Over the last few years, investing in Single-Family Rentals has been a great opportunity for many institutional investors, but at the same time, the nature of the SFRs and characteristics of its residents provide unique challenges, especially from the property maintenance perspective. Here are the top three facilities maintenance challenges for an SFR portfolio to consider this year:
Work order avoidance is the process of preventing costs associated with work orders by actively troubleshooting maintenance requests. When done correctly, work order avoidance eliminates expenses associated with work orders such as trip charges, service charges and more. This not only avoids waste for your business, but can also increase your resident satisfaction.
In this post you'll learn that in order to calculate the total cost of ownership of a facilities maintenance management program, you have to analyze and consider the overhead because that is where there is an opportunity for improvement.
When it comes to business expenses, many companies overlook the importance of preventative maintenance and don’t concern themselves with repairs until there are visible signs of damage. While you'll spend less money in the short run, ignoring preventative maintenance and waiting until issues become problematic to address them is costlier in the long run.
For example, you might be tempted to ignore a roof that's in poor condition, but if you wait until you notice a leak it'll be more expensive to repair. A leak can rot wooden beam or even leak into your facility and damage equipment, leading to even more repairs.