Building maintenance is expensive. Homeowners Associations and Residents Associations (HOAs/RAs) must have a reliable facilities maintenance plan or risk extensive costs and surprises down the line. When you have a plan in place from day one, your community or building can run smoothly and avoid "sticker shock" for residents.
If you are on the Board of Directors of an association or you're responsible for facilities maintenance budgets, asset management records, cash forecasting, and reserve fund studies, then the following tips are for you.
Associations experience several pain points in the area of building maintenance and planning:
- Maintaining asset management records
- Updating maintenance records, building/maintenance history
- Cash forecasting
- Cost of reserve studies
- Reliability of reserve studies
The Challenge with Reserve Studies
Many associations will contract with Engineering Firms, Asset/Appraisal Firms, and/or use historical information to begin planning for facilities maintenance. The process is manual—manual site visits with manual report writing.
This leads to extensive variation between providers of the service. In addition, the majority of providers are not specialized. A single individual may attempt to cover multiple disciplines.
The end result is a static report, which is one of the fundamental problems with traditional reserve studies. If a component is replaced, or something changes, that report is out of date and needs to be redone, which means hiring consultants once again.
Best Practices for Maintenance Planning
Homeowners Associations (that do not fall under the Condo Act), Residents Associations and Community Associations are not regulated/required under their governing acts to conduct reserve fund studies. This ‘best practice' thinking has been adopted over time. It just makes sense to protect building assets, estimate life expectancies, and predict future expenses.
Manual, paper records are costly, inaccurate, and inefficient. A software solution is the best option for retaining ongoing building maintenance and historical information, predicting future capital costs, asset management, and more.
This is why we are so excited to integrate a world-class solution for building maintenance into Ivrnet Central. In October of 2018 Ivrnet announced the integration of Ivrnet Central – a leading membership management SaaS platform – with BiLD, an innovative and revolutionary new solution for managing facility and amenity health and maintenance.
How does this integration resolve some of the common problems our users experience with building maintenance and planning?
- BiLD updates your database based on entered maintenance data
- Provides real-time and accurate data for better decision making with no additional work.
- Developed by mechanical, electrical, structural engineers and architects to ensure that your data is consistent and follows each disciplines conventions and expertise.