By the way c clip ring shown in the picture prevents the screw from being removed from the drain valve assembly.
Compressor drain valve leaking.
Turn off and unplug the air compressor.
If the check valve is now.
To fix the air leak caused by a faulty drain valve there are three choices.
Remove the regulator body from the manifold with a wrench.
They usually use a high strength thread locker on the drain valves so it may just be very very hard to remove.
Unloader valve is leaking air when the air compressor reaches the normal cut out pressure and stops but you notice while the air compressor is off that air is leaking out of a valve attached to or perhaps inside of the air compressor pressure switch.
Clean the regulator 4.
The valve on the outside of the pressure switch may look something like the one in the image.
I would recommend replacing the valve and using some thread locker when you install the new one.
1 unplug the compressor 2 drain all the air from the tank 3 remove the lines connected to the tank check valve 4 remove the tank check valve inspect clean re install the same one or install a new one 5 reassemble and test the compressor operation.
Makita mac700 air compressor.
Besides the drain valve is relatively easy and inexpensive to fix.
Http amzn to 2ir0elq pittsburgh forge 12 piece screw extractor.
Drain the air tank from the drain valve.
Which i ve never seen done on any compressor tank.
After cleaning replace the parts.
Clean the regulator body air piston spring and cap with wd40.