Large construction projects are often funded in whole or part by external organisations. Without any hands-on management of the project, these organisations ask trusted commercial development managers to monitor the build, ensure it stays within budget, sticks to agreed timelines and meets its objectives. This role is normally fulfilled by a Chartered Surveyor.
But what is development monitoring and is it important? Let us find out more…
What is commercial development monitoring?
Lenders who invest in construction projects are at risk. If the project is not delivered on time or in a way the lender was expecting, there can be huge financial and even legal repercussions.
Commercial development monitoring is a service offered by independent monitoring surveyors (IMS) who represent those invested in the construction project. They essentially keep a close eye on the development’s progress, from pre-construction to completion, ensuring the build is conducted as agreed. They carry out regular inspections and raise any concerns to avoid nasty surprises down the line.
How often are site inspections carried out?
A commercial development manager will usually instruct their surveyor to visit the construction site monthly (although the client can request more/less frequent visits).
The surveyor will assess:
- Cost management
- Technical compliance
- Design and construction quality
- Safety compliance
- Overall progress
- Adherence to original proposals
These regular visits by an experienced, impartial third party provide peace of mind that the investor’s interests and expectations are being met.
The reports provided following inspections are often used by the lender to approve the release of funds in stages towards the project.
Risk management and quality assurance
An initial assessment and frequent inspections as the project progresses will identify any potential, emerging or existing risks early on. This gives everyone involved time to respond and rectify issues.
The client is also assured that the final product will meet certain standards and specifications, meeting essential industry requirements as well as agreed criteria. It is extremely beneficial in many ways to have someone keeping a close eye on the project as it evolves.
Is development monitoring important?
Development monitoring is essential for the risk management of large construction projects. For those who have a vested interest in the completion and quality of a project, instructing a competent independent monitoring surveyor mitigates risk and keeps the client in touch with a project they otherwise have little control over.
Not only is development monitoring useful for those with a financial stake, it also adds accountability, ensuring high-quality projects which meet certain standards are completed in a timely manner. This is beneficial to everyone involved. Due to the nature of the funder’s requirements, the role needs to be fulfilled by a professional who understands the technical, financial and operational demands of development work. A Chartered Surveyor with a background in development management fits the bill.
Find out more
If you are interested in arranging independent development monitoring for your project or have any questions, we are here to help. At Trinity Rose, our Chartered Surveyors have years of experience representing clients who have invested or are planning to invest in construction projects. We have the expertise and experience to ensure projects are completed to the standards you expect in the timeframe and budget you have agreed.
Please get in touch to arrange a meeting or find out more.