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 Property Audit

Owners who wish to maximize returns on their property need to have a building audit completed in order to ensure that the building is up to code with the current building standards. Building audits are conducted by independent third-parties who will conduct the audit through a series of processes in order to determine the level of compliance for the building. These processes can change from firm to firm but they will all usually follow a similar methodology.

Interviews are conducted with both managers of the building and its employees. The interview is designed to discover what each of their job functions are and how they go about performing their duties on a daily basis. Auditors will then go about the building in order to note the building’s physical condition, features, and its various characteristics.

An auditor will then ask to see relevant documents and records pertaining to the day to day running of the building. Next up, the staff will be asked to physically show the auditor steps they would take in the event of certain circumstances they may be asked to face, such as a fire drill.

Standalone buildings will each face their own separate audit, while communities that are made up of a range of buildings separated by geography will have the central office functions examined, followed by an inspection of each of the separate buildings or dwellings. Staff who man the office may also be subjected to an interview as described above.

The auditor will then enter their findings and produce a report to hand to the manager for immediate feedback. If anything is found to be non-compliant the report will detail these issues and what is needed to remedy them. Property audits are necessary in many jurisdictions before management can be handed over to an Owner’s Association.

On new buildings when a building inspection takes place a Schedule of Outstanding works is produced to identify any faults or incomplete jobs. This schedule is often used as part of the sale contract and the final sum of money is not handed over until all the works are complete. Due to this hold up of the contract the Schedule of Outstanding works has unofficially been dubbed the “snag” or “snagging” list.

The snagging list as part of a contract is necessary in many cases due to the difficulty many people face in chasing up contractors to finish a job they have been paid for. Money held over is a much greater incentive for them to complete what they started.