Los Angeles is one of the most desirable places to live in the U.S.!
It has a huge job market and an incredible mix of cultures and entertainment. Stunning beaches and architecture make L.A. perfect for commercial real estate investments.
But one thing landlords might struggle with is commercial maintenance and repairs. It can be a big responsibility, especially if you are managing many properties.
This article is here to provide ideas on approaching property maintenance. We cover budgeting, as well as how hiring a property manager can help ease the workload. Read on to find out about these topics and more.
Prioritize Maintenance and Repairs
In Beverley Hills, appearance is everything. You need to stand out from other properties to garner interest from clients.
Having a comprehensive maintenance plan is one way to do that.
Make it a priority to maintain outside areas, like gardens or patios. These areas often get neglected. But upkeeping these areas makes a big difference in appearance and usability.
If regular outdoor maintenance is difficult, consider landscaping or graveling over the area. This makes it much lower maintenance, whilst keeping it looking fresh and modern.
You should also focus on doing regular internal inspections throughout the building. Check over the plumbing, electrical, and HVAC systems to find any wear and tear. Look for any cracks, warping, or fading in walls and floors.
Always Budget Ahead
A big problem that investors often face is large, or unexpected maintenance issues. These can be very expensive and time-consuming to fix.
Budgeting for maintenance services is a simple solution to this. Make a financial plan that covers regular maintenance and improvements to your property.
This prevents you from having to skimp on or rush repairs. You will also be in a position to tackle issues as they arise.
You will be able to pay in the moment, rather than having to gather resources after the fact.
Safety Paired With Efficiency
Even well-maintained buildings will deteriorate over time, with weather and reasonable use. So factor in improvements to safety and efficiency. This will keep your building functional and looking presentable.
Adding and improving safety features throughout the property are also paramount. Invest in good-quality lighting, functioning emergency exits, and alarms.
Take note of the energy expenditure of the building over the year. Think of ways that you can replace and improve existing systems and features.
For example, invest in upgrading the insulation or installing solar panels. This will increase the value of the property and will make energy usage more efficient.
Work With Professional Property Managers
Hiring a property manager can help prevent maintenance from getting overwhelming. Their task is to organize regular cleaning, inspections, and repairs so that you don't have to.
They can also shoulder the responsibility of communicating with occupants. This means that issues get dealt with immediately and efficiently.
This builds trust and means you can enjoy good long-term client relationships. Especially in Beverley Hills, reputation with your tenants matters. So it is worth investing in help with property maintenance.
Master Commercial Property Maintenance
Property maintenance is a big task and impacts the value and accessibility of a building. By prioritizing maintenance and repairs, you will save yourself a lot of time and money in the long term.
You can also make your building safer and more efficient by making improvements over time.
If you need assistance with these tasks, try working with a property manager. It is a smart and simple solution to making the most of your properties.
PMI LA Pacific is here to help you make the most of your investments. We are an established team of property professionals, experienced in high-end property management.
We will oversee all areas of your commercial property so you don't have to. Get in touch with us today to organize a consultation and find out what we can do for you!