Maintaining Your Commercial Property

4/26/2019 (Permalink)

With yearly returns falling between 6-12% of purchase price, commercial property is one of the best investments available today. An investment that profitable commands an extremely high time commitment. Moreover, if you own multiple properties, the time it takes to maintain all of those properties is all but impossible for one person to handle alone. At best, it’s like adding an additional full-time job to your current list of time commitments. At worst, it will completely overrun your life. Here’s some of the best and most time-effective ways to maintain the value of your commercial property.

1: Keep Your Tenants Happy

Tenants are the single most important aspect of your commercial property investment. A property without tenants is always doomed to lose money. It stands to reason, then, that keeping your tenants happy is the first step towards a successful investment.

2: Keep the Building Safe

Keep communication channels with your tenants open. If tenants always know that they can get a hold of you when something goes wrong, they will be more confident doing business with you.

3: Keep It Clean

Nothing will ruin someone’s opinion of a property faster than filth and clutter. Your property is likely the face of your tenants’ businesses. If it’s messy and poorly maintained, their clients will become dissatisfied, which will ultimately fall back on you.

4: Maintain and Upgrade Your Property

Commercial property maintenance involves more than just vacuuming floors and wiping down windows. In fact, there are hundreds of things that you must do to keep a building maintained: check the roof for leaks, ensure that all fire and emergency equipment is functional and up to code, keep the air intake clean, and much more.

5: Invest in Efficiency

Making your building more green both maintains and increases its value. The gold standard for green buildings today comes from LEED certification. LEED stands for “Leadership in Energy and Environmental Design.” Buildings that are LEED certified demonstrate more environmental consciousness and energy efficiency than normal buildings.