Best Year End Budget Practices in Vacant Building Maintenance
As 2014 comes to a close, organizations are often left with some tough budget decisions. ‘Use it or lose it’ decisions are common in corporate budgeting. Since you do not want to ‘lose’ your budget and risk facing 2015 with less capital resources, what can you do to maximize your money spent while making a worthwhile investment? Just look around…the answer is in your facilities.
Many building owners and property managers forget about winterizing a building until they are scraping snow off of their car windshield. This might be too late, as pipes may have frozen. Similarly, cold weather conditions may not permit the proper repair of critical building components. Consider addressing these seasonal activities so you do not have surprises in the dead of winter. Don’t forget about snow removal as well.
Also, consider using your budgeted dollars on property improvements that could help your off-line units sell or lease faster. Here’s a list of ideas to help preserve and prepare property for its next intended use:
- Sprucing up the exterior, parking lot, or landscaping helps make your vacant property more attractive to buyers or potential tenants
- Consider white boxing your vacant unit to make it more user friendly for a potential tenant
- De-image properties by removing your existing name or color scheme, especially if the property has been sitting idle for an extended period of time. Taking this step removes the negative stigma associated with ownership of a vacant building
- Complete minor repairs that if not addressed could lead to a larger issue or a citation
- Protect copper wires (HVAC, plumbing, etc.)
- Install fencing around structures in at risk areas
- Property demolition can remove unwanted cost and liability from the books in the coming year
Use the remaining weeks of 2014 to your advantage and invest in your best asset. Commercial Asset Preservation provides national property maintenance, inspection and day porter services. To put them on your team, contact Marc at insulm@commercialpreservation.com or call (800) 445-0640.