Are you thinking about starting a real estate portfolio from scratch?
You need to hone in on the right property niche first.
Many first-time investors start with residential properties but don't discount the possibilities of investing in commercial real estate.
Commercial property investors play a vital role in communities by supplying local businesses with the retail spaces they need to serve their community.
You can't ignore the demand, either. Commercial properties have seen a rent growth of over 10%. Vacancy rates are also lower compared to residential properties.
Every real estate investor needs reliable commercial property maintenance for investment protection.
Remember to add the following property maintenance tips to your checklist.
Hire a Property Management Company
Commercial real estate investing isn't a journey you want to take alone. You need an experienced property manager by your side to facilitate tenant placement, rent collection, property marketing, and more.
Property maintenance is actually a part of real estate marketing.
You can't take professional photos of commercial properties without pristine maintenance. Property managers must schedule daily viewings of the space; thus, the property must look its best at all times.
Your commercial property may need repairs, commercial equipment upgrades, and window replacements. Rather than handle these issues yourself, a property manager will access a wide network of vendors to find the right professionals for these jobs.
Upon hiring a property manager, the first step is to conduct a thorough inspection of the property. This is the mark of a professional property manager. Crucial details won't fall through the cracks, like potential health and safety hazards associated with old roofing, insulation, electrical wiring problems, and more.
Commercial Real Estate Upkeep
Daily upkeep is absolutely necessary when a property is on the market.
After fixing up the property and listing it for rent, a property manager will visit the space daily to remove any trash and debris outside the building.
They may also water plants and gardens as needed to maintain landscaping and ensure windows, doors, and exterior painting look professional.
The above checkpoints are important for maintaining the curb appeal of the property.
Maintenance Planning For Tenants
A reliable and responsive maintenance protocol is vital for retaining your best commercial tenants. A highly responsive solution is also crucial for complying with health and safety codes.
For example, if you're renting a commercial property to a diner owner, they need a round-the-clock maintenance service that responds quickly. When maintenance issues cut into your tenants' profits, you lose profit, as well.
Make sure your tenants have as many communication routes as possible, including emergency phone numbers, the property manager's line, and an online portal for submitting requests. Online portals allow tenants to track the status of their service calls and add any additional notes for the technician.
Take a look at your tenant renewal rates and see if any maintenance improvements can be made to increase those numbers.
Implement Better Commercial Property Maintenance
Start your commercial investment portfolio with a clean and safe space for small business owners and their customers. Facilitating top-notch commercial property maintenance makes a huge difference in the community.
PMI Savannah Metro wants to help you serve your community even better. Our team of dedicated real estate investment specialists has an eye for detail, avoiding oversights. Learn more about our services, especially our accounting services.
Book an appointment to get started.
