Maintenance and Preservation of Commercial Property
Protecting your investment property should be of the utmost importance to all commercial real estate investors because you will not be able to generate income without placing tenants in the building. This can quickly change an asset-generating investment into a liability. For residences, there is a good chance the average landlord will be able to fix a leaky toilet or sink and can change hard to reach light bulbs for elderly tenants, but in a commercial situation, a single investor cannot be expected to have the technical know-how to perform major repairs in a several story building. This is why it is a good idea to hire a property management group in the Toronto area that has a fleet of repairmen or a complete maintenance and repair department for tackling any number of renovations and work orders.
All tenants can be tough on real estate; it does not matter if they are residential or commercial. The key to preserving your property is regular maintenance and a review of the property, which means general inspections and documentation when an incident arises that results in a work order or injury of any kind. An investor cannot be tasked with performing this type of meticulous documentation, especially in larger buildings with multiple tenants or many floors.
Over time furnishings and fixtures become outdated and are in need of repairs or remodeling. This is pretty standard stuff as inhabited buildings will take wear-and-tear when tenants come and go. Floors in particular generally take a beating due to foot traffic and frequent spills. In order to keep commercial real estate marketable, a property management company like HighGate will come in and perform industrial cleanings or the floors, walls and appliances and upgrade them as needed. Due to a large volume of work, most property management groups can secure contracts for discounted rates on repairs, cleanings, remodeling and renovation work.
Property management groups can help investors keep tenants in their buildings by offering beautiful and upgraded amenities as customers are rotated in and out. The individual investor may have time to paint a room or install a refrigerator, but adding plumbing for a tenant that is expanding may be a tall order. That particular tenant could represent years of solid rental income and as a landlord you should do everything you can to foster that relationship to protect your investment. Property managers understand what it takes to hold onto tenants and attract new ones. Sometimes it only requires some new carpet and paint, but they have the experience and resources to make that happen in short order. Also a property manager’s ability to buy in bulk not only helps with the price, but also can ensure the materials arrive promptly to stay ahead of deadlines.
The bottom line is that maintaining a commercial property can be a full time job and unless the rental income is supporting you, it might be more than the average investor can handle on their own. For this reason bringing in a professional and experienced management group like HighGate is a smart business move and one that will preserve your invest for years to come.