What Will Happen If you Don’t Track Maintenance Data?
Monitoring your maintenance performance is crucial for enhancing your maintenance process. Without oversight and performance standards, it is difficult to pinpoint problem areas, causing property management companies to allocate resources on the wrong aspect of the process. Improving the process without this data is difficult, but it can also significantly affect your maintenance operations.
Here are three significant issues you might encounter when you fail to monitor maintenance data.
1: Slow Speed of Repair:
If your maintenance process is highly reactive, property managers often experience delayed repair speeds. If you can’t track segmented cycle times, it is hard to determine if bottlenecks occur in the scheduling, assignment, or the repair itself. Without this data, you can’t decide which step of the process is slowing down your repair speed.
With software primarily focused on maintenance, you can track your repair speed, time to schedule, created to assigned time assigned to scheduled time, and your total number of scheduled versus unscheduled Melds, or work orders. Looking at property maintenance on this incredibly granular level makes it easy to identify inefficiencies and take the proper steps to improve.
2: Unpredictable Maintenance Costs:
A predictable Maintenance NOI is the best way to build a strong relationship with property investors. At the end of the day, the main concern of an investor is that they are receiving a predictable income each month. Failing to track maintenance metrics leads to a reactive maintenance process. Our data shows that the more reactive your strategy, the more unexpected maintenance emergencies you may deal with. A reactive maintenance process leads to many costly, unwanted maintenance surprises.
Property Meld allows property managers to track their maintenance spend, unlike any other platform. Track your total spend per unit, the average spend per Meld, your average monthly maintenance spend, and even break down spending between your vendors and internal technicians. This data allows you to track spending over time and identify increases before they get out of control.
3: Unhappy Residents and Owners:
The best way to build trust with your owners and residents is to start being predictive with maintenance and catch maintenance issues before they become a bigger problem. A reactive maintenance process will harm your relationship with residents, because they will experience more maintenance issues, and repairs take longer.. In addition, the more costly, unexpected maintenance emergencies you have, the less happy your owners will be with the work you’re doing.
Tracking resident satisfaction is crucial because resident satisfaction is a leading indicator of owner churn. In addition, tracking maintenance spend allows you to get more predictable with maintenance costs, which will help keep your owners happy and reduce churn.
Schedule a demo with our team to see how Property Meld helps you track these essential metrics, and look at property maintenance in a whole new way.