Did You Know?
Performing pre-purchase due diligence for commercial real estate properties is just like running a vehicle history report before you buy that little red convertible.
When you purchase a new car there’s no reason to do an inspection. The car has just been built, has yet to be used, and is still under warranty.
However, purchasing a used car is an entirely different story. That’s why most people run a *CARFAX™ report, or something similar. This common-sense due diligence step identifies open recalls, previous accidents, service history, and more. And should a report reveal some questionable history, most buyers wouldn’t think twice about having a mechanic perform a complete inspection to determine whether these issues could become costly repairs or chronic maintenance issues in the future.
If it’s smart to perform this kind of pre-purchase due diligence when buying a used car, isn’t it even more important to take this kind of care when purchasing an asset as expensive as a commercial property?
CREtelligent’s EnviroPreScreen Report is very similar in concept to CARFAX™. It’s kind of like the CARFAX™ of CRE Environmental Due Diligence. In under a minute, you can discover whether a property has some questionable history. But what to do with that information?
A report showing elevated environmental risk is really a great indicator that additional consideration is warranted. Having one of CREtelligent’s staff of environmental professionals or “mechanics” look under the hood of worrisome screening reports can help ensure the right next step of environmental due diligence is done right – BEFORE the CRE property purchase.
An EnviroPreScreen Report provides early and valuable insights regarding potential environmental risk on CRE properties. Let us show you how we can help you with your commercial property pre-purchase due diligence.
In my next email I’ll address the synergy of Property Condition Assessments and Phase I Environmental Site Assessments.