As a building owner, your focus is on maximizing its value. This includes:
- Rental yield
- Quality of tenants
- Growth in asset value
Keeping your building in tip-top shape is a pre-condition. To take the weight off caring for your building, assigning it to a professional maintenance services provider makes sense. The benefits far outweigh the costs. Let’s take a close look at them.
1. Mitigate the risk of huge, unplanned repair bills
One of the reasons we’re encouraged to have regular health checks is to avoid detecting an illness late. This applies to the state of a building too. Regular maintenance serves as an early warning system.
If you engage a meticulous property maintenance services provider, they will be able to detect potential issues early. Rectifications can be made or planned and accounted for in advance.
2. Happier and safer tenants
What makes a good tenant?
- Timely settlement of their rent
- Long-term commitment
- They will look after the property well
Experienced professional property maintenance services providers know what it takes to keep your tenants happy and safe. Well-maintained properties are less likely to push tenants away.
3. Knowledge of building codes
Not every building owner is expected to possess the knowledge or competence to understand building codes and regulations. On the other hand, professional property maintenance services providers have that knowledge and are accredited accordingly. They will help you avoid infringements and resultant penalties.
4. Attend to problems promptly
Most, if not all, professional property maintenance service providers have the resources to attend to their clients’ property matters promptly. For example, when electrical or plumbing problems arise, tenants expect them to be quickly addressed because they disrupt day-to-day operations.
Doing it yourself may make financial sense. When all is well, it probably is. Unfortunately, things can go pear-shaped from time to time. Without the right expertise and tools, you may find yourself struggling to fix them with the likelihood of spending more time and money.
6. Increased asset value
As a building owner, your primary focus should be about increasing its value. Proper management and maintenance contribute towards this. When your building is well cared for, it’s easier to stand out when renting a property. Keeping it in pristine condition augurs well for its attractiveness and appeal to would-be tenants or potential investors.
What are the areas professional property maintenance services providers help you with?
- Daily upkeep: An unkempt building is an eye-sore. It gives the impression of neglect. Depending on the terms of the contract, professional maintenance services providers will engage cleaners to ensure the building and surroundings are kept clean and free of debris or clutter.
- Periodic inspections: Periodic inspections will alert you to wear and tear as well as defects. It’s not unusual for some sections of the building to be at risk of neglect, for example, rooftops. With periodic inspections, this is less likely to occur. Think of inspections as regular health checks on your building’s well-being. Having an outsourced party looking into it means it will never be missed.
- Utilities are kept in perfect working order: Electrical, plumbing, air conditioning, and heating ensure the comfort of tenants. They are essential features tenants look for in a building. Hence, it is paramount that they are in good working order. When breakdowns occur, they have to be attended to promptly. Tenants expect this. Regular servicing works can prevent these inconveniences from occurring.
- Greener building: Today, climate change is a hot topic. From greening the surrounding areas to reducing the use of electricity, the call for building owners to play a part is growing louder. While professional property maintenance services providers may not have adequate knowledge, they are more likely than you to know those with it.
- Minor rectification works: The occasional popping of tiles, knobs that have come loose or graffiti happens. They may not require significant repair work. But left unattended, they may deteriorate. It’s best to address these unattended issues sooner than later. Your professional property maintenance services provider will have a handyman or two that can put things right quickly and cheaply. Similarly, touch up work may be needed from time to time. It may be a new coat of paint for the toilets or a broken lock. It is probably more cost-effective to assign these small projects to your existing property maintenance services provider than to a builder or painter.
- Managing tenant requests: It’s common for tenants to have specific requests from time to time. They aren’t usually too difficult to fulfill. But without a professional property maintenance services provider to handle some of these requests, it can take time and effort to do them yourselves. It will add value to your relationship with tenants when they are fulfilled.
Healthy Building, Happy Tenants
Like all assets, buildings increase in value when well looked after. While it is tempting to shave the costs of looking after one, it may not be financially prudent in the mid to long term. But it requires time, effort and above all, commitment. Moreover, it can transform into an arduous task without the skills and tools. By engaging a professional property maintenance services provider, you will have peace of mind knowing someone is looking after your building.
To learn more about the difference a professional property maintenance service offers, book a consultation session with Glenco’s experienced property managers.