If you are a landlord of commercial real estate or a commercial property manager, you know that maintaining the property can be a costly endeavor.
Fortunately, there are some cost-effective strategies that you can use to keep your expenses down and maximize your profit.
This blog post will explore some of these strategies to keep your property in tip-top shape without breaking the bank.
1. Regular preventative maintenance.
One of the best ways to keep costs down is to maintain your property regularly. This means keeping up with repairs, performing routine inspections, and addressing any issues as soon as they arise.
Taking care of problems before they have a chance to become larger and more expensive can save you a lot of money in the long run. Additionally, regular maintenance will help prolong your property’s life, which is important if you want to get the most out of your investment.
Maintenance checklist items
Some of the items in a commercial property that should be inspected and serviced regularly include:
- HVAC system: Check for proper operation and efficiency and signs of wear and tear that may require repairs or replacements.
- Roofing: Inspect it periodically for leaks and damage, ensuring necessary repairs are done quickly to prevent further damage.
- Fire safety systems: Ensure all components are in good working order, including alarms, sprinklers, extinguishers, etc.
- Plumbing: Inspect pipes regularly to ensure they’re not leaking or blocked and make sure all fixtures are functioning properly.
- Electrical wiring/outlets: Test equipment and check connections for potential hazards such as exposed wires or faulty outlets.
- Doors/windows: Check for cracks, warps, and other signs of wear and tear that could compromise the security of your property.
- Appliances: Ensure all appliances in an apartment building are in good working condition and don’t present any safety risks.
- Carpets/flooring: Vacuum regularly to maintain hygiene levels and check for damage such as fraying or discoloration.
- Exterior paint/siding: Inspect periodically for chipped, cracked, or faded paintwork so it can be repainted if necessary.
- Landscaping: Trim trees, shrubs, and bushes regularly to keep them healthy and visually appealing. Also, check for signs of pests or diseases that may require treatment from a professional.
2. Hire a professional cleaning company.
Another way to save money on commercial property maintenance is to hire a professional cleaning company. These companies have the experience and expertise to properly clean your property and keep it looking its best.
They can also help you develop a customized cleaning plan that fits your specific needs and budget. Not only will this save you money on labor costs, but it will also free up your time so that you can focus on other aspects of running your business.
Tips to consider
When hiring a professional cleaning company, it is important to take the time to research their reputation and experience. Request references from past customers and ask them about the quality of service they received.
Additionally, make sure that the company carries adequate insurance coverage in case of any damages or injuries that may occur during the cleaning process.
Negotiating a contract that clearly outlines your expectations and provides legal protection for both parties involved is also wise. Finally, get an estimate in writing before agreeing on a price. This will ensure you are getting the best value for your money while maintaining a safe and clean environment for your business.
The above advice applies to maintaining commercial property in general, but there are also some specific tips you should keep in mind when dealing with a particular type of property.
For example, if your commercial property includes outdoor areas such as a parking lot or courtyard, it is important to have regular inspections and repairs done to ensure the safety and functionality of the area.
Additionally, if you own an office building or retail space, make sure that all electrical systems are up-to-date and properly maintained. Taking care of these details on a regular basis will save you time and money in the long run by helping avoid costly repairs down the line.
Finally, staying on top of the latest trends in commercial property maintenance is important. This includes keeping up with safety regulations, maintaining regular inspections and repairs, and investing in energy-efficient products such as LED lighting.
Doing so will ensure your property remains competitive and attractive to potential tenants, their customers and their clients. Maintaining a commercial property can be an easy process with a little research and planning.
3. Use energy-efficient lighting and appliances.
Another cost-effective strategy for maintaining commercial property is to use energy-efficient lighting and appliances.
These products use less energy than their traditional counterparts, which can help you save money on your utility bills each month, which is important if your tenants are on a gross lease.
Additionally, energy-efficient products often come with government rebates or tax credits, which can further offset the cost of switching to them.
How to keep CAMs lower
Some of the things a landlord in a commercial property can do to help reduce CAM charges and save energy for tenants include:
- Have tenants turn off the lights and any appliances when they are not in use.
- Install motion-activated lighting for areas that don’t need to be lit all day.
- Upgrade to LED light bulbs and appliances with an Energy Star rating.
- Use natural light instead of electric lighting whenever possible.
- Ensure windows and doors are properly weatherized and sealed to reduce air leakage and drafts.
- Insulate walls, floors, roofs, or pipes as needed to help retain heat or cool air inside a building.
- Make sure all HVAC systems are serviced regularly by professionals to ensure they are operating efficiently and effectively throughout the year.
- Invest in energy-management systems that monitor and control energy use in buildings.
- Educate tenants about the importance of conserving energy and maintaining their commercial space responsibly.
- Encourage tenants to report any areas or appliances that need repair to ensure they are using energy efficiently.
4. Invest in quality materials and finishes.
When it comes time to make repairs or updates to your property, it is important to invest in quality materials and finishes.
Although it may cost more upfront, using high-quality products will save you money in the long run because they will last longer and require less maintenance over time. Additionally, using quality materials can help improve the appearance of your property, making it more attractive to potential tenants or buyers should you decide to sell in the future.
For offices, high-quality materials like hardwood floors and energy-efficient windows can improve the comfort and aesthetic of the space. In retail spaces, consider using durable floor tiles or linoleum to create an inviting atmosphere for customers. When maintaining multifamily properties, look for quality finishes such as stainless steel appliances or stone countertops that will increase the value of your property.
For industrial properties, invest in robust materials that can withstand wear and tear from regular use, like concrete walls or metal beams. No matter what type of commercial property you own, investing in quality materials and finishes is a great way to ensure long-term maintenance costs are kept low while maintaining attractive returns on your investment.
5. Utilize online tools and resources.
Finally, there are many online tools and resources available that can help you save money on commercial property maintenance.
For example, sites like Angie’s List offer discounts on local services, including contractors and repairmen who can help with everything from minor repairs to major renovations. Additionally, there are many do-it-yourself tips and tutorials available online that can help you tackle small projects around your property without having to hire outside help.
When it comes to maintaining a commercial property, some owners may opt to hire an in-house maintenance staff to handle the day-to-day repairs and upkeep. While this can be more costly up front, it also allows for greater control over the quality of work being done on the property and provides peace of mind that all necessary repairs are being taken care of immediately.
On the other hand, using online resources and tools is often a cheaper option when it comes to maintaining a commercial property. With these methods, owners can find discounts on local services as well as learn how to tackle small projects around their own property. However, there is still a risk that minor problems will go unnoticed or unresolved if they don’t have someone regularly inspecting and maintaining their property.
Ultimately, the choice between an in-house maintenance staff and online resources and tools for maintaining a commercial property should be based on what is best for the individual owner’s needs.
Are you ready to take your rental property management career to the next level?
Get Achieving Financial Success as a Property Manager: An Insider’s Guide today and become an expert in no time! This comprehensive guide is filled with valuable tips, techniques, and strategies necessary for success in this exciting field. What are you waiting for?
Grab yours now from your favorite bookseller:
- Amazon
- Books2Read for Apple, Barnes & Noble, Kobo, Scribed, and 8 more sellers with both eBook and paperback options available
- Payhip as a PDF
You can also:
- Visit our learning center
- Learn more about our consulting services
Content created by J. Scott Digital freelance copywriting services.
