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Due Diligence

 

Why should an Elevator Consultant be a part of the Due Diligence Team?

When you read through a typical due diligence report for a property in which an elevator consultant is not involved the section pertaining to Elevators will most likely acknowledge the date of the last annual test or lack thereof.  Although the industry acknowledges that elevators and escalators are safe for the public to ride via these State or Third Party Inspections they certainly don’t tell a building Owner or Potential Buyer anything related to the specific equipment.  Is the equipment well maintained, is it a proprietary system that only one company can properly maintain, is it due for modernization and what are the costs associated?  There are a number of other items that a building inspector just simply can’t know and therefore makes a wise choice in not getting anymore involved than looking at the test tags.  The cost of hiring a trained professional to review the vertical transportation in a building will almost always outweigh the negotiating power it offers during an acquisition.

 

We specialize in performing a thorough and diligent review of existing conditions, maintenance currently being performed, ADA compliance, serviceability of existing equipment and performance data.

 

Along with these items our report will include a 10 year capital plan specifically for the vertical transportation within the building which would include a separate line item for immediate repairs which would aid the buyer at the negotiation table.