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.