You got into commercial property investment to have a guaranteed life-long income. Drive down nearly any busy street, though, and you’ll see large office buildings standing empty. Make sure that your investment continues to provide for years to come by maintaining the value of your commercial property. Here are three keys that will keep your offices filled.
1. Maintain and Upgrade the Property
Installing carpeting that doesn’t show stains isn’t enough. Don’t leave it to your tenants to clean the building. Hire an effective janitorial service and maintenance crew to keep the offices and common areas clean and inviting.
Even clean offices begin to look rundown with age. Consider how you want to maintain the property. Look for specialists in marble floor care Bronxville NY or wood flooring experts in Monterey CA. Whatever you’ve installed, find an expert who can tell you how often it will need service to maintain its high-end appeal. Change color schemes every few years and update lighting fixtures so your offices never look dated.
Post-pandemic, many large office buildings are rethinking the value of a centralized HVAC compared to ductless mini-splits that keep recirculated air from spreading throughout a building. Considerations like these should always be evaluated in terms of the long-term value they add to the property.
2. Think Safety First
Nothing will cause tenants to leave faster than feeling unsafe. Install cameras that watch the parking lot, elevators and common areas. Install adequate lighting in the parking lot and hire an outside firm to run a risk management assessment on your building. Hire security to monitor your security cameras and walk employees to their vehicles if requested.
Hiring security not only makes your employees feel safer but can also protect your assets from vandalism and theft. Visit the property often and look for safety issues like trip hazards. You’ll also be able to talk to tenants about their concerns.
3. Be Available To Communicate
Talking to your tenants is the third and final key to maintaining your property value. Tenants who feel they have no one to turn to when something goes wrong may feel hard done by, even if nothing has actually gone wrong. Stopping by, checking in and being understanding creates an open environment where tenants feel they are more than a rent check. Creating a personal relationship means tenants are more likely to stay longer and feel a sense of obligation to you.
Take care of these three keys and you’ve unlocked the secret to retaining tenants and generating income for life.