When being predictable is a good thing…

Whether your budget planning takes place at the beginning or end of the year it can be a great time to reflect on which expenses are taking the biggest toll on your finances, and evaluate any procedures that can be implemented to shield your budget from unnecessary expenses throughout the coming year.

For the property management industry in particular, whether it be Student Housing, Senior Living or Multi-family buildings, finance teams report that maintenance repair expenses tend to hit their budget the hardest. This is typically due to the fact that there are hundreds of units to keep track of, meaning many maintenance issues go undetected and therefore either result in costly equipment needing to be replaced altogether, or the damage that has come from the overlooked maintenance blunder is so extensive that it requires major rehab work.

The ability to foresee these brewing maintenance issues and catch them before they turn into thousands of dollars worth of repair costs can drastically increase a property’s net operating income over the course of a year. Even in the event that equipment replacement is unavoidable, being able to proactively anticipate the upcoming expense is usually much easier to digest than being caught off-guard after a breakdown.

Here are 4 key factors that empower property managers to predict maintenance-related expenses:

Track HVAC performance – check the efficiency of HVAC units by monitoring its run-time; a significant indicator for when equipment is heading for a breakdown.

Detect water leaks – property destruction that comes as a result of a water leak is notoriously one of the biggest repair costs. Immediately detect when a leak is present and address the issue before further damage is caused.

Monitor real-time temperature and humidity levels within every single residence, allowing staff to be alerted when unfavorable conditions are present; whether it be an open window or impending frozen HVAC coils.

Limit energy consumption – define temperature thresholds on the thermostat to ensure utility bills don’t skyrocket, especially in vacant residences where it is common for HVAC units to be left accidentally running.

IoT-based energy management solutions are changing the way property managers handle maintenance workflows. A robust, efficient platform provides staff with invaluable insight to device activity throughout an entire property, enabling them to effectively predict any upcoming maintenance expenses and prepare accordingly. Contact us to learn more about how the TrustHab Solution helps to reduce costs and increase NOI.

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