Do you own or manage a commercial property that's giving you too many maintenance issues? Nothing can be more grating than incessant maintenance issues (especially with commercial buildings), so we're here to help.
Getting ahead of your maintenance problems is about shifting to a proactive footing. In this article, we'll outline a few short-term, medium-term, and long-term building maintenance tips and goals. Keep reading to learn how to get out of the maintenance rat race and start thriving.
Be Generous With Your Maintenance and Repairs Budget
According to ButterflyMX's analytics, the ideal annual commercial property maintenance budget is between 1 and 4% of the building's value. So, if the building is worth $1 million, your maintenance for the year should be between $10 thousand and $40 thousand. Knowing where your budget should fall on that spectrum depends on these factors:
- The building's age and location (weather plays a massive role in a building's maintenance needs)
- The number of tenants or people who use the building
- The tenant turnover rate (consistent movers means more demand for maintenance)
It's best to go with the highest possible estimate. This way, you have a buffer of excess cash if your estimate turns out to be wrong.
You don't have to wait until the next year to implement this tactic. You can start by overestimating the next repair job's budget, then gradually phase this practice into your core business model.
Use Your Resources Efficiently
Generous budgets don't stop you from overspending. You'll also want to keep your commercial property upkeep costs as low as possible.
To this end, one of the best property efficiency tips is to try to predict and prepare for common and recurring maintenance issues. Once you've identified these, schedule the necessary work before the problems start. Everyone does this with cleaning, for example, but there's no reason this can't apply to changing lightbulbs, oiling hinges, repainting, and other such factors.
It also helps to have a list of the most reliable and affordable repair services in Chattanooga. A good relationship with reliable contractors will allow you to respond quickly to maintenance emergencies. It may also set you up for discounts.
Conduct Inspections Regularly
Tenants usually make maintenance requests through their tenant portal, messenger platform, or email. However, you can pick up on developing issues by conducting regular inspections. To be as thorough as possible, schedule several quick inspections and one or two detailed inspections throughout the year.
Ensure that you balance your approach to inspections with your tenant's right to quiet enjoyment. Inform them of upcoming inspections well in advance and secure permission if necessary. In the long term, you could consider inserting an inspection schedule into the lease agreement, allowing tenants to agree to all inspections at the outset of your relationship.
Hire the Best Property Management Solutions
If your current approach to maintenance and repairs isn't working, try pivoting to one or more of these tactics:
- Overestimate in your budgeting
- Be proactive and cost-conscious in your spending
- Conduct regular inspections to catch maintenance problems before they compound
Outsourcing to or working with a property manager can also be a cost-effective short-term maintenance solution. At PMI Scenic City, we have the expertise to lighten your maintenance burden. Contact us today for advice or help with co-ordinating maintenance, rental management, lease enforcement, and more.
