Chicago, IL – January 29, 2018. The Elevator Consultants, a leading elevator consulting and vertical transportation consulting firm, is proud to announce a two-part series to its blog. This series covers issues that may impact REITS and investors. These parties may be purchasing buildings with elevator and/or vertical transportation issues. REITS, of course, refers to “Real Estate Investment Trusts.” As such, they may be large-scale purchasers of buildings that have vertical transportation assets.
“The most important takeaway of our two-part series for investors is the so-called ‘buyer beware’ principle,” explained Laurie Kohl, marketing manager at The Elevator Consultants. “The blog goes over potential conflicts of interest that may be present in the process. This is especially true when the same firm that does elevator maintenance is charged with auditing the vertical transportation assets for potential costs during a sale.”
To browse the first post in the series on REITS, investors, and elevators, and to browse the second post, visit https://theelevatorconsultant.com/reits-and-investors2/. For a more general overview to elevator consulting please visit the website. Anyone who may be purchasing a property or series of properties that may be exposed to any risks associated with elevator costs is urged to contact the firm for a consultation. No two buildings, elevators, or investment projects are alike. Therefore, a consultation is the best first step towards a possible consulting engagement.
BUYER BEWARE: POTENTIAL CONFLICTS OF INTERESTS
Here is background on this release. The basic principle of the two posts is to explain that several issues require attention. One such issue is the conflict of interest when the same party responsible for elevator maintenance also evaluates potential costs associated with vertical transportation assets. This problem can arise on either the buyer or seller side of a transaction. It can occur with both old and new construction.
Elevator and vertical transportation assets are complex systems. They must comply with regulatory safety requirements while reliably serving the people in a building. The worst-case scenario occurs when an investor purchases a building, or multiple buildings, only to discover that what appeared to be a functioning elevator actually requires substantial repairs or modernization. Regulatory risk can also arise when new or impending rules demand an unforeseen upgrade, modernization, or complete replacement.
For this reason, anyone involved in REITs or building investments should read the two posts and follow up with a consultation.
ABOUT THE ELEVATOR CONSULTANTS
The Elevator Consultants is a leading elevator consulting firm helping building owners, property managers, building engineers, facility managers, and REIT’s oversee and optimize their elevator and vertical transportation assets for greater efficiency. This leads to an increased bottom line. Service offerings include elevator consulting services like elevator audits, elevator due diligence, and elevator cost reduction and management services. The firm provides elevator service monitoring software to escalator and elevator insurance claims. Not to mention other consulting services, elevator modernizations, and new elevator maintenance service contracts. Anyone looking for an elevator advisor, elevator expert, or elevator consulting firm is encouraged to reach out for a no-obligation consultation.
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