Why Do You Need a Commercial Property Surveyor?

It is often a difficult and daunting task to make the right commercial decision for your business. At such times, it is important to have a commercial property surveyor to provide the necessary information, advice, and guidance on your investment. If you are a business owner looking to sell or buy an asset, having a commercial property surveyor can be an important aspect of your decision-making process.

What is a commercial property surveyor?

Commercial property surveyors are companies or professionals who specialise in providing advice on all aspects of commercial property, including valuation, acquisition, and disposal. They can help you make informed decisions about your property investments and ensure that you get the best possible return on your investment.

Their services include letting, sale, and acquisition of commercial property and more. They are expected to work to the highest professional standards in both the public and private sectors and can help you look after your building and properties, as well as finding and maintaining your working space.

In general, commercial property surveyors offer a range of services that can help you manage your property portfolio more effectively.

What are the services provided by commercial property surveyors?

• Valuation – An accurate valuation is an essential aspect when buying or selling a property and commercial property surveyors can provide you with one. They will consider a range of factors, including the location of the property, its condition, and its potential for development.
• Acquisition – When in need to acquire a new property, a commercial property surveyor can help you identify suitable properties and negotiate the best possible deal.
• Disposal – In terms of disposing of a property, a commercial property surveyor can help you find potential buyers and negotiate the best possible price.
• Lease advisory - Advice on all aspects of leasing commercial property, including rent reviews, lease renewals, and lease restructuring are also part of the remit of commercial property surveyors and something that is very useful when looking to lease a property.
• Property management - Commercial property surveyors can provide a range of property management services, including rent collection, service charge administration, and maintenance.

Valuing and negotiating sales and leases on commercial real estate (such as offices, warehouses, distribution centres, rental properties, shops, shopping centres and retail outlets), are important aspects of a commercial property surveyor’s responsibilities.

Furthermore, commercial surveyors can also inspect commercial property to assess its condition, identify defects and suggest necessary repairs.

What are the different types of surveys available from commercial property surveyors?

• Building surveys: These provide detailed reports on the construction material and condition of the building as well as highlight any defects that are present. They also suggest what maintenance might be required in the future. A building survey is essential to clarify in detail the condition of the building and its component parts.
• Schedule of condition: This is a report on the state of a commercial property at a particular point in time. It details the condition of every part of the property and includes photographic evidence. It is a useful document to prevent litigation due to damage or abuse of the property.
• Schedule of dilapidations: A commercial property lease will come with certain obligations that need to be complied with under the terms of the lease. A Dilapidations Survey or Assessment is concerned with works to be carried out in the property to restore it to its previous condition when tenants are leaving the property.

What to look for when choosing a commercial property surveyor?

It is important to choose a commercial property surveyor who has the necessary expertise and experience in your area of interest. Being a member of a recognised professional body like the Royal Institution of Chartered Surveyors (RICS) should be step one when selecting a commercial property surveyor.

RICS is a global professional organisation that establishes and enforces standards for valuing, operating, and developing various types of real estate and property. It is a globally recognised professional body that establishes and enforces regulations and standards related to all aspects of the built environment.