Last Tuesday, I joined a group of my colleagues on a short ferry ride from Connecticut to Long Island for the Due Diligence at Dawn in Melville, NY.
Despite the battle of Long Island traffic and the first snow of the season, we had a great turn out! Nearly 100 local environmental professionals joined us to learn more about marketplace trends and the changes that have been made in ASTM E 1527-13 (a very timely topic thanks to the recent release)
After a quick kick off by the local regional manager, Mike Smith, Dianne Crocker dove into the marketplace trends and got into the details of the market recovery and what EPs can expect to see in the year to come. Her main takeaways: watch the market, be strategic, leverage technology and get your name out there as a technical expert. View Dianne’s slides here or attend a DDD in your area for local intel.
Following the market trends, Anthony Buonicore took the stage to speak about the new ASTM E 1527-13 standard. Anthony tackled the main differences between E 1527-13 and -05: REC/CREC/HREC distinctions, vapor migration screening and agency file reviews covering questions and examples he had received from EPs. For more information about the changes made to ASTM E 1527, view Anthony’s slides. For more resources on the Standard.
Pat Coyne presented the results of a survey EDR conducted in support of the ASTM E 1527 subcommittee of the Phase I Task Group on Agency File Reviews. He talked through the trends discovered and shared some helpful tips to make agency file reviews easier. You can view Pat’s slides here and read more about the survey here.
Lastly, all of our speakers took questions from the audience along with a local risk manager from a large institution who discussed how his institution was dealing with the changes to ASTM E 1527-13. With the new standard published, he explained that their scope has changed to explicitly address the changes and they have proactively communicated expectations to all their consultants. Many of the concerns EPs having regarding vapor and file reviews can be relieved by simply communicating with their clients. For instance, he discussed that when agency file reviews are not reasonably ascertainable, it is sometimes preferable because having a standalone file review after that fact often provides a good break for buyers to find and deliver additional documents. Read more about what he said about his perspective on vapor here.
The day ended with EDR Staff presenting some of EDR’s solutions to enrich property due diligence over lunch including Lightbox, the VEC App, the EDR Mobile app, PARCEL and our $3.2M investment in historical sources collections.
Want to learn about the market trends in your area and the details of the new ASTM E 1527-13 standard? Our DDD schedule for the season isn’t done yet! See if we’re visiting your city by visiting our DDD page.