Improve the Value of Your Commercial Property in Six Steps

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Are you an owner of a commercial property? Then you have lots of responsibilities to fulfill. These include managing tenants, negotiating contracts, and ensuring that the property is in great shape. Proper maintenance helps ensure the safety of your tenants, saves time and energy, and preserves the value of your property. Failure to do this can lead to costly consequences and even liabilities due to safety issues.

The less you maintain your investment, the costlier the repairs get. Its value drops, and you’re even putting your tenants at risk. If you want to retain the value of your property, make sure to keep in mind the following:

Always keep it clean

You may have set up a rule that says that tenants are expected to clean their area, but it is also your job to maintain the cleanliness of the property. This is not only to attract new tenants and bring more money to your bank. This will also help retain tenants.

Do regular maintenance checks

If you don’t check on the building regularly, you really won’t find it easy to spot the things that you need to maintain. Make it a point to pay attention to your property. Do maintenance checks at least once a month. Pay attention to your signage, landscaping, HVAC system, interior and exterior paint, roof, and emergency equipment.

Consider upgrades as a great investment

If your goal is not only to maintain but to improve the value of your commercial property, then don’t be reluctant to make regular upgrades. These can include improving your parking deck, having professionals do your landscaping, and even turning it into an eco-friendly property. Some upgrades can help you conserve energy, making you save hundreds or even thousands of dollars each year.

Keep your tenants happy

The tenants of your commercial property are among your most significant assets. Without them, you’d lose revenue. So make sure to keep open communication with them and grant their requests as needed. Treat them with respect, and don’t forget to be considerate.

Keep the space safe and secure

Security is a high-priced commodity these days. With all the crimes happening left and right, you’ll want to ensure that your property is safe not only for your tenant’s safe. This is also to make sure that your investment is secured. Keep the property well-lit and get rid of any tripping or fall hazards. Installing security cameras and employing security personnel are always a good investment.

Ensure that you meet all the building codes

Compliance is the best way to maintain your property. So make it a point to check if your commercial property is up to code. The city council in your area sends news to ensure that all buildings are compliant with current building codes. If you’re not sure how to check if your property is compliant, you can always ask an inspector to do it for you. This is crucial if you have plans to renovate or restore your property.

There are many ways you can improve the value of your property. But you should always start with proper maintenance. Skipping this step can lead to more expensive repairs and loss of profit. If you require ways to maintain your commercial property better, you can always use this list as your guide.

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