When I speak to property developers about the challenges they experience with regards to securing funding for projects, it’s not unusual for the role of monitoring surveyors to come up. Perhaps the purpose of the role is not fully understood, or it may be viewed as a barrier to delivering the project.
Let’s start by recognising that the property market is a competitive place. There is no shortage of people wanting to deliver projects, which means it can be difficult to secure finance. Lending for a construction project is a higher risk proposition than lending on a completed property. And the larger the proposed development, the larger the risk to the lender.
Monitoring surveyors are appointed to protect the interests of those parties who have a financial interest in a construction project but who have no direct involvement in the build process. That would typically be lenders but may also include owners, investors and developers.
In essence, their role is to; monitor the progress of the project, and approve the drawdown of funds.
Drawing on their experience of building surveying, construction project management and cost management, they undertake a range of activities that reduce the short term financial risk and seek to ensure the long term benefit of the completed asset.
The role of the project monitoring surveyor begins before the construction contract is awarded. There will be an initial report, followed by interim reports throughout the project.
During the pre-contract phase the monitoring surveyor will:
Post-contract and throughout the construction process, monitoring surveyors will carry out regular site visits and deliver interim reports which:
As a property developer, it’s important to build a constructive relationship with your appointed monitoring surveyor. Whilst they have been appointed by your financier and not you, they are ultimately working to safeguard your completed asset.
Your appointed project and cost managers have an important role to play when it comes to having an effective relationship with the monitoring surveyor. This diagram shows the high-level relationship links between the various parties on a typical construction project.
Your professional team are working for you to:
In order to achieve this they will need to:
Evolution5 are experts in delivering effective project, cost and construction management services. For over ten years Evolution5 has been delivering excellence for clients based on our core values of passion, responsibility, honesty, achievement and contribution.
My team have been chosen based on their proven ability to put the best interests of you, our client, at the heart of everything they do.
When you appoint Evolution5 to act as your professional team you benefit from the implementation of leading industry standards to manage your project. We understand the importance of working in collaboration with all stakeholders whilst always providing the necessary challenge to achieve your desired project outcomes.
Our experience as both contractors and consultants gives us a vital, and rare mix of skills to appreciate the realities of delivering a construction project on-site. As a result, we are able to help identify potential problems at an early stage and provide pragmatic solutions that don’t compromise the quality of your project.
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