Do you know the current state of your commercial real estate? When was the last time you did a thorough inspection of the property?
Without frequent property inspections, you could end up spending a lot of money on repairs down the line. You may even begin to lose the trust of your tenants and lose out on their rent payments.
To help you understand the vital tools property inspections provide, we've put together this guide. Keep reading to learn why you need to schedule commercial inspections regularly!
Stay Within Regulations
As a commercial landlord, you have certain building codes and regulations you must follow. If you don't, you could face heavy fines and might even lose ownership of the property.
Inspections of your property give you a clear idea as to whether or not aspects of the building need updates to stay within code. It also lets you notice any wrongdoing by the tenant that needs an immediate fix.
These types of inspections will keep you protected in case of a dispute of any kind.
Catch Maintenance Issues Early
Depending on the commercial building you're renting, the area could see a lot of traffic. This means maintenance efforts need to match the amount of traffic.
Many small maintenance issues become full-blown problems when they go unnoticed. Property managers who do frequent inspections will help you catch these issues before they develop into something that needs a large renovation.
Instead of forcing the building to close for in-depth repairs, you'll have the chance to perform maintenance that keeps things running smoothly for everyone.
Those smaller issues you've caught in time often cost far less than larger repair jobs. This saves you money in lower maintenance costs, and it keeps your tenant's commercial business open without any downtime.
Inspecting your commercial property also aids in creating a better relationship between you and your tenants.
It shows that you take this mutual bond seriously and want it to work out for both businesses. They'll feel the care you have for their business and the state of the overall property. With a better relationship comes quicker payments, easier interactions, and tenants who stay for the long haul.
Build a Trusted Business
All of these benefits work together to help you build a property business that others respect.
Soon you'll have tenants from all over the Chicago area wanting to stay on your property. It's a waterfall effect that started by prioritizing property inspections.
Schedule Professional Property Inspections Today
Property inspections bring integrity to your business and help you save money. However, when you have so many tasks to juggle as a landlord, it's difficult to find the time to set inspections that work for you and the tenants.
This is why hiring professional services can be a worthwhile business decision.
PMI Windy City is a Chicago-based property management company backed by a larger franchise. We've faced many challenges, including issues with inspections, and helped businesses like yours overcome them. Check out our commercial services to speak with one of our experts and start improving your business!