Managing commercial real estate involves careful planning and active oversight to protect property value and keep tenants happy.
This article covers six key aspects of property maintenance, from understanding the unique needs of each property to adopting sustainable practices, which are essential for successful real estate management.
1. Understand your property
Commercial property managers must possess an in-depth understanding of the industry and the specific properties they oversee. Each type of commercial space—from retail hubs to industrial complexes—demands a tailored management approach that aligns with its specific operational requirements and tenant expectations.
This understanding helps customize services and compliance measures specific to each property, ensuring that every facility meets its inherent potential. Regular audits and thorough documentation of property details are crucial to achieving this end.
2. Prudent financial planning
A fundamental tenet of commercial property maintenance revolves around prudent financial planning and savvy budgeting. While maintenance incurs expenses, prudent investment in upkeep ultimately preserves property value and mitigates unforeseen repair costs.
Incorporating provisions for scheduled maintenance and contingencies within the budgetary framework ensures proactive preparedness for exigencies, underscoring the essence of fiscal balance in property management properties.
Collaborating with a reliable Alberta insurance company can provide financial safeguards and advice, further optimizing your maintenance budgeting strategy.
3. Prioritizing safety
Elevating safety standards is a paramount concern in commercial real estate management. Upholding stringent safety protocols fosters tenant satisfaction, reduces liability risks and curtails accident probabilities.
Vigilant oversight of critical areas such as stairwells, parking facilities, entry points, routine inspections, and regulatory compliance, forms the cornerstone of a comprehensive safety regimen.
4. Embracing sustainability initiatives
The drive towards sustainability is reshaping the commercial property market. By adopting eco-friendly practices, such as using energy-efficient appliances, promoting water conservation, and implementing recycling initiatives, property managers can significantly reduce operational costs and enhance the attractiveness of their properties.
These green initiatives appeal to environmentally conscious tenants and contribute to the property’s long-term sustainability.
5. Planning for maintenance ahead of time
Proactive maintenance planning is essential for addressing maintenance needs promptly and minimizing disruptions. Property managers should develop comprehensive maintenance plans covering plumbing, electrical systems, infrastructure, pest control, landscaping, HVAC, and code compliance.
By prioritizing preventive maintenance alongside reactive measures, property managers can ensure their commercial properties’ long-term viability and success.
6. Regular inspections and preventative care
Similar to the diligence in maintaining a car, commercial properties require consistent inspections and preemptive maintenance to avert substantial damages and elongate structural longevity.
Comprehensive property management services entail routine evaluations encompassing essential facets such as roofing, HVAC, plumbing, and electrical systems. A structured commercial property maintenance checklist facilitates systematic assessment and meticulous tracking of maintenance activities.
Preventative Maintenance Overview
Preventive maintenance is a proactive approach designed to keep critical assets in optimal working condition. This method involves regular inspections and scheduled service, or repairs based on time or usage rather than the current condition of components.
The primary goal of preventive maintenance is to extend the service life of equipment, prevent unscheduled downtime, and reduce overall maintenance costs by addressing potential issues before they escalate.
Objectives and Benefits
The main objectives of preventive maintenance are to:
- Prolong the lifespan of building systems and equipment.
- Minimize the likelihood of unexpected failures.
- Reduce maintenance costs over time by mitigating significant problems early on.
Additionally, preventive maintenance enhances building safety and ensures that systems like fire alarms and HVAC units operate effectively, thus safeguarding the property and its occupants.
The Checklist
Maintaining a commercial building involves a detailed and regular preventative maintenance schedule to ensure property and equipment safety, efficiency, and longevity. Below is a comprehensive commercial building maintenance checklist:
Lighting
Inspect exterior lights for torn cables and loose screws. Replace gaskets to maintain watertight seals. Regularly clean lenses and lamps, ensuring uniform colour temperature. Store used bulbs safely until disposal by a certified vendor. Adjust lighting as needed, replace burned-out lamps, and regularly check fixtures with control gear.
Safety
Conduct regular safety inspections. Replace old wiring and install smoke alarms according to local codes. Check smoke alarms monthly and replace batteries annually. Inspect fire alarms and ensure fire exits are unobstructed. Place fire extinguishers on every floor and maintain them per manufacturer guidelines.
HVAC
Inspect HVAC systems twice a year, particularly during seasonal changes. Recharge drain pan traps, clean and replace air filters, inspect couplings for leaks, and lubricate pumps annually. Verify the superheat temperature and clean condenser coils. Periodically inspect settings for energy efficiency and check cooling tower components.
Electrical
Inspect outlets, breaker boxes, wires, batteries, switches, and other electrical components annually. Replace worn batteries and keep electrical storage areas clean from dust and debris.
Plumbing
Check and replace refrigerants and oils, examine couplings for leaks, and regularly inspect boilers and water heaters. Annually inspect sump and sewage pumps and lubricate water booster and circulation pump systems.
Fire Safety
Regular preventative maintenance of the building’s fire safety system is crucial. Check sprinkler heads, the central control panel, and pull stations regularly. Inspect standpipes and the pump supplying them and ensure pressure relief valves are properly calibrated to deliver the appropriate water flow.
Bathrooms and Kitchens
To keep bathrooms and kitchens in good condition, inspect for damaged tiles, malfunctioning soap and paper towel dispensers, and cracked or missing grout. If the building includes food-handling areas, have a contractor touch up grout and caulk, and examine these areas annually before inspections.
Interior
Annually check doors and windows for fire safety. Keep the building clean to minimize wear and tear. Schedule regular cleanings for floors, windows, and bathrooms, as well as carpet cleanings every four to six months. Clean and repaint walls as needed. Regularly hire pest control experts.
Exterior
Maintain the exterior, including the roof, with regular preventative maintenance. Inspect the roof twice a year and after major storms. Clean roof drains, gutters, and parking garage surfaces. Examine sheet metal, copings, and previously repaired sections. Conduct moisture surveys to detect leaks.
Protect Your Business with the Right Coverage from Our Alberta Insurance Company
Safeguarding your business against unforeseen risks is paramount in commercial property maintenance. At MMI Insurance, a reputable insurance company based in Alberta, we recognize the distinctive requirements of Alberta businesses and offer tailored insurance solutions designed to fortify your commercial needs.
Our comprehensive coverage includes protection for building infrastructure, equipment, inventory, and vehicles, shielding against risks like theft and property damage. With our personalized approach and seasoned advisors, we optimize coverage while minimizing premiums, ensuring operational resilience and peace of mind.
Call our Alberta-based insurance company today at 866-222-6996 for a customized commercial insurance plan, or contact us online.
