It's official, Cincinnati is an awesome place to do business. It is home to six Fortune 500 Companies, attracting the very best young talent to the area. If you're a real estate investor, then investing in commercial real estate in Cincinnati should be at the top of your to-do list.
It's not enough to buy commercial real estate, you've gotta engage in regular commercial property maintenance to keep it in good shape. Don't stress if you're new to the commercial real estate game and don't know where to start. Read on for the top commercial maintenance best practices!
1. Get Proactive with Prevention
The most powerful building upkeep tip is to hone a solid preventative maintenance plan. On a weekly level, ensure that the building is clean and in good repair. On a larger scale, consider seasonal maintenance like changing out your air filters and prepping the building for winter and summer.
Adding preventative maintenance to your budget is a great accounting strategy, too! It's harder to conceptualize because you're paying money upfront, but you'll be saving money on emergency maintenance services in the long run.
2. Don't Let Things Go
It's always the little things that end up causing the most heartache. What started as a small rattling sound in the air conditioner suddenly made the AC stop working on the hottest day of summer. If something seems off in your building, have it looked at before it becomes a major expense.
Further, you should also have a plan for inclement weather beyond "watch and see." The Midwest is no stranger to severe weather events, and a retail business in Nebraska had its roof collapse under the weight of snow, recently. Get out snowblowers, sandbags, or whatever you need to do to protect your building if inclement weather is on the way.
3. Create a Solid Inspection Schedule
Some problems don't make themselves known until they're big problems. That doesn't mean you can't catch them before they're an emergency. You'll need to be proactive about inspecting your properties on a regular basis to identify and fix any potential problems.
Worried about how your tenants will react to inspections?
Add regular inspections to your lease management strategy. You can outline how frequently you'll inspect the building and how much notice your tenants will receive in advance. This will help them make sure that all parts of the building that need to be accessed are accessible, as well.
Need Help with Commercial Property Maintenance?
When you're a real estate investor, it's tempting to purchase property and leave it up to the tenants to perform the maintenance. Unfortunately, that route often ends in lost value and additional expenses. Setting up a regular commercial property maintenance plan ensures that your investment yields returns for years to come!
Are you struggling with the management of your commercial property? PMI Gatekeeper Realty Services offers the highest quality property management services in Cincinnati and is equipped with top-tier tech to help you monitor the status of your investments in real time. Contact us today to learn how we can transform your investments!
