Becoming a real estate investor is a great way to build wealth, but how should you approach planning for commercial maintenance and repairs?
Commercial properties offer many opportunities to both investors and business owners. However, without investing in things like preventive maintenance, both parties may have a hard time maximizing profits.
In this guide, we will help you better plan for things like preventive maintenance to ensure your portfolio keeps growing. Keep reading for all of the advice you need!
Set a Budget
When planning for commercial maintenance and repairs, one of the first things you must do is set a flexible budget dedicated solely to preventive maintenance. You can think of it as an emergency fund.
Maintenance costs can range from anywhere between a few hundred and several thousand dollars. Because of this, try to save as much money as you can to ensure anything can be quickly taken care of.
Schedule Inspections
Another planning tip is to schedule regular inspections to better determine how your properties are being used.
During a property inspection, you can examine both the interior and exterior, regardless of whether it has a tenant. However, you should only conduct inspections annually to avoid disrupting them.
If you're aware of an ongoing issue, inspecting more than that may be acceptable. Should you decide to do this, you must speak with the tenant to ensure that they're comfortable.
Review Lease Agreement
Either before or after conducting an inspection, you should review the lease agreement to ensure that the tenant is complying with it. It's best to do so beforehand because you can bring up any issues with the tenant as soon as you notice them.
If a tenant isn't complying with the lease, you must then decide what the appropriate action is. In many cases, a warning should be sufficient. However, if they continue to break the lease, you may need to evict them.
Work with a Property Manager
The best way to increase building lifespan is to hire a property manager who will take care of all your maintenance needs.
Property managers offer a plethora of services to commercial property owners that allow them to spend more time focusing on other investments. They can take care of planning maintenance, conducting inspections, collecting rent, screening tenants, and much more.
A property manager can also help you understand your legal duty as an owner. Although a tenant may operate on your property, you are still responsible for some types of maintenance.
Master Maintenance and Repairs with PMI Richmond
As you can see, planning for commercial maintenance and repairs is a simple process with the right steps. No matter how many properties you own, each of these tips will ensure your success.
After reading this guide, we encourage you to start working with PMI Richmond.
With our services, you can get the most out of real estate thanks to our years of experience in Richmond and many other cities throughout the US. We also have a plethora of national partners that are ready to assist you.
Contact us now for more information about our property management services!
