If you spend a lot of time away from your commercial investments, you likely don't know what is going on regularly.
When you do visit your commercial building, you should be conducting property inspections to ensure compliance and maintenance.
Property inspections take time, but you need to be willing to complete them if you expect to keep tenants happy and generate rental income. Keep reading to learn the importance of these inspections.
Importance of Property Inspections
Property inspections can help commercial property owners stay compliant. To legally run a commercial property, you'll need to follow regulations involving:
- Tenant rights
- Safety standards
- Zoning laws
- Building codes
Conducting regular property inspections allows owners to fix any compliance issues that may arise. If you fail to comply with these regulations, you could face legal action from the local authorities, tenants, or regulatory agencies.
Staying compliant improves property value and contributes to a positive property reputation. By addressing issues fast, you will improve tenant retention and satisfaction.
Property Inspection Process
The commercial real estate inspection process involves examining the structural integrity of the building and looking at safety features, such as:
- Electrical systems
- Plumbing systems
Additionally, you should check for pest infestations, tenant issues, and environmental concerns that could pose a health risk to residents, such as asbestos or building mold.
With an inspection checklist, owners will discover issues that need attention before they become major problems. Document issues found during the inspection and work to eradicate the problems right away to improve tenant satisfaction.
If you schedule regular property maintenance, you should have positive inspection results. A rental property management partner can help with maintenance schedules and regular inspections.
When to Conduct Property Inspections
Property inspections can only ensure compliance if you are completing them regularly. So, how often should you conduct inspections?
The frequency will depend on a variety of factors, but the general rule is to conduct inspections at least twice a year. You might want to inspect the property more if you have a large building and a high number of tenants.
It's important to conduct inspections before and after tenants move out to identify and address previous tenant damages. This ensures that new tenants move into a clean unit.
For example, if you are renting out your commercial building to a new business after an old business left, you'll want to inspect the property before the new business can move in.
Completing regular inspections can help you avoid tenant turnover so you hopefully won't have to worry about too many move-in and move-out inspections.
Protect Your Commercial Investment With Property Management
Property inspections are required to stay on top of maintenance tasks and ensure commercial building compliance.
When you inspect your property, you keep tenants happy, safe, and healthy which can benefit your property in the long-term.
Don't have time for regular property inspections? No problem! PMI KC Metro is a full-service property management company that can help commercial property owners with tasks that they don't have time for.
With years of experience in the Blue Springs, Missouri area, we know what it takes to protect your commercial investment. Contact us now to learn more about our services.