Investing in commercial real estate isn’t all fun and games. While investors can reap major rewards with the right investment properties, there is a lot of work behind the scenes. This behind-the-scenes work is critical to keep things operating smoothly. From collecting rent and maintaining the landscaping to facilitating commercial property maintenance and repairs, your to-do list may seem never-ending.
Instead of letting property maintenance fall to the wayside, you must have a property maintenance plan in place. Without a plan, it is easy for small maintenance tasks to get overlooked. This eventually leads to costly consequences down the line. Reduce the risk of potential hazards and ensure your tenants feel happy and safe in their workspace with preventative measures. Even better this will help you attract and keep the best tenants on your property!
Follow along as Price Commercial Management outlines the importance of commercial property maintenance, provides a maintenance checklist and recommends ways to track your maintenance schedule.
Why a Maintenance Plan Is Important for Your Commercial Properties
Property maintenance does more than keep your commercial property looking its best. There are many reasons why all landlords must have a plan in place for property maintenance:
- Property Value – When marketing your commercial property, it will be easier to secure reputable tenants if you have a maintained property. Without proper commercial property maintenance or repairs to keep everything in working order, you may see the building’s value decrease. Instead, you can proactively take care of the property allowing you to rent the asset at a higher price point.
- Tenant Satisfaction – Your goal as a commercial real estate investor is to minimize the number of vacancies in your investment properties. If your building is rundown, proactive maintenance isn’t being completed, and maintenance requests aren’t being fulfilled, you’re going to find yourself with unsatisfied tenants who look to move elsewhere when their lease comes up for renewal.
- Reduced Costs – Think about your car for a moment. Every few thousand miles, you’re expected to get an oil change to keep your car operating at its best. If the necessary commercial facility maintenance is skipped, you may find yourself with a costly repair. The same goes for the appliances at your building. Minimize the risk of costly repairs and system breakdowns by properly maintaining all your equipment.
Your Commercial Property Maintenance Checklist
Are you overwhelmed with the variety of areas around your asset that require commercial building maintenance? There’s no need to stress as the commercial property manager! Price Commercial Management has broken down the different areas where you should focus your time and effort to keep everything operating smoothly at your building.
One of the most important aspects of your property to maintain is your HVAC system. Most climates rely on an air conditioning system to provide cool comfort in the summer months. And then a heating system to offer warmth in the winter. Your tenants will not be pleased if they are forced to work in uncomfortable conditions caused by a faulty HVAC system. If that’s the case, you may even be in breach of the lease terms! Replacing an HVAC system is costly, which is why it is important to get routine maintenance before each season change. Regular maintenance ensures you will find small issues before they turn into large problems that result in a system failure.
Working electrical is imperative for your tenants to operate their businesses. Take the time to inspect wires, circuit breakers, cables, power stations, and any other electrical appliances in your building on an annual basis, at a minimum. Along with annual maintenance, it is important to keep all electrical free and clear of dust or debris that may cause issues. Lightbulbs should also be monitored and changed as needed.
Plumbing is often out of mind until something goes awry. If you or your tenants begin to notice the sinks draining slower than normal, water backing up in the landscape, or the toilet frequently clogging, you should schedule an appointment with a plumber sooner rather than later. Catching plumbing problems early on can avoid a hefty repair bill. Make sure you are maintaining your building plumbing annually to minimize headaches!
Kitchens and Bathrooms
Any kitchens and bathrooms should be inspected regularly, looking for problems and cosmetic flaws that need to be repaired or fixed. This can be anything from a dripping faucet or a damaged backsplash to an inoperable microwave or damaged cabinetry. While some of these may be cosmetic issues, they can give a bad impression to prospective tenants (and drive away existing tenants when their lease is up for renewal).
Your roof is often out of sight, out of mind — but your roof mustn’t be overlooked. Schedule a bi-annual roof inspection and don’t put off any recommended small repairs. Getting ahead of any minor issues that are found can save you time and money on major roof repairs later on. With regular maintenance, you can expect your roof to last an average of 20 years.
But with so many property maintenance tasks on your to-do list, how are you supposed to keep track of everything that needs to be done? A paper to-list probably isn’t going to cut it. Instead, you can utilize property maintenance software that enables you to collect, track, and monitor all maintenance requests that come in from tenants or that you initiate yourself. You’ll be able to easily check the last time maintenance was performed and plan out when you need to schedule the next maintenance appointment.
Hire Price Commercial Management for Your Property Management Needs
Utilizing a property management team can streamline your preventative property maintenance and reactive maintenance processes at your commercial properties. A Price Commercial Management property manager will help you ensure your property is well taken care of to help prevent large repair issues in the future. They will also react quickly if your tenants bring maintenance requests to their attention. The Price team provides investors the opportunity to take a hands-off approach to their properties while confidently knowing that their properties and tenants are in good hands. Overall, have more free time while we focus on ensuring that your properties continue to be a source of future income.
Price Commercial Management crafts customizable property management plans based on client needs, including:
- Rent Collection
- Lease Enforcement
- Monthly Property Reporting
- Expense Management
- Revenue Enrichment
- Property Assessments Scheduling
- Routine and Preventative Maintenance
- Relationships with Licensed and Insured Contractors
- Aesthetic Maintenance
Free yourself from the hassle and burden of managing your own property or that other sub-par property management companies have added and let our trusted and proven record go to work for you.