Best Ways to Go About Maintaining Commercial Property
Maintaining your commercial property is of the utmost importance because if you fail do so, you may lose the opportunity to secure tenants which will impact the chance of turning a profit. The other major benefit to keeping your commercial property in good shape is that the value can be preserved for years to come with regular preventative maintenance. As an investor or owner, you probably don’t have time to spend several hours a day fielding calls for service requests and submitting work orders to a vendor. You probably don’t have the time to secure ad space in local periodicals and market the property to potential tenants either. For these reasons it is a good idea to hire a property manager for your commercial real estate needs in the Toronto area. Companies like HighGate can step in and handle all of the maintenance for commercial real estate properties and they can do it at a reasonable price most times.
Property managers are valuable tools for keeping your commercial real estate viable and filled with tenants. They represent a cost savings to you, the landlord, in the form of not only money but time and effort. Many experienced management groups have EDI and dedicated work order systems to submit jobs in a swift and efficient manner so that vendors can initiate the process of pulling permits or ordering parts without a delay and inconvenience to your tenants. They typically employee a fleet of engineers that can perform routine repairs to the areas that require it most, like roofs, HVAC, parking lots and general electrical outages.
Monitoring the exterior of your building including the perimeter walkways, parking lots and roof with a regular maintenance checklist is an excellent way to protect your investment with little effort or cost. Should you or your property manager find a problem, you can address it knowing additional damage was not incurred due to a lack of awareness.
Cleanliness is one of the keys to securing tenants in your commercial property and keeping them. Each leasing agreement is setup differently and you can always discuss your limitation on services performed with your property manager, but in general, the landlord would be responsible for maintaining the flooring, walls and fixtures in the property by keeping them well lit and clean with touch-up paint on the walls and clean carpets.
Utilities and Common-use Facilities
Commercial properties have some areas that are never included as the tenant’s responsibilities in the leasing agreements and those would include: common-use bathrooms, elevators, break rooms and the HVAC in public spaces among others. Maintaining these spaces is key to keeping the building functioning properly and ensuring your tenants are comfortable in the building.
Overall you can expect to be doing a decent amount of regular maintenance and upkeep on a commercial building of any significant size. The resources to complete the repairs and keep your tenants happy are probably more than one landlord can handle, so it is important to utilize the experience of a skilled property manager like HighGate to resolve these issues for you. As mentioned earlier, the benefits to proper building maintenance will keep the value of your commercial property high and filled with tenants for years to come.