A Professional Approach to Property

Maintenance

Cost-Saving Property Maintenance Tips

A solid maintenance program extends the life of your property’s components … it is always less expensive to maintain rather than

repair.

Establish a maintenance strategy with the right combination of preventative, corrective and predictive maintenance.

Conduct a site condition assessment and list the property components that will deteriorate over time so you can set priorities and develop a repair budget.

Create a list of trustworthy, reliable and affordable vendors, making sure to have at least three for each trade category.

Consult with contractors who perform preventative maintenance and contract with one for the service of mechanical components of your building. Re-bid service contracts yearly.

Bid repairs with an estimated cost of over $500 to at least three vendors.

Invest in equipment to perform certain maintenance functions in-house.

Building the Perfect Property Maintenance

StrategyThe perfect property maintenance strategy

includes preventative, corrective and predictive maintenance.

Preventive (Time Based) Maintenance is the systematic inspection and detection of potential failures before they occur. This maintenance strategy is best suited for building components that deteriorate over time and can save 12%- 18% on average over corrective maintenance.

Entering into a service contract for quarter maintenance of the buildings HVAC would be perfect example of preventative maintenance.

Example:

Corrective (Reactive Based) Maintenance is the run-to-fail approach where action is only taken when something breaks down. This maintenance strategy is cost-effective for small non-critical building components.

Utilizing in-house maintenance personnel or a maintenance service company to remove and replace the buildings light bulbs when they burn out is the most basic example of corrective maintenance.

Example:

Predictive (Condition Based) Maintenance is the scheduled monitoring of building conditions over time utilizing probability formulas or previous experiences to determine when to schedule maintenance before a building component fails. This maintenance strategy is best suited for critical, complex and expensive building components and if executed properly can eliminate catastrophic failures by 70% - 75%.

A yearly inspection of the building’s roof system is an example of predictive maintenance.

Example:

The key to a perfect property management strategy is to find the right balance of those which are most cost effective to best extend the life of building components. If a property owner lacks the knowledge necessary to make decisions

about maintenance it would be advisable to hire a facilities management company.

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