Why an old strata property survey could cost you
KEY POINTS
- If you own a strata property or any other kind of commercial property, and haven’t had it surveyed in a while, then it’s important get a new survey conducted.
- Surveys are used by insurance companies to calculate how much a property should be insured for.
- If this information is incorrect, your property may not be insured for the right amount.
- Being underinsured exposes property owners to risk, especially since building costs in Australia have been on the rise.
- Having your property surveyed, and submitting this information to your insurance company, ensures the property is insured for the correct amount.
- Here are some tips for finding a reputable quantity surveyor to get the job done right.
How to find the right quantity surveyor for your strata property
- Ask around
Good old-fashioned word of mouth is a great way to find reputable professionals. If your friends, family or colleagues own commercial property, ask them if they can recommend a good quantity surveyor they have used recently. Hearing the same name from multiple people is a positive sign, so be sure to follow up on the lead and see if that particular surveyor suits your needs.
- Check reviews online
Google and Facebook reviews allow you to see what past clients think about a surveyor’s service. If the quantity surveyor has plenty of five-star reviews, they’re likely to have a good reputation. Reviews on a business website don’t hold the same value as Google or Facebook reviews, as they have been curated by the business itself. It’s difficult to remove negative reviews from Google or Facebook, so they are more likely to be accurate.
- Look for a specialist
A quantity surveyor who specialises in the kind of commercial property you own is going to do a more thorough job than someone who doesn’t have that background. If you own a strata property, find a surveyor with specific experience in surveying strata. A strata property is significantly different to other styles of commercial property, and a surveyor with strata experience will understand the unique features and challenges that come with it.
- Get at least three quotes
A survey is a big job, so finding the right person for the right price is important. Always secure at least three quotes before deciding who to hire, so you can determine what a reasonable price is likely to be. But remember, the cheapest quote may not necessarily be the ideal choice. If the quantity surveyor with the best reviews and expertise is a little more expensive, they are probably worth the extra cost.
- Check their qualifications
Qualifications for quantity surveyors differ by state and territory in Australia. However, every qualified surveyor must hold a bachelor’s degree in surveying, spatial science, geospatial science or geographical information systems. Most hold a Bachelor of Surveying or a Bachelor of Surveying and Spatial Science. They will also need to hold professional accreditation with the relevant authority in their state or territory.
- Consider all the facts
To make the best decision possible, consider everything you discovered as a whole. If the quantity surveyor has extensive strata experience but many negative reviews, it’s probably best to steer clear of them. If they have good experience, good reviews and are reasonably priced, they’re likely to be the best person for the job.
Need strata property insurance?
Our brokers find the right strata property insurance for your circumstances. We take the time to understand your needs, then design an insurance solution that meets them. And if you do need to make a claim, we make sure you’re taken care of every step of the way.
