As NAINorCal.com reports, the office market vacancy rate in California's East Bay reached 13.9% in 1Q24. The area's cities, from Livermore to San Francisco, Berkeley, and Oakland, are seeing more vacancies.
The area's sluggish tech industry is the leading factor behind the high vacancy rates. Add poor commercial property maintenance to the mix, and you can expect even more tenant losses and failed acquisitions.
So before any of that happens to your commercial rental properties in Livermore, CA, it's time to revamp your building upkeep strategies. PMI Alameda County shares tips to help you get started, so please read on.
1. Increase Property Inspection Frequency
Due to higher traffic rates, commercial properties experience quicker and more wear and tear. In addition to tenants, they also see a lot of use from tenants' customers and guests.
So, as a commercial Livermore landlord, it's wise to conduct more frequent property inspections. Your building upkeep strategies should also include regular professional property inspections. Pros provide more comprehensive and efficient property solutions, helping simplify business property care.
2. Always Work With Licensed Contractors
According to the California Contractors State License Board (CSLB), anyone who contracts to perform work on a project valued at least $500 must carry the appropriate CSLB-issued license. The board issues 44 different licenses.
With rising property maintenance costs, landlords may feel tempted to hire an unlicensed individual. Unfortunately, as CSLB points out, doing so can put you at financial risk. They may just run away with your money without doing any work or perform a shoddy job that'll only cost you more in the long run.
So, one of the most crucial facility management tips for Livermore landlords is to work with licensed professionals. Use the CSLB's online license lookup tool to confirm a contractor's licensure. The results will also tell you if the contractor has had previous complaints.
3. Partner With a Property Management Firm
Simplify your life as a commercial landlord by partnering with a full-service property management firm. Not only will they help keep your property in top shape by overseeing its upkeep, but they'll also:
- Effectively market vacant properties
- Fill vacant units with vetted tenants
- Enforce the lease
- Collect rent
- Assist with accounting and financial reporting
- Provide online portals for landlords and tenants
Also, reputable management companies work only with vetted and licensed building contractors. They can help reduce your financial risks and ensure your property gets only the best TLC it deserves.
Let PMI Alameda County Handle Your Commercial Property Maintenance
Poor commercial property maintenance can lead to disrepair, tenant dissatisfaction, and tenant loss. An ill-maintained building will also have difficulty attracting renters. As a result, you'll experience higher vacancy rates.
To mitigate those risks, partner with us here at PMI Alameda County. As your full-service property manager, we'll oversee and manage your property's upkeep, occupancy, and tenants. We'll achieve these goals using our service expertise, state-of-the-art technology, and the support we receive from PMI, our parent franchise company with over 20 years of industry experience and manages over $5 billion in real estate assets.
Call us today to learn more about our services. We'll happily give you a free Livermore property analysis!
