There's a lot of opportunity for error when it comes to preserving and managing commercial buildings, especially REO assets. Whether you're a multi-property real estate investor or a single-property owner, knowing how to avoid property preservation errors is essential.
Here are some frequent commercial property preservation blunders to watch out for.
Failure To Adhere To The Rules
You may face huge penalties and perhaps lose your home if you don't follow the rules of the letter. As an REO property, the property you're maintaining will have its own set of standards to follow, whether it's a specific code mandated by the bank or local HOA guidelines. If you don't follow the rules, you'll rapidly find yourself in trouble.
Tenant Retention
Short-term thinking about tenants, on the other hand, may reflect poorly on your property. Rather than focusing just on short leases, ensuring that your property is well-preserved and well-managed enough to keep longer leases and excellent tenant relations.
You Aren't Covering All The Bases
Here's the thing: property preservation is a fantastic investment — as long as you make sure your preservation services are appropriate for your specific home. Everything counts, whether you're searching for seasonal upkeep or need to board up windows.
Here are some things to think about when selecting a property preservation company:
- Re-keying
- Boarding to prevent vandalism
- Eviction lockouts
- Personal property and debris removal
- Preparation for sale or conveyance
- Initial janitorial and landscape services
- Winterization/de-winterization
- Pool servicing or securing
- Vacant property registration
- Relocation assistance program for the previous owner
Can help you They may begin discussing how they might assist in the preservation of your property.
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