As a property owner or manager, learning how to maintain your building and properly delegate work is essential. Failing to make necessary repairs, or hiring the wrong people at the wrong price will ultimately cost you a ton of money in the long run. Properly maintaining your building will keep the property value high, save you money, leave your current tenants happy, and attract new tenants. Unfortunately, many property owners do not have adequate building maintenance skills. Below we will outline four common building maintenance mistakes you should avoid.
Focusing on Initial Cost Over Long-term Value
Many inexperienced property managers think that hiring cheap contractors will save them money, but this is rarely the case. Cheap contractors often fail to effectively complete the job, which could leave you with a disaster on your hands. You may have to spend much more money just to simply fix the mess they left behind, giving both you and your wallet unnecessary stress. Cheap contractors are cheap for a reason! That is why it is important to think about long-term value more than initial cost. Spending a bit more money to hire a reputable maintenance crew is worth it, because they will properly look after your building and keep down recurring repair costs. Plus, a well-maintained building means happier tenants and a higher property value, which increases your bottom line.
Spending more money does not always mean you will get better results. You don’t want to hire the cheapest labor you can find, but you shouldn’t overpay contractors either. Don’t let maintenance companies charge you too much money for their services. Stay informed and do your due diligence so that you understand how much you should pay for quality work. And make sure to only hire reputable companies with a proven track record of success.
Failing to Regularly Inspect Your Properties
Property managers will sometimes be negligent and fail to regularly inspect their buildings. This is a big mistake. If you do not conduct routine, comprehensive inspections of your property, you are likely to encounter extensive damage that could have been prevented if it was noticed earlier. Don’t let property damage go unnoticed.
Postponing Necessary Maintenance
If you postpone necessary maintenance, it will cost you in the long run. It may be tempting to let little things slide here and there, but don’t let that happen. A small, relatively cheap repair that isn’t fixed right away could turn into an expensive headache down the road. If you do not know if a repair is necessary in a certain situation, make sure to listen to the advice of a trusted maintenance professional.
If you defer maintenance, your property value will suffer. This means that you won’t be able to command high rents, which will hurt your bottom line. You could also lose tenants who are unhappy with the subpar management, and scare off new prospects who desire a clean, well-kept space. To avoid these issues, and to keep your business profitable, you will need to proactively and quickly address any and all maintenance concerns. Remember, you should always focus on long-term value over initial costs.
Avoid making these common building maintenance mistakes and give us a call. We are a full-service commercial maintenance provider in Charlotte, NC. With over 100 years of on-staff experience, we focus on providing fast, friendly service and doing the job right the first time. Contact us through our website or give us a call at (704)-405-6000.