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 on issues that may impact REITS and investors who may be purchasing buildings with elevator and/or vertical transportation issues. REITS, of course, refers to “Real Estate Investment Trusts,” and as such 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, especially 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, and so 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 there are several issues that need to be addressed like the conflict of interest inherent in having anyone who is charged with elevator maintenance to also be charged with evaluating potential costs associated with vertical transportation assets. This problem can occur on either the buyer or seller side of a transaction, with old or new construction, and so on and so forth. All elevator and vertical transportation assets are complicated pieces of equipment that must meet regulatory safety constraints as well as merely function for people in a building. The worst case scenario is to purchase a building (or series of buildings) only to find out that what seemed to be a functioning elevator is, in fact, one that needs substantial repairs or modernization. Indeed, regulatory risk can occur when new or impending regulations may require an “unforeseen” elevator upgrade, modernization, or even complete replacement. For this reason, anyone involved in REITS or building investments is urged to read the two posts and then reach out for 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 and increase bottom line. Service offerings including elevator consulting services like elevator audits, elevator due diligence and even elevator cost reduction and elevator 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.