Commercial real estate has seen a lot of ups and downs over the years. But despite the challenges, many commercial sectors are seeing growth, which makes commercial properties a great option for investors. For example, many commercial properties are seeing a rise in shopping centers despite the rise of e-commerce.
But if you plan to go the commercial property route, you need a plan for maintenance and repairs to maintain your buildings. Follow the guide below to get started.
Inspect the Exterior
The exterior will be one of the biggest things to investigate for your commercial property. It's what keeps the building safe and secure. If there are imperfections, such as cracks or roof damage, it could create a hazard.
Be sure to investigate this several times per year. If you find any issues, hire a contractor immediately to repair the problem.
Investigate the Building Systems
The next major component of a commercial property is the building system. These are things like:
- Heating and cooling
- Electrical
- Plumbing
- Internet service
Schedule time during the year to do an inspection of these items. If a building system needs a tune-up or regular maintenance, be sure to schedule it and get it done. This maintenance can find potential problems early, leading to a less expensive repair.
Do Regular Upkeep
Maintaining a commercial property is much more than keeping it running. It's also making it look nice for tenants and a place they are proud to do business in. This means investing in services to make it presentable if your lease agreement doesn't require it of your tenants.
Hire contractors for tasks like landscaping, and if tenants don't handle interior cleaning, professional cleaning services. Doing so will improve your property value and ensure your buildings don't fall victim to building neglect.
Manage Security Systems
Depending on the type of business you rent to, security systems may be part of maintenance expenses. Some businesses, like retail, will need to deal with theft.
You must ensure these systems work properly for your tenants. Work with your tenants to test whatever systems you have in place so tenants have peace of mind that their security works.
Work With Experienced Property Managers
Managing a commercial building can take a ton of work. It isn't as simple as a single-family home where you have more limited systems to maintain.
Luckily, many property management companies have commercial property experience. Talk to the local property managers in your area to see what they can offer. They will help you set up a maintenance plan that ensures your building stays in great shape.
Take Care of Maintenance and Repairs
Your commercial property won't see any issues most of the time. However, as time goes on, the wear and tear on your properties will accumulate and eventually lead to problems. Make sure you take care of maintenance and repairs now and handle maintenance budgeting to avoid more costly repairs and tenant problems in the future.
Of course, having a reliable partner can help you manage your commercial properties. At PMI Blue Ridge, we offer a variety of services for commercial property owners. Contact us to learn how we can improve your commercial properties.
