J. P. Morgan reports that commercial properties remain stable at approximately a 5-6% increase in rent per year. Despite this, increases in extreme weather events across the U.S. have led to increased insurance premiums and, thus, lowered investor income. You need to ensure that you do not do anything to increase the likelihood of you needing to engage in other repair efforts, but how?
Below, we discuss five property management tips to help you ensure that your commercial property maintenance is effective and avoids excessive costs.
1. Conducting Regular Inspections
Tenants expect you to perform regular inspections to identify property issues before they can escalate. If you leave them too long, wear and tear will likely exacerbate existing issues, leading to costly repairs. Even minor problems could quickly escalate, such as:
- Cracked pavements allowing water and ice to seep through
- Peeling paint failing to protect walls and ceilings
- Minor roof leaks causing water damage to property and assets
- Individual vermin hinting at the existence of an extensive infestation
Ensure you also document these issues to track their progress and promptly resolve every one.
2. Utilizing Preventative Maintenance Programs
Preventative maintenance is when you perform commercial building upkeep to resolve potential issues long before they arise. Examples of doing this include:
- Servicing HVAC systems
- Clearing roofs and gutters
- Checking electrical systems
- Securing plumbing systems
While not "real estate maintenance" per se, you should also be vigilant regarding emergency preparedness. Develop response strategies to handle unexpected issues, from flooding to fire or natural disasters.
3. Creating a Comprehensive Maintenance Schedule
Building a detailed maintenance schedule ensures that you don't overlook essential tasks. The best way to do this is to break down maintenance tasks into frequency groups, such as "Daily" or "Monthly." You can then ensure you perform all the maintenance in a specific category in the same visit.
If you cannot visit a property at such a high frequency due to other portfolio commitments, you may want to engage with a property manager who can handle this for you. They can hire local maintenance experts who can perform this task to a high quality as often as needed.
4. Fostering Good Tenant Relations
One of the best ways to ensure your property's condition is to work on maintenance strategies with the people renting the location. When satisfied, tenants may contribute to property upkeep or promptly report maintenance issues.
Make sure they have a clear line of communication with you, as this will ensure they feel comfortable letting you know of such issues. Then, address any complaints promptly.
5. Adopting Technology for Maintenance Management
The right property management software can help you track maintenance requests, schedules, or work orders. It can also offer a transparent method of informing your tenants of when you plan to act.
Using data analytics, you can then leverage any information you gather to learn your most expensive outgoings so you can review them.
Help With Effective Commercial Property Maintenance
Ensuring that you engage in effective commercial property maintenance in Alamo means that you can reduce the chances of significant losses later.
Companies like PMI Contra Costa can help you engage in commercial property care. They also have decades of experience keeping properties organized and well-maintained. So, ask for a free rental property analysis today to see what they can do for you.
