After you take the plunge and invest in commercial real estate, it’s up to you (or your property manager) to maintain it in order to protect your investment. But, what does it take to keep your property in good condition over the years? Here are some tips from a Denver real estate expert to help you maintain your rental property:
Look into all complaints.
The biggest mistake a landlord can make is ignoring a tenant’s complaint. Tenants see your property on a daily basis, so they are more familiar with what’s going on with the electric, plumbing, HVAC, and roofing. If they tell you about an issue they’re experiencing with something on your property, look into it right away. Some issues will get worse if they are not repaired right away—like leaks, which could quickly turn into a mold infestation—so take the time to look into every complaint you receive.
Schedule regular inspections.
Sometimes, tenants may not even notice there is an issue until it’s too late, which is why you should try to schedule regular inspections so a professional can look at your property. This is especially important for the roof because tenants won’t notice damage until it turns into a leak and begins to affect their working space. Be proactive and look for signs of trouble before they turn into major problems. Not only will this help you maintain your property, but it will also allow you to avoid repair costs.
Take care of the landscaping.
Landlords often focus so much on repairing any issues that may arise that they forget to maintain other parts of the property—especially the landscaping. Remember, a well-kempt lawn will make your property more attractive and valuable, so it’s best to keep it looking nice at all times. You never know when a potential tenant could drive down the street and judge the way your property looks.
If you don’t think you will be on the hunt for another tenant anytime soon, you shouldn’t give up on your landscaping. Untidy landscaping can also be a safety hazard, so this is also important to help you avoid liability in personal injury cases.
Make green upgrades.
Today’s buyers and renters are becoming more and more interested in properties with eco-friendly upgrades. To keep up with the times, consider adding these upgrades as you have the budget to do so. For example, install a programmable thermostat so tenants can schedule the system to turn off when no one will be in the building, and automatically turn back on before business the next day. This will help tenants save money on their electric bill, and it will also help your property become more appealing to other tenants in the future. Do green upgrades lead to happier residents
? Yes, according to some studies.
Do you want more advice on managing your commercial real estate properties? Contact Denver commercial real estate
experts at The Sherman Agency to learn about the various services we offer! Call 303-572-8778 to speak to a member of our team today!