Real estate can be an excellent source of income, and commercial real estate in particular has a huge amount of potential.
When investing in commercial real estate, it's important to look after your properties. This means handling maintenance and repairs efficiently. To do this, you need to know the best approaches to take.
In this guide, we'll go over some key commercial property maintenance strategies to help you get the most out of your investments. Let's get started.
Perform Regular Inspections
All commercial properties are subject to wear and tear. As such, you should perform routine inspections to keep an eye on the condition of the buildings you own.
These inspections will help highlight any maintenance issues as well as signs of future problems. You can then determine what work needs to be done and when.
It's best to have this done by a professional. While you could conduct inspections on your own, most people won't know exactly what to look for. A professional can spot small issues (or signs of issues) that you're likely to miss.
Set up a Routine Maintenance Schedule
Along with regular inspections, you should have a routine maintenance schedule. For this, you should create a list of tasks that should be performed and specify how often this should be done. This scheduled maintenance is done even if there aren't any clear issues.
Some examples of what this might include are:
- Checking smoke alarms
- Cleaning windows
- Cleaning HVAC filters
Taking care of all of this regularly will help prevent any of these things from becoming major issues. It's also important to note that certain tasks (such as checking fire alarms) are crucial for safety, so they shouldn't be neglected.
Take Care of Maintenance and Repairs Quickly
When it comes to commercial property maintenance, being proactive is everything. Whenever you discover any problems, you should take care of them immediately.
If you put off an issue, it will only grow larger with time. As a result, the cost of the repairs will continuously increase. Some problems could also have a knock-on effect.
For example, if there's a small leak in your roof, you should repair it immediately. If left unattended, it could lead to major water damage that can be very costly to repair.
Use A Property Management Service
Staying on top of this can be difficult. It's often best to leave things to a qualified professional. As such, hiring a property manager can be a very good idea.
A property manager can carry out inspections, establish a routine maintenance schedule, and organize/oversee property repairs. Due to their experience, they can do all of this effectively, and you can scale these services as you grow your real estate portfolio.
Maintaining Your Commercial Properties
It's crucial to stay on top of maintenance and repairs if you want to get the best return on your investments. Inspections, routine maintenance, and swift repairs are the key to keeping your properties in good shape.
PMI Tampa Bay is a full-service real estate asset management company serving Tampa Bay and the surrounding communities. We use cutting-edge technology and have years of experience that we can leverage to help you succeed. Take a look at our commercial property management page to find out more about our services.
