Preventative maintenance is a critical factor in managing commercial real estate assets to attain greater value.
Why is it so important?
Don’t make the mistake of deferring preventive maintenance due to immediate costs. One of the keys to improving a property’s value is to maintain the facility and its equipment which includes replacing old plumbing lines, installing a new roof, and updating HVAC for maximum efficiency, among other items. While this may be daunting for property owners, enlisting a trusted and knowledgeable property manager like Charles Dunn Company to create a plan takes the pain out of the process and ultimately will minimize unpleasant and costly surprises.
- Whether the asset is an office building, a multifamily complex, a shopping center, or an industrial warehouse, implementing a plan that anticipates and prevents potential problems will save money in the long run.
- Maintaining a property will help ensure that you attract and retain tenants at higher rental rates.
- Proactive maintenance not only improves the long-term cash flow of a property, but also increases tenant satisfaction.
- An asset with minimum deferred maintenance will sell for more.
Preventive maintenance is less of a headache than property owners might think, and often, the budget expenditure will pay for itself over time.
When Charles Dunn Company’s experts take over the property management responsibilities on a property, we customize a cost-effective, proactive plan for the maintenance and capital expenditures for each property. Let us know if we can help.
Vice President of Operations
Charles Dunn Company
Tel (213) 683-0500