Five hacks to reduce maintenance costs across your portfolio

There are many benefits to living in a strata building including access to facilities such as a pool, gym and access to manicured gardens, shared spaces and lifts. But for many residents maintaining these shared facilities can be costly.

There are ways to keep maintenance costs down, you just have to be smart about it.

Here are five hacks to reducing these shared maintenance costs in your building.

1. Have a plan and set a budget

The body corporate or building manager should have a plan that has been signed off and agreed to by majority of the residents for all building maintenance. This plan should have a schedule and most importantly be assigned a budget. Having a plan will ensure that you stay on top of essential maintenance tasks, especially any preventative maintenance tasks without overspending. Save money by sticking to your budget and prioritising what tasks need to take place this year and what can wait (this discussion happens in the planning phase!)

2. Save energy and the planet

Reviewing energy efficiency across your building can be a great way to save some money but it’s great for the environment too. Ensure light fittings are fitted with energy saving lights, use rainwater for gardening and washing vehicles, fit outdoor areas with sensor activated lights, ensure heating and cooling units are maintained and working effectively and if your building has a pool – look at whether the pool needs to be heated in summer or if investing in a cover will save on heating costs.

3. Assign a building manager

Having one person responsible for monitoring spending and ensuring any works take place on time is very important. It should also mean less unexpected maintenance tasks pop up if regular maintenance is scheduled. A building manager can be across facility warranties such as lifts, service contracts and also be responsible for negotiating competitive pricing for utilities to ensure you are getting the most bang for your buck.

4. Love thy neighbour

Sharing services with nearby buildings can be a great way to save some cash too. This could include everything from concierge services, security contracts, basic maintenance and cleaning services that you could be bundled together with a nearby building to get you a better rate.

5. Be smart with insurance

Insurance premiums used to cover repairs, work cover for employees or supplier employees can sometimes be costly. Using a mortgage broker or a building facilities manager to ensure you have the right insurance that is being managed centrally and effectively could be a way to save some money.

So while you might be looking to save money on your building maintenance, the main thing you need to ensure is that you remain proactive with your maintenance approach. You actually have to spend on preventative maintenance to save on last minute repairs further down the track. This kind of approach will also ensure you get the best out of your building and its facilities in the future so make sure you don’t skimp on any critical items!

All of this can be a lot to consider so why not seek professional guidance from a facilities management company.

Accord offers a range of facility management services as well as advice on how to bring your maintenance costs down. To get started simply call 1300 122 267, head to www.accordproperty.com.au/contact/ or email: service@accordproperty.com.au to get the conservation started.