Commercial property owners tend to have two main objectives: to generate sufficient revenue to turn a profit and preserve the property's value. Fortunately, both of these objectives can be addressed through regular, proactive property maintenance, which can protect property value, increase revenue and offset unnecessary costs.
While the responsibility of maintaining a commercial property might seem like an impossible task, you can effectively do so by separately addressing smaller issues on a regular basis. Follow these simple guidelines to ensure your property remains in the best condition possible for years to come:
Just as your property's exterior should showcase its value, the interior should also be presentable. Under most rental leases, proper interior maintenance includes cleaning and maintaining the flooring, light fixtures and furnishings, as well as paint touch-ups. In general, it is best to maintain a safe and tidy environment for your commercial tenants.
Exterior maintenance is one of the most important components of keeping up a commercial property. A poorly maintained exterior won't attract customers, which will be upsetting for tenants. On a regular basis, take a walk around the property and note any items that may need to be replaced or repaired. These might include window glass, paint, signs or landscaping. The roofing and parking areas should also be routinely inspected.
Utilities and facilities
As a commercial property owner, it is your responsibility to maintain common areas like elevators, escalators, bathrooms and break rooms. It's also important to ensure that all utilities, such as air conditioning units and water heaters, are functioning properly. Because these areas and utilities play a crucial role in the property's operation, you should prioritize their maintenance.
Property security is another vital part of maintenance and should not be neglected. Fire hazards should be a concern for any property owner, especially in areas that see a lot of foot traffic on a daily basis. Make sure that all firefighting equipment is in good working order. Putting physical security safeguards in place — like security systems or guards — might also be a wise choice, as tenants will rely on you to protect their property in their absence.
Keeping your commercial property in the best shape possible will help you preserve your investment for many years to come. If you need assistance, we suggest working with a reputable commercial property management company.