The Address PM
Preventative Maintenance: The efficient future of property management
In the property management industry, the common approach to management is ‘corrective maintenance’. This is a reactive approach that usually occurs after damage is well pronounced or machinery fails, consequently there are unexpected high costs involved and downtime in renting out a property. These costs can be significantly reduced by a proactive approach- preventative maintenance.
Preventive maintenance is a management system whereby activities are initiated at predetermined intervals or given criteria, to reduce the prospect of costly damage and degradation of a property. 1
The application of preventative maintenance involves: inspection, servicing, repairing or replacing components of machineries and equipment by following the prescribed schedule. Preventive maintenance programme also improves equipment reliability. 2
In order to apply preventative maintenance, a property condition assessment is carried out, to establish the following:
An inventory and description of the building systems
An estimation of the remaining life of systems based on the age and general condition
The estimated repairs and costs over a five-year timeline
Identifying flag signs that call for immediate action and monitoring
It is necessary to carry out regular checks and scheduling a walk-though in the property to find and monitor the flag signs. It is also imperative to maintain good communication with the landlord and tenants, responding to concerns helps to identify preventable problems.
The landlord further benefits from expenditure scheduling, so that costs are spread conveniently throughout the year and budgets can be forecasted. Another effect is reducing the need for corrective renovations during the hostile Canadian winter period. Certain preventative maintenances are applicable to all properties, such as bi-annual gutter cleaning which reduces the landlords greatest dread- floods and leaks.
Two methods of better preventative maintenance are: a) restoring items to being as good as new or b) to a level that is slightly better than before the maintenance. 1
Although it may seem that all preventative maintenance should be carried out to a ‘good as new’ standard, it is not always the most efficient technique. To take full advantage of preventative maintenance, the management should evaluate whether restoration should be to a perfect or minimal. This would require thorough research, planning and knowledge from experience. At The Address Property Management, we provide a professional service, implementing preventative maintenance to optimize the effective running of rental properties. For more information, contact us at: firstname.lastname@example.org or call +1-647-400-0690.
1) Wu, & Zuo. (2010). Linear and Nonlinear Preventive Maintenance Models. Replacement Models with Minimal Repair, 242.
2) Oyedepo, & Olayiwola. (2011). A Study of Implementation of Preventive Maintenance Programme. energy and power engineering.
#preventativemaintenance #rentalproperties #propertymanagement #propertymanager #propertyinvestments #landlords #tenants #torontorealestate #rentalproperty #investmentproperty