The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Engineers In Real Estate
The decision to buy residential or commercial real estate is no simple matter, unlike most purchases and transactions. To buy a property involves many technicalities that can seem complicated and overwhelming for many, especially when they have no background in various aspects such as regulatory compliance and efficiency in property and real estate purchase, transfer, ownership, and management.
A buyer or investor must be armed with ample knowledge and information when it comes to buying or selling a property. They should have information that is accurate and complete to make the evaluation and transaction as smooth as possible in this early stage. Researching and reading about the essentials and evaluating the technicalities of the transaction, however, still require the assistance and expertise of people who are educated and trained in this particular field.
This is where engineers play a crucial role. They are armed with the necessary knowledge in explaining the structural, technical, key systems, environmental concerns, and other details when it comes to the property and structures on it. They can provide the information that can ensure that both parties are prepared to set a reasonable market value or price of the property that is being bought or sold.
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THE ENGINEER’S ROLE IN REAL ESTATE
Ownership and Management
Buying property or commercial real estate has many technicalities that can be overwhelming, especially to those with no background in regulatory compliance and efficiency in property and real estate purchase, transfer, ownership, and management.
A buyer/investor should be confident with the information they have when buying or selling a property.
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While researching and reading about it is essential, it still requires the skills and services of people who are trained and experienced in evaluating properties from a professional point of view.
Engineers can explain the structural, technical, key systems, and environmental concerns among others. With this information, both parties are better prepared to set a realistic price when it comes to its true market value of the property they want to buy or sell.
Owners who consider renovation or property improvement should also have an idea where to start, what rules and laws to follow, and most importantly, how much it will cost.
Typically, engineers are hired to prepare a plan and specification for the groundwork to be completed. But, they have a role in real estate ownership and management too.
Professional engineers are also authorized to translate all the jargon in to layman’s terms. They are tasked to simplify the overly complex aspects of real estate with comprehensive services that provide data.
Through their expert opinions and knowledge about the structure, they can provide adequate information and data to both parties and draft reports on the strengths and weaknesses of the structure through thorough inspections.
PROFESSIONAL ENGINEERS EVALUATE:
- PROPERTY CONDITION
- BUILDING ENVELOPES AND FACADE
- HVAC AND OTHER SYSTEMS
- ENERGY AUDITS
- COST SEGREGATION STUDIES
- DESIGN & ARCHITECTURAL PLANS
- CONTRACTOR PLANS AND SPECIFICATION PREPARATION & BID
Using the data collected, professional engineers stand as unbiased third parties who will produce their assessment through a written report.
This document can be used in legal proceedings, and can be accessed as evidence by forensic engineers. Professional engineers that performed the assessment can also appear in court as expert witnesses when it comes to litigation.
In today’s competitive real estate market, it is a must that property owners invest considerable time and capital to attract and retain tenants.
The reliability and desirability of a property does not rest solely in the physical aspects of it, but also what lies beneath its facade, including the assurance of safety, security, and convenience to the clients.
A catastrophic property loss can easily cut valuable tenant-owner relationships, as well as tarnish the reputation of the whole real estate company. A recent 6-year study indicates that fire, water leakage, wind, and hail, and flood are the main causes of disruption to a real estate owner’s business.
To prevent these, engineers help in managing and maintaining real estate properties by ensuring all components of the structures are in excellent condition.
They also develop and prepare consistent disaster risk management programs as part of their commitment to the safety and security of their clients and people in general.
Real estate owners also acquire the services of engineers in improving their property’s operations and its reliability to keep the tenants satisfied with the services they get.
Through these measure and tasks performed by professional engineers, businesses can ensure the protection of their revenue-generating assets today and in the future.
CREATED BY LOCKATONG ENGINEERING
DESIGNED BY LANDAU CONSULTING