shared.

Plan for the future: Evaluate facilities based on your future needs, not just current use or sentimental value.

Have a clear goal and be objective: Start every conversation with a defined end in mind. And separate emotional attachment from a property's actual market value.

Be diligent in evaluating property conditions: When evaluating property, consider replacement cost, upgrade needs, and future needs. If upgrades cost more than 50% of the property’s value, reassess its use. And if costs exceed 65%, replacement should be seriously considered.

Focus on functionality: Facilities should support future programs and help attract new and existing students.

Approach partnerships strategically: Ensure that partnerships align with your institutional goals. Consider the value the institution brings to partners and vice versa and prioritize partnerships that contribute to long-term success.