Appearances matter! It’s even more true for commercial real estate. No-one wants to be in a bad neighborhood for their business. Everyone wants to have their business storefronts on the most hip and trendy street with a great crowd with lots of money to spend. For offices, swanky buildings with glistening glass facades is all that comes to our minds when we think of a top business office.
As a property owner, you have the burden of ensure that your property meets the aspirations of prospective tenants and buyers. Maintaining a commercial property is crucial to ensuring its rental value and property value remain high. A well-maintained mall or office building is more likely to attract the tenants with deep pockets and stable revenues. These tenants are also the ones willing to pay a premium for a clean and functional space. Moreover, a commercial property retain its value over time, increasing your return on investment, if it is maintained properly.
How do you keep your property in good shape, increase your rental yield and improve its sale value? Here are some tips to maintain your commercial property.
Cleanliness: A dirty building or property isn’t going to make the best impression. Keep your property clean to maintain its rental and property value. All common areas such as hallways, lobbies, and restrooms must be regularly cleaned. A positive impression enhances the overall appearance of your property. Hire a janitor for your property.
Landscaping: If you have a property with some open space, you need to invest in landscaping to make sure that visitors have a great impression of your property. The appearance of your property’s exterior, including the landscaping, can influence a potential tenant’s decision to rent. You must regularly maintain the landscaping and greens, including mowing the grass, trimming hedges, and removing weeds.
Inspections: Buildings can call you for help. However, they do seek help through visible signs. Conduct inspections of your property at least once a month to identify issues that need attention. Leaky faucets, bad plumbing, damaged flooring, malfunctioning latches, locks that act weird, or broken windows. Promptly tackle the issues and don’t let them turn into big problems that can lead to costly repairs. If you have a property in Chicago and locks don’t work, you call a professional Chicago locksmith and get it fixed. When you find a damp area, you hire a plumber to look into the issue. Always hire experts and never attempt DIY when it comes to commercial properties. Your tenants also don’t want to see their landlord working repairs.
Security: Regular security assessments can help identify potential vulnerabilities in the property’s security. Assess the physical security of the property, including doors, windows, and access points, as well as any electronic security systems in place. Installing security systems, such as cameras, alarms, and access control systems, can help deter criminals and provide a means of surveillance. Ensure that the security system is regularly maintained and updated to prevent malfunctions or technical issues.
Upgrades and repairs: As a commercial property owner, you must invest in regular upgrades and repairs to maintain the value of your property. If the interior of your property has become dated, you upgrade it according to the contemporary trends. Things like upgrading lighting fixtures, replacing old flooring, or repainting walls are important. Regular upgrades go a long way in improving the overall look and feel of your property.
Hire maintenance & security staff: Depending on the size and location of your property, consider hiring maintenance staff and security personnel to guard the premises, monitor security cameras, and control access points.
Communication: Don’t leave your tenants to themselves. Maintain open and regular communication with your tenants. It will help identify any issues or concerns they may have with the property. Address the concerns of your tenant. It will help you retain tenants and improve the overall value of your property.