Commercial property owners are too concerned and bothered about rentals and traffic that they tend to forget something that is most important.
Yes, we are referring to the ‘Maintenance’ aspects of a Commercial Property. The logic is pretty straightforward-
If your commercial property is well-maintained, clean and attractive, you will be able to generate strong queries, higher rentals and better valuations.
The past year has not been great for commercial property owners. With WFH being the new norm, demand for commercial properties has gone down. However, there is good news!
Working professionals miss formal Office Spaces. Yes, its true. With people being locked up in their homes for roughly two years now, everyone from the employers to the employees are looking to get back to physical real workspaces.
If real estate experts are to be believed, this is going to see an incremental surge in the demand. Commercial property owners.
In this resource article, we are going to explore how commercial property owners should look to maintain and improve their establishments.
Three Important Areas that Demand Maintenance in a Commercial Property
Before we check out the list of steps or ways commercial property owners can employ towards improving maintenance, it would be better if we could focus on three physical areas in commercial properties that are sensitive from a maintenance standpoint-
The outside or exterior of a commercial building is what everyone first looks at. Businesses that are housed in the property will have a strong idea of how their clients would feel when they see the building from outside. This is where the forces of nature are at their worst. Hot and excessive sun or incessant and damp rains can all take a toll on a building’s exterior.
Once people walk into the premises, they want to experience high levels of cleanliness and sanitation. This means that everything from broken floor tiles to torn carpets is a strict no. make sure that the interior is clean before it is expensive. This will help drive a positive impression about the commercial property and help you find takers for the same.
If you really want to get a sense of how good or bad a commercial property is, you need to take a trip down to the washrooms. A clean bathroom is a prerequisite if you do not want anyone in the building to fall sick. Make sure to install hand dryers, sanitizers, touch-sensitive taps, and showers. The more spotless your washroom is, the better will be the quality of the tenants.
List of 5 Ways to Maintain your Commercial Property
In this section, we are going to list down five key ways commercial property owners can improve maintenance-
Prioritize working with experts-
You might come across companies and agencies that proudly proclaim that they are good at everything. They might also offer you budgeted costs. However, you should always look to work with professionals and niche experts. For example, if you sense that there is a termite problem on the property, you should look to call in experts from Termite Specialist Pte Ltd and not a regular run-of-the-mill pest control company.
Look to improve the experiences of the occupants on your property-
Good and affordable rentals and basic utilities are not what all companies are after. Start-ups especially are always looking at office spaces that are experiential in nature. This means that as a commercial property owner, you need to go over and above in terms of attracting the best businesses. Investing in interior wall murals, promoting your office space on social media platforms, etc. are some key ways that you help create office spaces that offer rich experiences.
Ensure compliance with fire and safety regulations-
Commercial property owners need to realize that all it takes is one accident. As an owner, you need to be serious about investing in adequate and mandated health, safety, and fire equipment on the property. You also need to ensure that periodic tests and assessments are done to make sure everything is in workable condition. If you are faced with a surprise inspection from the authorities, you can end up losing your commercial property license or incurring heavy fines.
Not delaying pending repairs and maintenance work-
There is no denying the fact that commercial properties can suffer from a lot of wear and tear. If you have a property in areas that experience harsh climatic conditions, you will see more annual damage. One mistake many property owners end up making is delaying repair work. This should not be done as it ends up inviting more costs and damage in the long run. You need to come across as a proactive commercial property owner that takes this seriously.
Have open discussions with your clients and tenants at regular intervals-
Taking feedback on what is good about the property and which areas need improvement can help you provide better experiences. Tenants and clients in your space should be more than just individuals that pay you to rent. If you can establish open communication, you will be able to get a lot of tips from them in terms of improving the property. This will help you find favor with the colleagues of your clients who would want to move into your property.
The Final Takeaway
Maintenance can be the card that can help you stand apart from other competitors in the industry. At the end of the day, commercial property owners want to generate both higher rentals as well as see their properties increase in value. By paying attention to all the points mentioned in the article, they can hope to achieve both. If you would like to add any other points that we might have missed out on, please mention them in the comments section below.