It is obvious that owning commercial property is a great investment – the real estate market is hot, and owning your own building is a great way to earn passive income. Commercial properties can be anything from apartments and houses for rent, office spaces, or malls to warehouses and factories. All have one thing in common – they require attention in order for them to continue operating at their peak. Maintenance can be costly if you do not know what are the right things to fix, but there are some simple steps that you can follow in order to make sure your investment pays off the most.
1. Hire A Professional
Whether you just own one apartment you’re renting out, or have a multitude of commercial properties that you need help with, hiring a professional to do inspections and maintenance for your properties regularly is probably the best thing you can do. There are a lot of Commercial property maintenance companies out there, so it’s important that you choose the right one. Having a team of professionals that regularly inspect your property will ensure that no problems have been created without being noticed by yourself, as well as getting rid of any potential problems before they become costly emergencies. It also ensures that your tenants will be happy with the service – if an emergency does come up and you don’t have anyone to fix it, then your income will suffer. It’s an especially convenient service to have when it comes to the structural integrity of the building your property is located in – as well as if your property is the building itself. Even if you know a lot about apartments, preventing the possible deterioration of your building is best left to a professional.
2. Improvement Projects
Even if your commercial property is new, there may be some areas that aren’t up to par with what you would currently consider ideal. Whether it’s the parking lot needing some paving or your insulation isn’t thick enough, improvement and renovation projects can give you something to do while also increasing the value of your property. It’s important to make sure that the work your contractor is doing will pay off in the long run, otherwise, you might just be wasting money. Not only that, but you should also conduct a market study before choosing what to improve on – if no one is complaining about insulation, but there seems to be an issue with the flooring, then you shouldn’t waste money on the insulation. If you’re trying to attract people with your property, then more attractive features might be what you need -offices being too small or kitchens not having enough counter space can all be great renovation opportunities.
3. Preventative Maintenance
Preventative maintenance is when you conduct your own inspections of your property in order to make sure things are always in good shape. For example, if the flooring is showing some cracks or walls start to chip in certain areas, you can do something about it before it gets worse and becomes costly. Painting the entire building every few years may be expensive – but just replacing the chips and peeling paint will be a fraction of the cost. If your water heater stops working, you might consider replacing it before an emergency arises – making sure that there are no leaks going on is also important in order to avoid any major issues. On that note, if you know that the water heater is nearing the end of its warranty, budgeting for a new one before the old one even shows signs of wear and tear will put you in a good position to replace it with a new model once it does break down. Most people have busy schedules, so just checking your property once a month or so can go a long way to keeping any major problems at bay.
4. Talk With Your Tenants
If you have tenants on your property, it’s important that they play a role in maintaining the building itself. Having them replace lights when needed or cleaning up any messes will not only make the place look better to potential customers but also save you some money. Establishing good communication with your tenants, and setting clear rules and guidelines will go a long way when it comes to property maintenance. It will enable them to reach out to you about suggestions about making the property better, but also establish an expectation for proper conduct on their part. Also, if there are any issues with certain appliances in your commercial building, you could try offering them a lower rent for however long it takes for them to get fixed -it’s important to make sure that both parties are satisfied with the terms of the agreement between you and your tenants.
5. Minimize Expenses
The old saying that “a penny saved is a penny earned” should be taken to heart when you’re doing your best to maintain your commercial property. In addition to the aforementioned tasks, there are some easy ways you can cut back on expenses related to maintaining your building. One of them being switching from incandescent to LED light bulbs throughout the building, as they use less electricity and last longer. Another one could be to renegotiate your contracts for anything you can – from taxes to water and electricity. Even if you went for the best deal at the time when you signed the contract, it’s not impossible that there are better ones out there now, so re-evaluating your needs and what contract offers once a year could save you hundreds.
6. Safety First
One of the most important aspects of commercial property maintenance is ensuring that everything’s up to code, and safety standards are met and maintained. Even if it seems like a small or negligible issue, such as cracks in the walls or flooring – don’t hesitate to fix it ASAP. It might not seem like a serious problem now, but taking care of it could end up saving you money (and improving life quality) down the line. So before you look into updating any appliances, or adding an inviting feature to your property, make sure that the electrical wiring or plumbing doesn’t need to be fixed or updated as well. Safety first!
From getting rid of cracks in the walls to ensuring that your appliances are up to date – commercial property maintenance is a must if you want your building to maintain its value. Even though it might seem like a heavy task, there are plenty of ways to save money when doing so – from hiring a professional company to help you out, minimizing expenses in all aspects, investing in property improvements and safety, and more. If you’re thinking about buying a commercial property, just remember that taking care of it is not an option, but a necessity if you want your building to increase in value and get great tenants. With these simple tips, maintaining your commercial property won’t be such a pain!