Hiring a commercial property inspector is an important part of buying, selling, or owning a building. Having relevant and accurate information regarding the state of a building can be helpful in each of these circumstances:
1. When an individual is preparing to purchase a building and wants to know the true state and value of their investment.
2. When an individual already owns a building, but wants to know the condition of their building, enabling them to take preventative care measures or reevaluate their investment.
3. When an individual is preparing to sell a building and wants to know the true state and value of their investment.
In each of these circumstances, the property-owning individual requires information that can only be provided by a commercial property inspector, making the process of hiring a commercial property inspector rather important. The tips included in this article are therefore intended to help commercial buyers, investors, and owners gain an accurate evaluation of their investment in order to protect and grow their investment portfolio.
1. First and foremost, it is crucial to make sure that your commercial property inspector is licensed, whether by National Property Inspections, the International Code Council, the National Association of Certified Home Inspectors, the state, or another reputable and trusted standards association.
2. Do your research. Social media sites like Yelp and Google Reviews provide unfiltered reviews of commercial property inspection businesses. Though business owners can control the reviews that appear on their company website, they cannot control the reviews posted about their business on social media sites like the examples above. These are the best places to get a feel for the businesses you’re considering; however, don’t let one bad review rule out a company – look for a general consensus.
3. Do more research! Follow up on the company’s references. Of course the references that any business owner provides you with will have a positive review to share, but they may be able to answer specific questions that you have regarding work styles, principles, and other miscellaneous concerns.
4. Make sure that your commercial property inspector’s equipment is updated and conforms to current standards of practice. Advances in technology, such as thermal imaging systems, have bettered an inspector’s ability to identify water and air leaks, and should be on your list of requirements. Further, make sure that your commercial property inspector has adequate training to use advanced equipment – ask for credentials!
5. Discuss payment options. Some commercial and home inspectors are small, often family-owned, businesses and may not have the ability to take credit cards. If you plan on paying by credit card, make your intentions known early on so that you may decide to choose another company or another payment option.
6. Communicate effectively. Be clear about your expectations for the commercial property inspection and discuss obstacles. Inspectors are not expected to move potentially harmful objects, such as heavy machinery or hazardous materials.
If you are unsure of whether to hire a commercial property inspector or not, make the smart decision and move forward with an inspection. For property owners, preventative maintenance is always more cost effective than repairs, which may also stall productivity. Additionally, whether you are interested in buying or selling commercial property, an inspection will give you the information you need to accurately assess your investments.