A commercial property must be properly maintained by both its tenant and landlord to avoid any possible consequences. Commercial property of course has a lot more to gain (and likewise, a lot more to lose) over its residential counterpart when it comes to maintenance. To break it down specifically, here are some reasons why you need to be placing more importance on maintaining your commercial property and some of the consequences that come with possible negligence of it.
There are certain rental and valuation standards that need to be adhered to in each state. The consequences of not doing so can lead to certain fines that are unnecessary expenses on your company’s part. Your fines can either stem from safety violations or on-site injury payouts. To combat this you need to assign a manager that oversees maintenance of the property, from construction to repair, all of which are in line with your country’s standards.
Your reputation begins with the first impression you give your clients- your location. And a first impression has a lot of weight in the corporate world; it allows people to identify if you’re serious about your work or not and if you’re functional, organized and professional in your details. If your company is shabbily maintained, it will do nothing for your credibility. And your clients don’t have to see your property in person to know that, thanks to social media. So hire all the relevant staff, from your window cleaners to the tree loppers Brisbane (to take care of unruly greenery) regularly to make sure your image is nearly perfect. This will satisfy the general public and your local regulations at the same time.
Repairs after the damage are done can severely drain your finances but when you proactively maintain your property and install various preventive measures, it will significantly help you in high-risk situations. For example, during floods, in-ground irrigation systems can control accumulated water thus reducing the environmental impact and saving both water and money. Thus, you can see how a little planning goes a long way in cutting costs.
There’s a good chance that your lack of maintenance can lead to several high-risk zones on the property. Certain studies claim that 23% of serious cases were slip and fall and the majority of the time, is caused by completely preventable factors such as slippery surfaces, poorly lit and maintained walkways, trip hazards etc. As an employer, you might have to hand out worker compensation in these cases, as it boils down to your neglect of the commercial property.
Usually, a tenant is responsible for most property maintenance and the contract will dictate that. If you don’t follow the terms and neglect your property, the landlord is well within his rights to terminate the lease. It works the other way, as well, as landlords will be responsible for structural problems and tenants too will have to work out a solution, usually by withholding rent. It’s best to make sure that your contract covers all these matters so there are strict guidelines in play for either party.
Thus, you need to maintain your property with care. It takes a little more investment but this is well worth it.