Commercial real estate building inspectors Melbourne are professionals who specialize in inspecting properties used for commercial purposes. Their comprehensive evaluation identifies both its true value and condition as well as any issues which must be resolved immediately.
Commercial inspectors’ duties require them to examine and confirm documentation such as reports, permits and permits before compiling all of their findings into a property condition report (PCR).
Professionalism
An effective commercial real estate inspector requires strong professionalism to oversee multiple clients and projects effectively. This is essential since successful business ventures depend on keeping up with demand, negotiating pricing terms, and providing services on time.
Commercial inspections require extensive research, often including reviewing documentation such as building plans, citations, certificates of occupancy, evacuation plans, construction permits and environmental studies. This helps clients assess if it’s worth owning a property and decide if its true cost justifies purchasing it.
Commercial property inspectors offer more comprehensive reports than residential home inspectors by charging a flat price per inspection, which allows for increased profitability and loyal client relations. This is also an effective way to increase profits while building client loyalty.
Knowledge
Commercial inspectors possess extensive knowledge of building systems and components. A good commercial inspector also maintains an appetite for learning, always seeking new information from others in the field.
Similar to home inspections, commercial property inspections require extensive preparation prior to inspection day. An inspector should review documents such as appraisals, past inspection reports, maintenance records, floor plans and surveys as well as determine whether or not a building is ADA compliant. Their goal should be to arm clients with as much information as possible before engaging in transaction negotiations; knowledge is power! An inspector’s knowledge can help buyers secure great deals on commercial real estate investments that will stand the test of time.
Communication
An expert commercial inspector is trained to analyze an assortment of information during a property inspection, such as appraisals, building plans, citations, certificates of occupancy, construction permits and emergency evacuation plans.
Beyond physically inspecting the property, an inspector will review its internal systems and structures to ensure they meet current safety and efficiency standards. This includes checking walls, kitchen areas, bathrooms and offices.
Information gathered during a commercial real estate inspection is collated into a final report that details all pertinent findings. This document serves as an essential source of reference during transaction negotiations; for example, understanding its true cost gives clients more power when bargaining over it.
Liability
An inspection of commercial properties is an intensive, multifaceted examination encompassing both physical and business aspects of a property. As a result, many E&O and GL policies place restrictions on which properties can be inspected; whether this be units, square footage or another factor it is important that there is an agreement and standard operating procedure (SOP) in place before beginning an inspection process that can help protect your business.
At each site of your inspection, review any documents provided by both your client and/or owner/manager of the building in question, inquire into available information that is reasonably ascertained on-site, interview building owners/managers/contractors etc and request answers to questionnaires; the results of which interviews should be included in your final report.
Insurance
Home inspectors who possess experience inspecting multi-family dwellings or have completed InterNACHI’s comprehensive BI Commercial inspection course often find they can expand their inspection business into commercial inspections.
An inspection provides vital information that assists clients in making sound decisions about property purchases or rentals and can also aid negotiations during transactions.
Home inspectors looking to conduct commercial inspections need adequate insurance coverage. A general liability (GL) policy with both mold coverage and any applicable property endorsements such as termite/WDO treatment or Infrared inspection coverage would provide adequate protection; many policies have unit or square footage caps which prevent them from performing this line of business, so be sure to speak to your insurer first before expanding this line of business.
