How Maintenance Data Gives You Greater Control of Your Portfolio

Rental property management shouldn’t take place in the dark.To make sure your business grows you need insights into everything that makes your property tick. That includes the health of the assets that run your properties, the history of their maintenance and repair, and all other factors that can create disruptions that may ultimately threaten profitability.

The most powerful tool you possess to transform your management approach from reactive to proactive is data. Capturing and harnessing property maintenance data will help you make smarter and more informed decisions and sharpen your strategy for continued growth. Here’s how.

Efficiency goes up the more you know. You may not realize it, but you already have built a rich history of your assets that can tell you about the health of your assets today. Work order history is your best way to track trends of specific assets like HVAC units or the property itself. This way you can identify patterns to help forecast future needs. You can track common issues and prioritize budgets to resolve pending problems.

This is not only a smarter way to operate, but it builds in efficiency immediately. For example, work order histories can track response and resolution times over any time window you choose. That data will give you a greater understanding of maintenance workflows

Budgets can be designed for greater cost savings. Greater transparency into the life cycle of your assets, how much you spend on emergency repairs, material, labor, and other expenses means you can be smarter about your annual capital planning.

Looking ahead, property maintenance data can help you identify which categories need more or less spend for the new fiscal year. That way, you’ll avoid unnecessary expenses and become more strategic about where to invest your resources. Now you have greater control over your budget because you can justify where every dollar is spent.

Repair or replace an asset with confidence. Lifecycle management is wholly dependent on property maintenance data. Information like installation dates, performance data, and repair history gives property managers unique insight into how much life the asset has left and how much spend to allocate for it moving forward.

Now you can make smarter decisions immediately when confronted with whether to repair or replace an asset. If an asset isn’t working and a major component needs repair, data such as life expectancy, age, the number of work orders completed, and more, will help you know the right answer.

Be more strategic about future growth. When you centralize your property management you can see your portfolio as a whole and not just a collection of siloed properties. Maintenance data can help that process. When you have a full set of maintenance data, you’ll have greater control of your budget, which means you can make more informed decisions about expanding your business in a sustainable way.

Increase retention rates and resident satisfaction. At the end of the day, rental property maintenance is about making residents happy.The more they see you address issues before they become problems, or respond to their maintenance requests with greater speed, they’ll be more likely to renew their leases and recommend your properties to other people.

Let Lessen Help

Lessen’s solutions give visibility to your rental property assets, evaluate their longevity, and help in your capital planning. After all, the more property maintenance data collected, the fuller the picture will become of your portfolio, which will help both your maintenance management and capital planning.

Now you can make smarter decisions immediately when confronted with whether to repair or replace an asset. The more visibility you have about all the components running your properties, the greater control you’ll have over your budget.

Lessen’s extensive vendor network of 30,000 specialists across 55 trades is available around the clock to successfully complete your rental property renovations, no matter what it is. No matter where your single family rental is located, we have relationships with specialists nearby to get your job finished on time. Let’ stalk!

‍