New York is a leading financial epicenter in the country. A recent report from the state's comptroller found that New York City alone has approximately 730 million sq ft. The city is also home to around 250,000 businesses.
NYC is the ideal location for a commercial property portfolio. It's a top destination for company headquarters and ambitious entrepreneurs. It's also a competitive landscape that fluctuates between hot and cold markets.
Every commercial property owner needs a reliable plan for managing maintenance and repairs. You don't want these essential tasks getting lost in the shuffle of a growing property portfolio.
Learn more about managing NYC building maintenance effectively.
Create a Commercial Property Repairs Checklist
After buying a commercial investment property, take stock of what you need. Create a list of essential repairs or upgrades needed before the property is available to rent. This process typically starts with an inspection.
All property owners should inspect their properties. You can also hire a property manager to inspect the building for you. Property managers perform routine inspections between tenants or during maintenance service calls.
There's a lot of ground to cover. A basic inspection checklist should include:
- An up-to-date HVAC system
- Recently installed plumbing
- Flooring conditions
- Windows and window treatments
- Interior wall treatments
- Attic and crawl space conditions
- Commercial Kitchen conditions and appliances
- Lighting design
Important exterior elements, including landscaping, tree removal, driveway repairs, and porch upgrades, should also be included. These upgrades improve commercial curb appeal which plays a role in customer service. Creating a checklist is an excellent example of preventive property maintenance.
Work With a Property Management Company
One of the best choices you can make as an NYC commercial property owner is to hire a property management company. Property managers don't let any details slip through the cracks. They're an absolute necessity for property investors with growing portfolios.
Property managers are trained to manage multiple commercial properties and an ever-growing list of maintenance tasks. Property managers work with a large network of local vendors to diagnose and service maintenance issues quickly and effectively.
A responsive maintenance protocol is a cornerstone of the tenant experience strategy. It's essential for keeping tenant turnover rates low. Commercial tenants can't afford to deal with constant maintenance concerns that impact their business.
Future commercial property buyers also consider turnover rates when adding a property to their portfolio. High turnover can paint a negative picture of financial health.
Online Portals for Maintenance and Repairs
Property management companies make it easy for both landlords and commercial tenants to manage maintenance issues. Type in a maintenance service request into the portal for prompt service. Both parties may also check the status of their requests.
Landlords should consider complimentary upgrades for high-performing tenants like new commercial kitchen appliances. This strategy can encourage the best commercial tenants to stay in their location.
Improve Your Maintenance Strategy
Maintenance and repairs should be at the top of your list of priorities as a commercial landlord. Talk to a property management company about your goals, including strategies for cutting commercial property repair costs.
The team at PMI New York City has experience across the industry landscape, from real estate brokerage to the tech sector. We strive to create a transformative portfolio management experience that maximizes profitability.
Book an appointment to discuss your goals.
