We all know of that one strip mall or office building in town that has seen better days. When new, it was bright and shiny. Unfortunately, it lost that luster over the years and now looks sad and neglected.
Don't let this happen to your commercial real estate investment. Having a strategy for maintenance and repairs helps you stay ahead of building needs.
Reduce your maintenance costs and increase your real estate's value by having a strategy for these types of maintenance tasks.
1. Routine
Routine maintenance is the first strategy you should employ to maintain your commercial property. This strategy includes regular and ongoing tasks. You can schedule maintenance tasks daily, weekly, monthly, or quarterly.
For example, cleaning tasks should be done daily to ensure the building stays fresh. Minor repairs could happen weekly or monthly, depending on the size of the building and the number of tasks. Inspections could occur monthly or quarterly to ensure operations stay on track.
2. Preventative
The second maintenance strategy you should employ is one of preventive maintenance. This strategy focuses on tasks that maintain your current building structure, systems, and large equipment. These are tasks that typically happen every six months to a year.
For example, schedule your building HVAC system to receive a check-up and seasonal tune-up. This ensures the system runs at optimal standards while preventing breakdowns.
An elevator's average useful life is 20-25 years. Preventative maintenance helps you get the most out of your current equipment before it requires replacement. Additional presentation maintenance can be scheduled for the electrical, plumbing, and roof.
When tenants see that you take pride in maintaining the building, they are more likely to renew their lease. This is a simple strategy for protecting your investment and retaining valuable tenants.
3. Corrective
Eventually, something will get damaged or broken. Having a corrective maintenance plan will ensure these needs get swiftly addressed. Acting quickly helps you maintain positive tenant relations by reducing inconvenience and frustration.
If you cannot act quickly, this is a sign you need to hire a property manager. They can be responsive and arrange for repairs.
4. Cosmetic
Customers start forming their opinion of a business within the first seven seconds of arrival. This does not give your tenants much time to make a positive impact. They depend on you, the landlord, to help them by maintaining a beautiful building facade and landscaping.
Having a cosmetic maintenance strategy protects your investment and keeps tenants happy. Your building looks beautiful with painting, landscaping, and facade refreshment.
Stay Ahead of Maintenance and Repairs
You protect your commercial real estate investment by staying ahead of maintenance and repairs. The property will retain its value, and your quality tenants will stay longer. You will also reduce your long-term maintenance expenses by preventing problems and quickly addressing issues that arise.
At PMI Prime Property, we work with commercial landlords to establish a customized and comprehensive maintenance plan for their buildings. That way, they can trust that their investment is protected for the long term.
Contact our team today and let us implement these four maintenance strategies for your commercial building.
