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Making the Most of Your Building Assessment Report

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Laura Miller

In the face of economic uncertainty, commercial building owners often consider selling off at least some of their assets. A building assessment report supported by an intelligent building management platform (IBMP) can help accurately and efficiently communicate your building’s equipment when it comes time to provide due diligence in the sales process. But an IBMP can also do so much more. 

Digital Transformation of Commercial Properties

Many commercial building owners have realized the considerable deficiencies in the digital capabilities in their buildings. In a recent Deloitte study, 56% of respondents found digital transformation lacking in their properties, which became particularly apparent as workplaces transitioned to hybrid models. The report suggests investing in digital transformation and developing more strategic approaches are critical for future building operations. This includes using data and analytics to drive decision-making and optimize operations. 

Since 2020, digital building technologies have played a key role in supporting health and safety. They have also been central to creating inviting buildings that accommodate changing work habits and new tenant needs. Today, features such as mobile applications for booking conference rooms, making maintenance requests, and checking when the bathrooms were cleaned are held up as carrots to retain tenants. As Adam Portnoy, President and CEO of asset management company RMR Group, says

I believe we might see an acceleration in [property technology] related to tenant amenities. In the last 18 months, there has been a tenant amenity war, especially around office buildings, with managers trying to entice workers back into the office. In turn, tenants are looking to landlords, wanting more amenities in their buildings or complexes to help attract their employees.

If you are considering selling your building, investing in your mechanical system, and integrating smart technologies are great value-adds that optimize your ROI. Smart buildings with sophisticated automation capabilities are more attractive than ever to buyers, dramatically enhance the value of properties, and increase sales prices.

But what does this have to do with a building assessment report? 

  • Integrating IoT technology and an IBMP can help you identify and correct deficiencies before they are caught by a building assessment report. This simplifies the selling process and strengthens your negotiating position.
  • A building assessment report allows your buyer to see what condition your property’s assets are in. You may find that investing in digital transformation gives you the flexibility, efficiency, and appeal you need to accurately and quickly communicate building asset conditions. With predictive and data-driven maintenance capabilities, IBMPs can also help create equity by leveraging data and machine learning to extend the actual life of equipment far beyond its typical useful life and depreciation period. And with custom reporting, this can easily be communicated in the building assessment process.

Smart building technology can also address some of the flaws associated with a conventional building assessment process.  

Overcoming Challenges to a Building Assessment Report

Regardless of whether a building assessment is addressing component or system level conditions, there are a number of challenges to obtaining a reliable building assessment report.

Lack of Time-Related Condition Records

A majority of building condition assessment systems lack documentation of the evolution of each component’s condition over time. This makes it difficult for field inspectors to visually compare the previous and the current conditions of building components. Condition assessment, once completed for the first time, should ideally be updated rather than created.    

The Subjectivity of Assessments

Building assessment is largely dependent on the skills and perception of the field inspectors and is highly subjective. Though electronic checklists and deficiency lists have been introduced to bring uniformity to the process, they are often bypassed in favor of quick subjective assessments based on standard useful life metrics instead of accurate assessment of actual life. Such assessments can result in an inaccurate evaluation of the existing systems or components in a building.     


Smart building technology can address these by replacing subjective assessment with objective data. The availability of both real-time and historical data ensures there is a reliable basis for critical time-related condition records.   

Implementing Smart Technology to Improve Your Building Assessment Report

Unsure of whether a digital transformation is right for your property? Buildings IOT can help. Our expert team will perform a systems/building audit to show you what smart integration would entail and what kind of investments are necessary to create the type of system you want to have at the time of your building assessment. From master systems integration to cutting-edge software, Buildings IOT is with you every step of the way. Together, we can create a better, smarter, more valuable building.

Buildings IOT offers state-of-the-art solutions to make the most of your building assessment report. Contact our team of experts to learn more about what we can do for you.

 

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