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5 MAINTENANCE AREAS TO PIMPROVE YOUR NOI
By Rae Parker, Appfolio
roperty maintenance and utilities that can increase the chances of disengaged represent some of the largest, most staff and workplace injuries;
difficult-to-control hard costs at your properties. When managed with outdated and inefficient processes, they can seriously affect your revenue. In a recent webinar featuring Stephanie Anderson and
Mark Vanderhoof of Grace Hill, along with AppFolio’s Kelly Dean and Daniel Waas, our panelists addressed the most common maintenance challenges that can streamline your task boards, improve resident relations, and boost your NOI. Read below for a recap of the webinar, as well as tips from those who attended.
JUST HOW MUCH DOES MAINTENANCE AFFECT NOI?
There’s many reasons why maintenance can affect your NOI. If you compare two properties, where one has all the proper procedures, technology, and employee trainings in place and the other does not, one could argue that the latter is not adequately prepared and its long-term effects could be very costly down the line.
Mark Vanderhoof of Grace Hill explained that it’s hard to put a specific number on it, but there are many examples that businesses should be on a lookout for that can affect your bottom line. Those examples include:
• Far more emergency calls and service requests that can become very expensive and burden on-site staff and residents;
• More move-outs do to poor service and unsatisfied residents, which lead to longer turnover times due to lack of inspections; and
• Poor employee retention due to lack of training, resources, and a heavy workload
WHY IS IT CRITICAL TO LOOK AT HOW MAINTENANCE AFFECTS NOI NOW?
There’s no time like the present to look at how you run your business. Everything we knew before has changed dramatically, but the core of what maintenance teams do is still there, it’s just time to rethink how it’s done. Maintenance is the heart and hands of any community, and maintenance teams have a real opportunity to bring change.
Stephanie Anderson of Grace Hill encourages property managers to sit down with their maintenance teams (even at the entry level) and explain that everything they do on a daily basis not only has an effect on the community, but the financial impact. When you explain this to them, they start to realize that their mundane day-to-day tasks have the opportunity to save money.
The goal is not only to protect the property itself, but
• A lack of culture, policies, and procedures
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