I wanted to take a moment and talk about budgets and future expenses for different types of facilities. Class A offices, Retail, and Healthcare:
The first step is start looking at the property from a visual perspective. Start with the outside and write down a list of exactly what areas are currently being serviced well and what needs improvement. An example of this is landscaping. How well is the grass, trees, sidewalk trees, and shrubs looking? Is there an area that could use improvement? Be sure to also look at these items over several months to gain a time view of the property.
Standard Exterior Repairs and Maintenance:
- Tree Triming
- Snow Removal
- Window Cleaning
- Street Sweeping
- Pressure Washing
- Roofing Repairs (Not Entire Roof)
- Contingency (Repairs unforeseen)
Once the exterior had been evaluated, looking at the interior is a much more daunting task. Personally, I like to start with a floor plan for each suite and walk through room by room evaluating how each tenant is taking care of their space. However if the tenant is being disruptive, and not taking care of their area, it may be a tenant you no longer want. The biggest item that typically plagues property managers are HVAC and Plumbing issues. This could range for condensating vents, to leaking faucets, etc. Here is a list of items to review when looking at the interior.
Standard Interior Repairs and Maintenance:
- Janitorial Cleanliness
- Lobby & Hallway overall appearances
- HVAC air quality and comfort
- Window Leaks
- Walls Repairs
- Contingency (Repairs Unforeseen)
With the 4th of July around the corner, I want to wish everyone a safe and happy fourth of July.