MAINTENANCE, REPAIRS AND RISK MANAGEMENT
- A well-managed maintenance and risk management plan increases maintenance efficiency, control cost, extend the life of equipment, ensures the safety of residents and staff satisfaction levels. A property manager must be able to understand.
- Maintenance: keeping something in an existing state.
- Repairs: fixing something that is broken.
- Maintaining property in good condition is the first step towards managing risk associated with real estate management:
- Risk management: process of controlling or reducing risk to acceptable levels. It is protecting the owner’s asset, the property’s residents and guest, and the management company.
- Maintenance and risk management go hand-in-hand and are key factors affecting the health, viability, and successful operation of the property.
- As problem solvers, site managers are expected to evaluate situations and anticipate consequences. The best way to solve problems is to know and understand the risk, and then manage them appropriately.
- Important aspect of proactive maintenance is the creation of maintenance and risk management plan. A maintenance and risk management plan is a structured plan created to preserve, protect and enhance the property. The plan consists primarily of detailed descriptions of the specific tasks to be performed at the property according to a reasonable schedule. Specific requirements for each property vary depending on its age, condition, size, location, and complexity as well as the number and mix occupants and the frequency of turnover.