If there’s one thing that all landlords can agree on, it’s the fact that owning and operating landed property takes up a considerable amount of time. From tenant requests to building maintenance, safety issues, financial matters, and regulatory compliance, the daily list of things to do never seems to end. This can quickly become a drain on your time and energy as a property owner.
Fortunately, it doesn’t have to be this way. You can minimize your day to day involvement in the basics of managing your building(s) by outsourcing management to a commercial property maintenance company. But although this sounds easy and straightforward, for the best results, you’ll need to know what to expect from day one of handing over your property to a professional.
We won’t go too deep into the selection process here. You can check out the latter part of the article on the following link to read more about comparing and choosing a maintenance company. At this point, let’s assume that you have already done all that and decided on a company to work with. So, here are some of our best tips on what you should expect from your selected commercial property maintenance company.
Contractual and financial matters
The first thing that a commercial property maintenance would do is document the terms and conditions of the maintenance contract. This document is most commonly referred to as a service level agreement (SLA). It's binding on both parties, you (the client) and the company (the service provider). Typically an SLA spells out issues like:
* Contract deliverables
Everything agreed on during the negotiation stage will be spelled out. Especially matters like agreed timelines for completing tasks, servicing and repairs, payments, fees, etc. It also clarifies expectations like key performance indicators (KPIs), any projects, major milestones, and much more.
* Maintenance team
The maintenance staff strength will depend on the size and complexity of your property.
The team usually includes a property manager, maintenance supervisor, and maintenance technician(s). There will also be details about working hours, work outside business hours, etc.
* Financial matters
It's vital that they explain their financial reporting process.
There should be a budget for the premises, then weekly or monthly reconciliation reports. Any expenses on repairs, supplies, taxes, management fees, levies, and so on must be accounted for. This will enable you to gain insight into the building’s financial performance.
The SLA is indispensable for the success of the collaboration, and most professional maintenance companies know this. Don't rush into anything until you understand all the terms and conditions, and the SLA is acceptable.
The maintenance company will interact with your tenants directly. They will oversee tenant relations, communication, tenant requests, work order management.
It's their responsibility to check that tenants are not violating any lease conditions, especially as it affects physical damage in their unit.
Of course, preserving and improving the physical condition of your property is their primary job. Executing this job requires the following:
* Preventive maintenance plan
Expect a detailed maintenance plan from the company. This will cover periodic servicing schedules for all the assets in the building, like lighting, HVAC, and plumbing.
* Periodic inspections
They will conduct periodic inspections to check the state of the property. Based on their findings, they should catch any deteriorating asset condition before it becomes worse. Inspections also enable them to advise you on property upgrades, such as energy-saving lighting or other improvements.
A commercial property maintenance company is in the best position to advise you about local building-related regulatory issues and laws that you may not be aware of. Their guidance can help you avoid problems with building codes and safety regulations and the penalties that usually follow such non-compliance.
As you can see, a commercial maintenance company provides a variety of services to facilitate property ownership by taking many of the day-to-day tasks off of your plate and help you achieve your property ownership goals with fewer headaches.