We’d like to thank REIWA for hosting another great conference this year, and we were excited and honoured that our Director John Williams was invited to speak to the Commercial members.
The attendees were awarded CPD points for John’s presentation which was titled: “Strengthening Commercial Lease Agreements with Property Inspection Reports”. The objective from DMIRS was to demonstrate how Property Inspection Reports will:
• Increase levels of Consumer Protection
• Increase Public Confidence in the Property industry
• Raise Industry Standards
John’s presentation covered the following topics:
Commercial Property Condition Reports
Using 360 degree cameras to capture every angle
One detailed document containing all loose and fixed assets (P&E) for the owner or tenant
Once created, the Asset Register can be extended to include: Purchase Details, Warranty Info, Service Schedules, Written Down Values, and a Defects & Maintenance Register
Substantial tax benefits available to building owners
With a vacancy rate of 28% in Perth, owners are hurting and need all the cashflow they can get from their investment
Accountants don’t provide Schedules, only a Quantity Surveyor is permitted by the ATO to calculate the construction costs and depreciate the assets
Thermal Image Scanning of Electrical Switchboards
Almost all Commercial Property Insurers now require regular thermographic scanning
Most electrical faults are preceded by a change in temperature which can be detected in the Thermal Scans
Building Replacement Valuations for insurance purposes
Avoid being over insured (extra premiums) or under insured (risk)
Being over insured results in substantially higher premiums
A valuation by a Quantity Surveyor could result in substantial savings or identify where a building is under-insured
The presentation was extremely well received with a lot of interest in our services after the event.
For more information about our presentation or any of our services, please contact us today!
