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How can you make your maintenance plan and budget more flexible?

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As a property manager, you know how important it is to keep your properties in good condition and avoid costly repairs. But you also know how challenging it can be to plan and budget for maintenance, especially when unexpected issues arise or market conditions change. How can you make your maintenance plan and budget more flexible, without compromising on quality or tenant satisfaction? Here are some tips to help you out.

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Felipe Lima

Fundador da Revista Manuten??o Predial | Palestrante | Youtuber | Especialista em Manuten??o Predial | Professor no…

1 Assess your properties

The first step to creating a flexible maintenance plan and budget is to assess the current condition and needs of your properties. You can use a property inspection checklist to identify any existing or potential problems, such as leaks, cracks, pests, or safety hazards. You can also prioritize the most urgent or critical repairs, and estimate the costs and time required for each one. This will help you allocate your resources more effectively and avoid overspending or underestimating.

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Jake Marchand, MBA
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Developing a robust maintenance strategy hinges on evaluating property conditions and requirements. Employing a property inspection checklist is pivotal, spotlighting prevalent issues like leaks, cracks, pests, and safety risks. By pinpointing critical repairs and estimating their expenses and duration, you optimize resource distribution, preventing both overspending and inadequate budgeting. This method ensures effective allocation, fostering a flexible and efficient maintenance plan.

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2 Use preventive maintenance

Preventive maintenance is the practice of performing regular and routine tasks to prevent or reduce the likelihood of major breakdowns or failures. For example, you can change the filters, clean the gutters, or inspect the roof every few months. Preventive maintenance can help you save money and time in the long run, as well as improve the performance and lifespan of your equipment and systems. You can use a preventive maintenance schedule to keep track of the frequency and scope of these tasks, and adjust them as needed.

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Felipe Lima

Fundador da Revista Manuten??o Predial | Palestrante | Youtuber | Especialista em Manuten??o Predial | Professor no Síndiconet
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A única maneira de reduzir os custos com a manuten??o predial, é aplicando a Manuten??o Preventiva. Caso o empreendimento n?o tenha essa metodologia aplicada, logo no início ele vai "sentir que os custos aumentaram", contudo, será apenas por um períodos. Depois que entrar em velocidade de cruzeiro, os custos reduzem e muito.

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Jake Marchand, MBA
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Implementing regular preventive maintenance routines is crucial in averting major breakdowns or failures. Tasks like filter changes, gutter cleaning, and roof inspections, conducted at intervals, play a pivotal role. This approach not only saves money and time but also extends the lifespan of equipment and enhances its performance. A structured preventive maintenance schedule assists in tracking task frequency and scope, allowing for necessary adjustments when required. Committing to this practice ensures prolonged efficiency and reliability of systems and machinery.

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3 Outsource or automate tasks

Another way to make your maintenance plan and budget more flexible is to outsource or automate some of the tasks that are not core to your business or that require specialized skills or tools. For example, you can hire a contractor, a handyman, or a service provider to handle plumbing, electrical, landscaping, or pest control issues. You can also use software, apps, or online platforms to automate tasks such as scheduling, invoicing, reporting, or communicating with tenants and vendors. This can help you save time and money, as well as improve the quality and efficiency of your work.

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Jake Marchand, MBA
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Streamlining maintenance plans and budgets involves strategic outsourcing or automation of non-core tasks or specialized functions. Engaging contractors or service providers for plumbing, electrical, landscaping, or pest control needs can enhance efficiency. Utilizing software for scheduling, invoicing, and communication optimizes time and cost, elevating work quality and effectiveness. These measures alleviate the burden, enabling focus on core business aspects while improving overall operational proficiency and resource allocation.

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4 Build a contingency fund

No matter how well you plan and budget for maintenance, you can never predict or prevent all the possible problems that might occur. That's why it's wise to build a contingency fund that can cover any unexpected or emergency expenses that might arise. A contingency fund can help you deal with issues such as natural disasters, vandalism, lawsuits, or tenant complaints, without compromising your cash flow or profitability. You can set aside a percentage of your income or rent each month, or use a separate bank account or credit card for this purpose.

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Jake Marchand, MBA
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Planning and budgeting are essential, yet unforeseen issues persist in property management. Hence, creating a contingency fund is astute. This fund serves as a safety net, mitigating unexpected expenses like natural calamities, vandalism, legal disputes, or tenant grievances. Safeguarding cash flow and profitability, it acts as a shield against compromising financial stability. Establishing this fund can be achieved by allocating a portion of income or rent monthly or using a dedicated bank account or credit card. In doing so, one fortifies their ability to navigate unforeseen challenges without risking their property's financial health.

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5 Review and revise regularly

Finally, to make your maintenance plan and budget more flexible, you need to review and revise them regularly. You can use data, feedback, and performance indicators to evaluate how well your plan and budget are working, and identify any gaps, issues, or opportunities for improvement. You can also monitor the market trends, tenant preferences, and industry standards, and adjust your plan and budget accordingly. By reviewing and revising your maintenance plan and budget regularly, you can ensure that they are aligned with your goals and expectations, and that they can adapt to any changes or challenges.

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Jake Marchand, MBA
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Regularly reviewing and revising your maintenance plan and budget is crucial for adaptability and effectiveness. Utilize data, feedback, and performance indicators to assess their efficacy and pinpoint any shortcomings or potential improvements. Monitoring market trends, tenant preferences, and industry standards allows you to align your strategies accordingly. This iterative process ensures alignment with goals and enhances adaptability in the face of evolving challenges or changes, fostering resilience and efficiency.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you make your maintenance plan and budget more flexible?

1

2

3

4

5

6

1 Assess your properties

2 Use preventive maintenance

3 Outsource or automate tasks

4 Build a contingency fund

5 Review and revise regularly

6 Here’s what else to consider

Property Management

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How can you make your maintenance plan and budget more flexible?

1

2

3

4

5

6

1 Assess your properties

2 Use preventive maintenance

3 Outsource or automate tasks

4 Build a contingency fund

5 Review and revise regularly

6 Here’s what else to consider

Property Management

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