3 Types of Maintenance Strategies: What Type is Yours?
What is the importance of efficient maintenance?
A maintenance strategy is the preservation of work involving the identity, resource, and execution of repairing, replacing, and inspecting. As you scale your property management company or simply maintain it, efficient maintenance is critical. In an effort to expand the production of your property management business, you will need to increase your maintenance efficiency to coincide with the increase in demand. An increase in workload will require adding tools or resources to keep up. Are you efficient in your maintenance strategy, or does it need some work?
What is your maintenance strategy type?
When was the last time you took a step back and internally audited your maintenance strategy? What tools or resources do you have in place to ensure profitability, efficiency, and oversight? Chances are you’ve been entering into every season year after year with the same property maintenance solution. Does the “this is how we’ve always done it” attitude sound like you? Is the “if it ain’t broke, don’t fix it?” mentality constantly a part of your conversations with management? Review the three main types of maintenance strategies as you audit your recurring maintenance issues.
- Reactive Maintenance — James R. of Grandeez Property Management oversees 400 units. Every summer, about 25% of his maintenance requests are related to an HVAC issue. Generally, residents call him directly to schedules the repairs. With the influx of calls, James takes a few days to get a local vendor scheduled, leaving his residents hot and frustrated. James feels he is doing the best he can with his reactive approach but overlooks the direct impact on his resident satisfaction. James doesn’t realize there is a more efficient way to manage his maintenance process.
- Preventative Maintenance —As the property manager for Dual Days Property Management, Megan F. oversees 1,500 units. She has been with the company for over four years, so she understands that her HVAC maintenance requests increase over 50% during the summer months. Her proactive maintenance strategy asks residents to turn on their AC units in March and April — months before the summer season to help prevent a massive influx during the first heatwave. For Megan asking this of her residents seems like the best solution.
- Predictive Maintenance — Joe M. oversees 600 units at PP&L Property Management. Joe implements a predictive maintenance strategy on his AC units’ to predict when maintenance technicians will need to visit, especially during the summer months. The conditions of his HVAC equipment utilize data sensors to indicates failure before they happen. An expensive maintenance solution to try and predict the issues without the proper oversight to manage them. His turnover rate is average year over year but still leaving money on the table.
Which maintenance strategy should you choose?
- Do your research. What type of maintenance strategy aligns with your company’s needs? Rate your maintenance and see where you hold up.
- Review your needs and your resources. Is there a budget in place for your strategy? One or more of these strategies may not fall in line with your choice.
- Choose your strategy. Consider implementing a well-organized maintenance strategy. Even better, check software products that could help collect data and integrate more intelligent solutions.
There are many types of maintenance strategies in the property management industry. When comparing your approach to your company’s bottom line, one may outweigh the other. Reactive maintenance is inexpensive to run but comes with the risk of costly downtime. Many studies have shown that reactive maintenance isn’t an efficient strategy because it isn’t proactive. Predictive maintenance can be expensive, but it is predictable of problems before they occur. Although these strategies can be well-organized, many property management companies began looking for intelligent maintenance software to streamline their maintenance. Regardless of which system is right for you, implementing the most efficient one with the most oversight will decrease your turnover rate and increase your resident satisfaction.
Let us help! Schedule a 15-minute discovery consultation to streamline your property maintenance process.