Nashville and the rest of Middle Tennessee have boasted an impressive job growth of 4.6%. This makes it one of the strongest areas in the country for investing in commercial real estate. To make the most of your investment, you need to have a solid commercial property maintenance strategy.
With these property management tips, you can protect your real estate investment.
1. Use a Property Maintenance Software
Choose a property management software to maintain your commercial building. Utilizing software for commercial building upkeep optimizes and automates your efforts.
Choose software that lets you schedule maintenance with contractors. It should also track service history and retain warranty records.
2. Inspect the Building
A crucial part of routine property maintenance is performing inspections. Create a schedule for walking throughout the commercial building, inspecting its many systems. As you perform your inspection, take note of any issues that need addressing.
Building needs could include routine maintenance, repairs, or improvements. Consider prioritizing any issues that may create a safety risk or law violation.
3. Always Be Upgrading
Don't wait until your building looks old and antiquated to start making updates. This will result in significantly increased costs that can make it harder to make the much-needed improvements. A much smarter strategy is to improve and upgrade continually.
Create a plan that outlines how and when you will upgrade the different elements of your commercial building. This will allow for effective budgeting and continued profit growth.
4. Have a Proactive Plan
Do not wait for maintenance needs to arise before performing work. Doing so will make you endlessly try to keep up.
A much better plan is to take a proactive approach. You will enjoy reduced maintenance costs and risk of injury with a well-maintained building.
Another thing to consider is the lease. Some commercial leases have the tenant perform some building maintenance tasks.
While this can reduce your responsibility and operational costs, it may not be the best approach. Retaining control of your building maintenance ensures it is done correctly and timely.
Create a maintenance strategy for the critical building systems, such as the plumbing, electrical, and HVAC. Hire contractors to perform routine landscaping and pest control services.
5. Outsource to Professionals
Consider outsourcing your maintenance needs to a commercial property manager. These professionals understand what it takes to properly maintain a large building and have an extensive network of connections with high-quality contractors.
A professional property manager can ensure your building complies with Nashville building codes and regulations. This will help you avoid potentially expensive legal issues.
Protect Your Investment With a Commercial Property Maintenance Plan
Once you invest in real estate, you must protect that investment with a solid commercial property maintenance plan. Create a property care guide that includes routine inspections and maintenance. Plan for the long term with upgrades scheduled.
The PMI Middle TN team knows how to maintain and improve a commercial building. We can create a customized, comprehensive plan that addresses the unique needs of your real estate investment.
Create an effective maintenance plan with the help of our team, who knows what it takes to maintain a commercial building.
