If you’re planning new construction for your business this year, you may want to hire an owner’s representative to protect your interests. Your owner’s rep will be your right hand in keeping your project(s) on budget, on schedule, and at the quality you expect. Be aware, however, that not all owner’s reps are the same….
If you’re planning construction projects this year, you understand the importance of assembling the right team to design and build your new facilities. What you may not have considered is the importance of hiring an owner’s representative to oversee those projects. If you haven’t considered hiring an owner’s rep, or are on the fence about…
When you invest in a commercial property, you should always order a property condition assessment (PCA) as part of your due diligence process. The PCA (also called a “facility condition assessment” or FCA) is the commercial equivalent of the home inspection. Because of the relative complexity and size of the commercial investment, however, it is…
In commercial construction lending, the plan and cost review (PCR) is a standard part of the underwriting process. So standard, that most lenders don’t think much about who provides the PCR or what’s in it, so long as it gets done. That’s a mistake. A thorough, accurate, and expert PCR can prevent costly mistakes, while…
We don’t have to tell you that construction lending is high risk and that the more complex the project, the more risks there are. As part of construction lending due diligence, most institutions require a Plan and Cost Review (PCR). What many lenders don’t know, however, is that not every PCR provider has the expertise…
Outsourcing is not a new phenomenon in the business world. Businesses of all sizes enjoy the benefits of focusing on their core expertise while outsourcing non-core functions to other companies. For many large organizations such as hospitals and universities, facilities management and construction management are routinely handled by outside companies. What is new is the…
When you hire a contractor to conduct renovations, repairs, or to construct a new facility, many property owners and managers know that the contractor should be required to bond the project. But what exactly does it mean for a contractor to bond a construction project, and why should you care? Contractor’s bonds mitigate owner risk…
When a contractor advertises that their company is “bonded and insured,” it provides a level of trust for the owners and managers who hire them. Unfortunately, not all bonding and insurance is created equal. Owners who don’t thoroughly understand the types and levels of contractor’s insurance put themselves at unnecessary risk. Here’s what you need…
If you’re looking for a free online construction cost calculator for your commercial project, you won’t have to look far. The internet is stuffed full of simple, convenient tools that allow you to enter your desired square footage, type of construction, location, and other factors to get a free estimate of what your project might…
