Investing in commercial real estate is often considered one of the best investments a person can make. The return on investment can be impressive for commercial properties, with the ability to collect from multiple tenants bringing the annual yield closer to 10% than the standard goal of 4% when renting private residences.
With that said, owning a commercial property is definitely an active endeavor. Building owners have to pay greater attention to safety and security. In addition, low occupancy rates have the potential to cause rental yields to turn negative.
To help ensure that a commercial property remains thriving, keep reading for a detailed breakdown on 5 tips for maintaining a commercial property!
Make Sure That the Building Is Properly Insulated
Insulation does more than improve the energy efficiency of a commercial building. It actually plays a critical role in building maintenance as well. The right insulation can help create a solid air and moisture barrier that protects the structural integrity of the building over time.
There are many different areas to apply insulation in a commercial building, such as the interior walls, exterior walls, roof, and floor. Properly insulating each of these areas can help produce damage caused by leaks, pests, fire, and smoke.
Spray foam insulation is a type of insulation that is often used in commercial buildings. It is either an open-cell or closed-cell foam that is applied as a liquid and then expands to fill the space. Spray foam insulation metal building options can provide excellent insulation value and can also help to seal cracks and gaps that may otherwise let destructive agents into the building envelope.
Renovate to Align With Contemporary Trends
Commercial building trends are constantly evolving. Modern tenants value energy efficiency, durability, and versatility in their structures. If a building becomes run down or outdated, it will be hard to attract quality tenants. Therefore, it is important to regularly renovate commercial properties in order to stay ahead of the trends.
Some of the many benefits to renovating a commercial property include:
- It can help to attract new tenants. A well-maintained and modern building will be more appealing to potential tenants than an older, outdated building.
- Renovations can help to improve the energy efficiency of a building. This can lead to lower operating costs for the tenants, which can make the building more affordable.
- Renovations can help to improve the durability of a building. This can lead to lower maintenance costs for the landlord, which can make the building more profitable.
- Regular renovation can help to improve the versatility of a building. This can make it more adaptable to different types of businesses, which can make it more attractive to potential tenants.
As you can see, it is important to consider renovating your commercial property on a regular basis. By staying ahead of the trends, you can attract quality tenants, improve the energy efficiency of your building, and increase the profitability of your investment.
Have the Latest Fire Prevention Features On the Market
Fire safety is an important component of maintaining a commercial property, as there are multiple variables that could lead to a fire.
Some ways to protect a commercial property against fire include:
- Installing fire curtains and smoke baffles. Fire curtains are designed to prevent the spread of fire and smoke between rooms, while smoke baffles help to direct smoke away from people and property.
- Having a sprinkler system installed. Sprinkler systems are one of the most effective ways to fight fires, and they can help to save lives and property.
- Using fire-resistant materials in construction. Fire-resistant siding and roofing can help to slow the spread of fire, giving people more time to evacuate.
- Having a fire escape plan in place. Every commercial property should have a fire escape plan that is known to all employees and tenants. This plan should include designated evacuation routes and meeting places.
It is important to remember that owners of retirement homes and assisted living facilities should pay extra attention to this point. Many of these residents may be more vulnerable to the effects of fire. In addition to the measures listed above, assisted living fire safety should also consider installing fire alarm systems that are specifically designed for the needs of their residents. These systems can include features such as voice evacuation and strobe lights, which can help to ensure that everyone is alerted to a fire in the event that they are unable to hear or see a traditional fire alarm.
Schedule Regular Inspections
Scheduling regular inspections is another crucial aspect of maintaining your property. These inspections can help you identify problems early on, before they become major (and expensive) repairs. They can also help you keep your property safe for tenants and visitors.
Some issues that can be identified during an inspection include:
- Structural damage
- Roof leaks
- Electrical problems
- Plumbing issues
- Fire code violations
- Health code violations
By identifying these issues early on, you can take steps to fix them before they cause further damage or injury. This can save you money in the long run and help you keep your property safe and attractive.
Don’t Neglect the Exterior
A well-maintained exterior can enhance the property's curb appeal, making it more attractive to potential customers or tenants.
Landscaping is an important part of exterior upkeep. Regularly mowing the lawn, pruning trees and shrubs, and adding colorful flowers or plants can create a welcoming and inviting atmosphere. Concrete patio maintenance is also essential, as it can keep outdoor gathering spots from becoming rundown. Regularly sweeping and cleaning the patio, as well as sealing and repairing any cracks or chips, can help keep it looking its best.
Regularly maintaining the siding and windows is also important. Cleaning the siding (typically semi-annually) can help prevent dirt and grime build-up, while sealing and repairing any cracks or chips can help protect against moisture damage. Windows should also be regularly cleaned, as dirty or foggy windows can detract from the overall appearance of the property.
Stay Ahead of the Curve With These Commercial Building Maintenance Tips
Owning and operating a commercial building can be a wonderful investment opportunity, but it requires regular attention to maintenance to maximize returns. For more ideas and insight on how to maintain a commercial property, reach out to your local TruBlue Home Ally.
Interested in a basic TruBlue property maintenance checklist? Get One Here!
Andrea Erickson is a freelance writer that loves sharing her knowledge and expertise in renovation and landscaping. She lives in her hometown of Austin, Texas where she enjoys spending time with her husband and decorating with her children. Andrea’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource site.