Increase Your Real Estate Equity with Preventive Maintenance for Multi-Family Homes and Commercial Properties
Managing a property or several properties can be a right headache, especially when repairs are needed and tenants call about issues coming up.
However, the right amount of prevention can significantly make your life easier and put you ahead of any major problems.
Here are a few things you should know about protecting and increasing the value of your real estate property by focusing on preventive maintenance.
What Is Preventive Maintenance?
Preventive maintenance refers to taking a proactive attitude when it comes to the management of your property.
To do so, you need to plan and assess the possible problems and issues that might appear in the short, medium, and long term.
The base of preventive maintenance is performing simple tasks today to avoid expensive repairs and fixes when something major breaks down.
This includes everything from pest control to making sure the HVAC system is performing as it should be.
Preventive maintenance involves identifying and replacing old parts before they become a problem.
Similarly, you can study which systems could be optimized.
A great thing about this is that it helps make energy consumption more efficient, something that’s great in terms of sustainability and your pocket.
Another aspect of preventive maintenance refers to making sure scheduled cleanings for major systems occur in a timely fashion.
Lastly, an instrumental part of this process is ensuring there are no fire hazards and reinforcing any emergency systems that are part of your property.
Investing in Multi-Family House Maintenance:
Will it Pay off in the Long-Term Perspective?
A home is one of the most important investments in your life.
Performing regular preventive maintenance is one of the best ways to ensure this investment maintains and even increases its value.
Furthermore, it has long-term benefits, such as the fact that you will be able to get a good price for your property if you decide to sell.
Having a house or property that’s running efficiently is also an attractive quality for prospective buyers looking to move as soon as possible.
This will allow you to sell a multi-family house fast with tenants in it and everything.
Also, if you are only looking to rent, this will have a positive effect on those wanting to live in your property.
In addition, when the property is well-maintained, it has a better aspect by merely looking at it.
This could even have the effect of attracting drivers or pedestrians when they see the “for sale” or “for rent” sign.
Multi-family Home Maintenance Tips
There are certain things you should especially keep in mind when it comes to multi-family properties.
Some of the main tips to apply are:
1. Quick Response
When one of your tenants lets you know something is broken or not working as it should, you must respond as quickly as possible.
There are two main reasons for this.
The first one is that it will allow you to solve the problem before it turns into something worse (e.g., an HVAC that needs a cleaning instead of a broken HVAC system).
The second reason is that your tenants will see you are responsible and take their comfort and safety seriously.
Sometimes, you might have to inconvenience your tenants for a bit to do some preventive maintenance.
Explain the situation to them and make sure it’s clear that in the end, you are not only conserving the value of your property but also ensuring their comfort.
2. Check the Pipes
Water damage is one of the worst issues you will face while you manage your property. Something to keep in mind is that these issues tend to start small, with a leak.
If this goes unattended, you will see the consequences on the floors, the walls, and even the entire property if a major pipe bursts.
This is why it’s essential to check the pipes and make sure any water source works correctly.
Similarly, you’ll need to examine the walls and the ceilings to ensure everything is as it should be.
If needed, you can pay a plumber to perform this inspection and make sure there are no issues.
3. Install and Check Detectors
Smoke and monoxide detectors are items that are extremely important for both safety and regulatory reasons.
Therefore, you should always ensure they are functioning correctly. You should perform an annual inspection of these detectors.
They usually run with batteries, and their timely replacement could make all the difference.
What Commercial Property Owners Should Know About Investing in Preventative Maintenance
When it comes to commercial building maintenance, things might be a bit more complicated.
Tenants from residential properties tend to be more proactive when it comes to letting you know about any issues that might come up.
In commercial property, you need to be extra alert and very conscious of local, regional, and federal regulations.
While the initial price of setting preventive maintenance strategies might seem steep, it will continue to be less expensive than having to do significant fixes later on.
Some tips for managing your commercial property or properties efficiently are:
1. Have a Checklist
Having a maintenance checklist with reminders about when a specific system needs to be serviced is vital to make sure you won’t miss anything.
These days you can even have an app on your phone where you can keep a checklist connected to your calendar!
This will make things easier and more practical.
When creating the checklist, some systems and areas to keep in mind include, but are not limited to, the plumbing system, roofing, HVAC system, fire alarm, electrical system, security locks and pads, and the often forgotten parking lot and garages.
In addition, there will be specific systems and items that you will need to include depending on the characteristics of your property.
2. Pest Control
Instead of waiting for little insects or other animals to start roaming your property, you should schedule preventive pest control services.
A good provider will allow you to schedule monthly fumigation of the property, which can be as non-invasive as needed to avoid disrupting those making use of the building.
To avoid pests, you should also make sure that any green areas are adequately maintained.
3. Inspection Process
An important step, though, is to first perform a full inspection of the property.
You will want to look for any cracks or spaces that would allow pests to enter the building.
You will also want to make sure there’s a cleaning service or that cleaning measures are being taken.
Sanitizing trash cans, making sure no leftover food is attracting pests, and scheduling trash pickup are sure ways to prevent an infestation.
Reacting to a major event when it comes to any of your properties is incredibly stressful.
By taking the appropriate prevention measures, you will be able to plan, schedule and better control your time and duties.
Plus, you will also save considerable amounts of money by tending to the small things today.
Overall, you will protect your investment and ensure your property continues to bring you the returns you expect.