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Vacant Property Management - Guide Available

17 January 2014 | Updated 01 January 1970
 

Vacant property management firm SitexOrbis held a series of CPD events up until December in conjunction with the Royal Institution of Chartered Surveyors to advise chartered surveyors about the importance of managing vacant property correctly in order to comply with insurance requirements. Mark Williams from the company explored the risks associated with vacant properties from loss of income to becoming the target for metal theft, vandals, squatters and arsonists - and how to combat these risks with practical guidance on maintaining and managing a vacant property.

“A variety of problems can affect vacant properties no matter the property category and property owners and managers are not risk-free if they’re insured,” Williams told delegates. “Failing to tell your insurance firm that your property has or is to become vacant puts you in breach of your ‘change of occupancy clause’ and you may not be covered in the event of a problem. And even then, you will likely have to conduct regular inspections with a full audit trail to remain compliant with your insurance policy. Requirements vary depending on the insurer so it’s vital to know what’s required of you to remain compliant and covered.”

SitexOrbis has written the British Institute of Facilities Management guide to Vacant Property Management. The guide looks at why buildings can become vacant; the risks of vacant buildings; managing a building’s closure; the principles of managing an empty building; and getting a building ready for reoccupation or demolition. It can be accessed here

Article written by Brian Shillibeer | Published 17 January 2014

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