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FINDING A COMMERCIAL ASSESSOR
No matter what type of investment
- multifamily, warehouse or retail space - consider having an inspection
performed before you close. This is the smartest way to protect your
properties over time. Also, having an inspection performed before
purchasing future investments will help you to stay on budget for flips
and can even prevent you from having to tap your credit line for major,
unexpected and expensive repairs.
In the world of buying and selling
commercial properties, the inspection is known as a commercial assessment.
Commercial assessments can be performed by any home inspector, but when
looking for an inspector to perform your commercial assessment, first find
out what their qualifications are. A commercial assessor that's sure to
help you protect your investments should posses all five of the qualities
below:
1. BE LICENSED & INSURED
The commercial
assessor should be licensed by the state of Illinois, or by the state that
you are investing in, and should hold insurance. When you book the
assessment, make sure to verify that the assessor has these
qualifications. Licensing is important because this recognizes the
assessor has completed the necessary requirements to perform inspections
and assessments. Holding insurance is important for any liability issues
that could potentially arise.
2. HAS COMPLETED
COMMERCIAL TRAINING
Since any home
inspector can perform a commercial assessment, it's important to ask about
the qualifications the commercial assessor holds - especially commercial
training. A qualified commercial assessor will have received proper ASTM
E2018-01 training. This is the Standard Guide for Property Condition
Assessments. For example, commercial properties are often constructed with
different types of electric work and plumbing than standard residential
mechanics, depending on the type and size of the property. The home
inspector should have received proper training for assessing commercial
properties.
3. HAS EXPERIENCE &
SPECIALTIES
Not only should the
commercial assessor have had proper ASTM E2018-01 training, but they
should also have experience assessing commercial properties as well. When
you call to book an assessment, it's important to find out what types of
commercial properties the commercial assessor has previously assessed and
if they are familiar with the type of property you plan to purchase.
The assessor should
also have at least one or two specialties or areas of expertise. A great
commercial assessor not only is passionate about what he/she does, but has
specific types of properties that he/she either knows the most about or
has assessed the most. Typically, the commercial assessor will have the
most experience in their specialty area.
4. HAS TOOLS & TECHNOLOGY
This category is very
important. If you've booked a commercial assessment and while onsite the
commercial assessor believes there may be excessive moisture in a certain
area and feels it is appropriate to test for mold, a great commercial
assessor will have the necessary tools to move forward and perform a mold
test in addition to your standard commercial assessment.
Another great tool
that can save you money in the long run is thermal imaging. This tool is a
non-invasive, non-destructive way of evaluating certain conditions behind
the walls, floors and ceilings, uncovering “invisible” problems. By
including state-of-the-art infrared technology to reveal things that
cannot be seen by the naked eye during the assessment, the commercial
assessor is able to deliver a more thorough and in-depth report. This will
equip you with vital information about the property you plan to buy or
sell.
5. HAS SOLID REPORTING
CAPABILITIES & POST-INSPECTION AVAILABILITY
The commercial
assessor should be able to provide you with a report full of digital
photos of the property, including mechanics and appliances, if any. He/she
will include in-depth explanations from the assessment. A great commercial
assessor will also make suggestions to you in terms of smaller
non-threatening items that should be replaced in the future. They can also
help identify issues that you can use to finish negotiating your contract.
Some investments or deals will not let you write a contract pending an
assessment where as others will. Typically short sales, cash deals or gut
rehabs will not let assessment results modify the deal or contract. Some
investors choose to have an assessment performed to figure out their
starting offer price.
After your inspection,
the assessor should be available to answer any other questions that you
may have. In the same way that you typically have your realtor, mortgager
and lawyer to provide professional help and advice, make sure to add a
commercial assessor to your list. Of course personality can, and should,
play a key role, as well. You may find three great qualified commercial
assessors but prefer one over another because your personalities’ jive
better.
No matter what type of investment,
look into performing a commercial assessment before you purchase property.
*****************************************************
This information was provided by
Applus+ Property Inspections. We serve the entire Chicagoland area
including all surrounding suburbs and counties. Our parent company, Applus+
Servicios Tecnológicos, is present in over 25 industrial sectors
including food, agricultural, automobile, construction, transport, energy,
environment and telecommunications, among others and on five continents
in 35 countries. For additional information call us at 1-877APPLUS1
(1-877-277-5871) or visit us at
www.applushomeinspections.com. Applus+ Property Inspections is a
division of Applus+ Home Inspections. |
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