A commercial real estate portfolio has the potential to be extremely lucrative. However, you need a solid maintenance protocol to avoid rising expenses.
If you don't tend to your properties regularly, they're subject to various types of property damage. Roofing water damage from storms and exterior damage on building facades are a couple of issues of note.
You can't forget about interior maintenance issues like indoor air pollution due to old HVAC systems.
There are many responsibilities on the plates of commercial property owners. Here are a few ways to manage the workload and save money.
Bring a Property Manager On Board
Managing a commercial property on your own is enough work.
Even with one property, maintenance problems can skyrocket; this is often due to not visiting the property regularly. On the other hand, professional property managers visit their properties consistently to ensure they're in top shape.
Top-rated property maintenance should be a priority of every property manager in the industry. This process starts with a detailed property inspection. Property managers can spot issues that many investors miss.
For example, keeping a comfortable indoor temperature is necessary for facilitating good customer (or client) experiences. However, if the property has old insulation or roofing damage, you can expect costly heat loss. A property manager will notice this issue right away and take the necessary steps to replace insulation and roofing to ensure cost-effective heating; this step also applies to air conditioning.
Property inspections will also spot the following issues:
- Old plumbing systems
- Potential electrical wiring hazards
- Commercial kitchens in need of repair
- Loose windows
- Landscaping and curb appeal issues
- Warped flooring
Working with a property management company like PMI Windy City will ensure the best professionals are on the job. Property managers are tasked with maintaining vendor relationships with the city's best technicians.
Commercial Property Owners Must Upgrade
One mistake commercial property owners make is foregoing necessary upgrades to save money. This decision can cost you more down the road when a major problem arises.
One example is not investing in a new commercial roof before a major storm. This decision will lead to expensive water damage that can wreck wall treatments, flooring, and furnishings.
Upgrades are necessary for delivering good commercial tenant experiences. A great experience leads to lease renewals which save property owners a lot of money; you don't have to keep investing in marketing and tenant procurement every year.
Good Tenant Screening Saves Money
It's true; when you have a great commercial tenant, you don't want to let them go. Thus, you need a marketing strategy that appeals to that profile from the start.
Define what you're looking for in a small business tenant to craft your application, screening process, real estate listing, and property photos.
You also need a strict screening process that filters out irresponsible tenants who generate costly headaches like property damage, unpaid rent, and conflicts.
Build a Better Commercial Portfolio
As a commercial property owner, you're in a position to enrich the business community with great tenants. Remember the above points about maintenance to reflect this dedication.
Don't wait for maintenance issues to arise. Implement a plan from the start. Get to know PMI Windy City's property maintenance services or call us today to speak to one of our property managers.
