Boston currently has a population of over 617,400 people, which means a significant amount of real estate is for facilities. One of the challenges these types of real estate face is effective property management. So, what can you do to improve your facility management?
Facility management can differ greatly depending on the property. However, for commercial property management, there are some standard best practices you can follow to maximize your investment. Read on to learn more about effective property management in Boston, MA.
Maintenance Is a Priority
No matter what your facility's purpose is, property management is critical to prevent costly issues and dissatisfied clients. If you neglect property management, you can face legal issues due to client reports, injury, or due to failed inspections. Repairs can also escalate, leading to your property's value declining, insurance increasing, and expensive costs to save the property.
The best course of action is to have a maintenance plan in place. You should get regular inspections to check the safety of your building and address repairs promptly, using a reputable repair service. A facility management service can also oversee this plan and ensure it is followed.
Understand the Facility's Purpose
You need to understand the facility's purpose and its industry. You can then tailor your management to meet specific property needs. For example, office space safety will differ from restaurant needs.
It is not just about maintenance. You also want your property to stay ahead of competitors, to stand out from the crowd. This can involve renovations and regular upgrades to electrical appliances, safety features, and lighting.
Another area to upgrade is the sustainability of a building. Can it be more environmentally friendly? There are many benefits to sustainable facilities, including appealing to more renters.
Regularly updating your property also signals to clients you care about the space. It also shows you are actively managing the property, and they should be respectful tenants.
Use Facility Management Technology
It is essential to have an efficient property management process. Facility management can help you with this, helping address the following:
- Monthly expenditures
- Routine maintenance
- Cleaning schedules
- Rental income
- Rent turnovers
Reputable facility management services use technology to optimize your building's success. Technology reduces the chance of human error, saves time, and improves communication. It provides a seamless experience for tenants, which helps reduce turnover rates.
Hire a Facility Management Service
One of the best practices you can do is to use a facility management service. They have the resources, skills, and experience to help your building thrive. There is a range of property managers in Boston, so take the time to find a service that is reputable, experienced, and can meet your facility's needs.
Commercial Property Management in Boston
Efficient facility management helps you reap the rewards of owning real estate in Boston. These best practices can save you time, energy, and costs. A facility management company will implement these best practices and more for your building's success.
PMI of Greater Boston offers commercial property management services. We have a team of expert Boston property managers ready to assist you. Schedule a consult with us today to get started.