Commercial property accounts for a whopping 13% of the value of all buildings in the UK. Investors are more than happy to join the 486 billion pound industry.
Are you one of them?
If you own a commercial building, you have proper commercial property management on your mind. Though receiving rent checks is your favourite part of the process, there are other important aspects as well.
One of these aspects is proper building maintenance. No one will want to rent from you if your building is falling into disrepair!
Let's look at how to keep up on maintaining your building.
Have Cleaning Staff at the Ready
Having a dedicated cleaning staff is a big part of keeping up on the maintenance in your building. People will turn away from a brand-new building that's dirty and go rent in an older building that's sparkling clean.
If you own an apartment building, you might wonder if a cleaning staff is really necessary. Residents will be responsible for cleaning their own units.
This is true, but you'll need someone to regularly clean the common areas. The lobby/entrance is an important feature both for finding new tenants and keeping your current tenants happy.
You'll also need someone available to thoroughly clean the flats when tenants move out and prepare it for new occupants.
Keep Up on Repairs
It is imperative to keep up on repairs. The is important not only for keeping up the appearance of your building but also for liability. If someone trips over a broken step that you've had plenty of time to fix, you could be liable for their injuries.
Assign certain staff members to regularly inspect your building and be on the lookout for any needed repairs. Have your tenants alert you as soon as possible when they have maintenance concerns that need to be addressed.
You'll save money with this approach. Making repairs while problems are still small typically costs less than waiting for them to get serious.
Occasionally, you may have major repairs that your regular staff can't handle. Be sure to call in a reputable contractor as quickly as possible.
Don't forget about the exterior of your building. Kerb appeal is very important for making a good first impression and the exterior is the first thing people see.
Keep the building in good repair and don't forget about the landscaping. Have someone on hand to cut the grass and keep the shrubs in check.
Don't be afraid to get creative with it! Colourful flowers and bright blooming trees give your building a cheerful appearance that is appreciated on the dreary days we so often see in London.
Commercial Property Management for the Win
Owning commercial real estate is an excellent investment. People will always need a place to live and places from which to do business.
But whether you're just getting started in real estate or have been at it for a while, handling your own commercial property management can be a pain. Maintenance, though important, is mundane.
Need help or have questions? Feel free to contact me, Lee West. I'm very happy to help however I can.
Lee West has a wealth of experience managing and refurbishing high class properties in London. He has been the lead contractor in many prestigious buildings such as Buckingham Palace, Clarence House, Chelsea Royal Free Hospital, House of Parliament, Kew Gardens and many more.