In our last blog post we discussed ways to maintain your commercial property investment with a few simple items to upkeep. Today we are going to add to those items and expand on each one of the ways preservations thru sustenance can save your bottom line.
Deferred maintenance is defined as the practice of postponing maintenance activities such as repairs on real or personal property in order to save costs, meet budget funding levels, or realign budget monies. This failure to perform needed repairs could lead to asset deterioration and ultimately asset impairment.
So basically, acts of continued deferred maintenance may result in much higher costs, asset failure, and in some examples, health and safety implications. All these things can be avoided with a few simple matters of upkeep, which we will list below.
According to the book Commercial Property Maintenance by Scott Harris:
- Fire Security
- A significant part of the commercial property maintenance checklist is fire safety equipment. Not only are they necessary for building maintenance, but it is also a legal requirement for any establishment to have fire safety equipment. Make sure they all work correctly for your smoke detectors, sprinklers, fire extinguishers, and carbon monoxide alarms. Completely stocked first aid kits should also be kept in the building. When it comes to fire and life-safety programs, industrial building should be up to date. This protects not only your land, but also the individuals who work or live there. Non-compliance with the law will contribute to massive fines and penalties.
- Plumbing Activities
- Review the plumbing system at least once a year. It is important to thoroughly inspect water boosters, circulation pumps systems, valves, water heaters, boilers, sewage pumps, sumps, and irrigation systems. Leaks or strange noises may occur. In this case, maybe some sections need lubrication. To check if everything is working properly and if there are places that need to be serviced or fixed, it’s useful to run wear and tear system tests. Investing in the proper maintenance of plumbing will save you a lot of money and energy. Regular plumbing checks will also help retain tenants for subsequent lease terms if you are leasing out your commercial property. It is not easy to say whether there are issues with plumbing, so routine maintenance helps you to fix problems when they are still minor.
- Bathrooms & Kitchen Inspection
- To see if your commercial property needs maintenance, kitchen and bathroom inspections are necessary. If cracks or missing grout is present, inspect/service tile. Make sure the hygiene procedures are in place and that there are working soap and paper towel dispensers. To see if there are any leaks or other types of damage, check sings, toilets, and showers.
- The Interior
- For any signs of damage or decay; floors, walls, ceilings should be reviewed periodically. Check if any leaks that need to be resolved are present. You will want to see if all the doors and windows are open and if the locks and closures are operating correctly. It’s not only for beauty to preserve interiors, but it also makes the commercial property functional.
- The Exterior
- Exterior maintenance not only increases curb appeal, but also the value of the building. You need to make sure that you have clean and well-maintained exterior walls and surfaces. Doors and railings should function correctly and there should be no broken glass in the windows. There should also be regular maintenance of sidewalks, driveways, parking areas, and other hardscapes.