Owning a commercial property and renting it out for businesses seems lucrative, but it comes with lots of risks and challenges. For example, you have to protect your property and its contents from unexpected events, efficiently deal with problematic tenants, quickly resolve the interruption resulting from natural disasters, etc. Handling or mitigating these risks can be tedious if you don’t have a proper plan in place.
Here, we have put up 7 ideas for commercial property owners in Denver, CO, to minimize the risks while increasing their earnings, which include:
Check Tenants’ Background
Hiring the right tenants is extremely crucial when renting out your property. If a tenant approaches you, ensure to check their background before getting into a contract. This will help you know whether the person and the business they run are legitimate.
Schedule Regular Inspections
Ensure to schedule professional inspections every 3 months to preserve your property in the best condition while preventing costly repairs. The professional will thoroughly look into your property (including your roofs, sidewalks, doors and windows, parking lot, furniture, electrical and plumbing systems, etc.) to identify any features/systems that may require repairs in the future, so you can act quickly before they turn into big issues.
Perform Routine Maintenance
To keep your property looking elegant and professional and tenants safe, perform regular maintenance on landscaping, pest control, fire extinguishers, light fixtures, appliances, equipment, HVAC system, furnace filters, wall paints, etc.
Increase Your Property’s Security
These days, theft and vandalism are becoming very common, so install security systems like door sensors and alarms to prevent intruders from entering your property and CCTV cameras to monitor your property 24×7.
Have a List of Preferred Vendors
A crisis or disaster can strike your property anytime, so keeping a list of reputed and trusted third-party experts will help you get a proper solution; thus, you can quickly get your property ready for use.
Use Property Management Software
Commercial property software will store the important details and facts on previous inspections and maintenance and send notifications to tenants concerning upcoming maintenance. Also, the software can screen applicants, issue/collect rental payments, and upload/send lease agreements to tenants. Overall, the software will help you not miss out on scheduled repair works or inspections while simplifying and simplifying your job.
Don’t Skip COVID-Protocols
The number of COVID cases is decreasing every day, but the virus is still present, so being cautious is vital. To contain or void the spread in your property, you can switch to contactless features, like automatic doors and lights, plumbing systems with automatic flushing technology and motion-activated faucets, facial recognition technology, etc.
While following all these tips, ensure to have a commercial property insurance policy to protect your property, belongings, and tenants against unforeseen risks and damages. The policy also covers the loss, theft, or damage of your property, saving you from financial hardships.
Protect Your High-Priced Commercial Property with Spotlight Insurance
If you are looking for personalized commercial property insurance in Denver, CO, contact us today at Spotlight Insurance Agency. We are committed to offering unwavering insurance protection for your property-specific risks and requirements.