Managing and maintaining common assets in an apartment community is an essential but often challenging task. With assets ranging from elevators to solar panels, ensuring their upkeep not only prolongs their lifespan but also saves costs significantly. Leveraging technology like an apartment maintenance app makes the process seamless, enabling better community asset management.
In this blog, we explore the importance of apartment asset management and share insights on how effective strategies can lead to long-term financial sustainability for communities.
Table of Contents
What Are Typical Assets in a Community?
Most apartment communities, regardless of size, possess key common assets that serve functional and lifestyle purposes. These assets include:
Elevators : The minimum number of elevators in the smallest apartment communities is one. However, the more the number of towers, the more the elevators. Large luxury apartment communities can easily have four elevators per tower.
Water Tanks & Pumps : An obvious community asset to ensure water needs are fulfilled.
Common Area Electrical Fittings : Nobody likes a dark, dull apartment community.
However, in today’s times as apartment communities seek to be increasingly sustainable living units, a lot more assets get added to the list.
Sewage Treatment Plant : With an aim to reduce water demand and water wastage, STPs have become common installations in communities of all sizes. STPs can come in all sizes starting from 80kL capacity for the smallest communities. The treated water is commonly reused for flushing and gardening.
Composters : Did you know you could end up spending an average of INR 45000 per month to have waste collected from your community? To save cost and to reduce the amount of waste ending in landfills, apartment communities across the country are investing in large sized composters to tackle their wet waste, leaf waste in-situ.
Rainwater Harvesting System : Keeping in mind the water crisis, we are heading into, apartment communities are taking proactive measures to harvest rainwater in the monsoons to be used throughout the year.
Gym Equipment & Swimming Pool : These have become common facility assets these days. Builders are now ensuring communities are equipped with the basic exercise equipment necessary to offer a holistic lifestyle to residents.
Solar Panels : Not a hot asset yet, however, market trends show an increasing demand for community level solar plants to reduce electricity bills as well as carbon footprint.
This is not an exhaustive list. It only talks about the major assets found in an average sized luxury apartment community. There are, of course, plenty of other assets like chairs for party hall, banquet tables, sporting equipment (cricket bats, squash rackets, et al.), common area bathroom fittings, etc.
Assets As Part Of Apartment Maintenance – Why & How?
Maintenance of assets is not exclusive to fixing repairs. It also implies the regular check up of the assets. Common area assets are used heavily thereby prone to faster wear and tear. Regular check up of the assets can help a community save lakhs of rupees.
Elevators : Community elevators should be checked annually to ensure they are in perfect working condition. An AMC is recommended to bring down apartment maintenance costs. For a detailed outlook on elevator maintenance, click here.
Water Tanks & Pumps : The common water reservoir demands regular cleaning to arrest the development of moss/algae or other organisms on the tank walls. Pumps have to be checked to ensure they are functioning at full capacity. Pipes also must be checked at regular intervals for leaks. Water leakage, unchecked, can cost a community a few lakh gallons of water annually.
Common Area Electrical Fittings : A check for this is must since any damage to electrical wiring or electrical fittings can be potentially hazardous. This can get risky, especially for children.
Sewage Treatment Plant : With the help of trained professionals, community STPs have to undergo thorough maintenance. Motors must be checked, water reservoir cleaned and sludge filters cleared to list a few. To know more in detail about the correct methods of STP maintenance, click here.
Composters : Unless the community has shredders and leaf composters as part of its waste management programme, this does not require a lot of work, except for periodical cleaning of accumulated moisture on lids, stirring the waste and emptying out the compost, once ready.
Rainwater Harvesting : An annual maintenance right before the rainy season is a must to prepare the system to harvest the maximum amount of water possible. The rainwater collection reservoir is also subject to cleaning to prevent development of microorganisms and insects.
Gym Equipment & Swimming Pool : Considering these are used a lot, regular oiling of the machines, AMC for heavy duty machines is recommended. The pool must be drained at periodic intervals for thorough cleaning and disinfection.
Solar Panels : The most important part of their maintenance is keeping the panels dust free.
The Role of Apartment Maintenance Apps in Asset Management
An apartment maintenance app simplifies community asset management by providing tools to track, monitor, and schedule maintenance. Here’s how:
1. Asset Tracking and Digital Records
Admins can create detailed records of all assets, including maintenance schedules, AMC details, and cost tracking. This ensures seamless handovers between outgoing and incoming managing committees.
2. Maintenance Reminders
Set up alerts for regular maintenance activities like cleaning water tanks, servicing elevators, or inspecting solar panels.
3. Centralized Management
From listing assets to updating maintenance logs, a centralized system reduces errors and promotes transparency.
A study shows that regular maintenance of just five assets in a 300+ unit community can save up to INR 32,00,000 compared to repairs or replacements. Community asset management through apartment maintenance apps streamlines this process by providing inbuilt asset trackers, enabling admins to list assets, set maintenance calendars, and receive AMC reminders.
These systems also ensure seamless handover of up-to-date digital records between Managing Committees, minimizing errors and ensuring continuity in asset upkeep. Effective community asset management not only increases asset longevity but also helps allocate funds towards other critical needs.
The Value of Community Asset Management: Saving Costs and Extending Lifespan
A study revealed that maintaining five key assets in a 300-unit apartment complex regularly can save up to INR 32,00,000 compared to the cost of repairs or replacements. This highlights the significance of community asset management:
- Cost Efficiency: Regular maintenance significantly reduces repair and replacement expenses, ensuring financial savings for the community.
- Extended Asset Lifespan: Proper care increases the durability and performance of assets like elevators, water pumps, and sewage treatment plants.
- Enhanced Organization: Tools for community asset management, such as apartment maintenance apps, allow communities to maintain detailed records of all assets.
- Streamlined Maintenance: Scheduling tasks, setting reminders for AMCs, and tracking progress ensure timely upkeep of common assets.
- Continuity During Transitions: Digital asset management systems make it easy for new Managing Committees to inherit updated records and maintenance schedules, avoiding lapses due to miscommunication.
- Safe & Sustainable Living: Regular maintenance ensures safe, efficient, and environmentally friendly operations of community assets.
Focusing on community asset management ensures financial savings, operational efficiency, and a better living experience for all residents.
How an Apartment Maintenance App Enhances Asset Longevity
1. Streamlining Maintenance Schedules
The app allows admins to organize and prioritize maintenance tasks, ensuring no asset is overlooked.
2. Improved Financial Planning
By tracking expenses, committees can allocate budgets effectively for apartment asset management and plan for future investments.
3. Prolonged Asset Life
Regular upkeep reduces wear and tear, extending the life of assets and delaying costly replacements.
Key Benefits of an Apartment Maintenance App for Asset Management
- Increased Transparency
Every update is recorded, ensuring clarity for both current and future managing committees. - Better Resource Allocation
Funds saved through effective community asset management can be redirected to other community improvements. - Enhanced Resident Satisfaction
Well-maintained assets contribute to a better living experience for all residents.
Building Financial Sustainability with Asset Management
Effective apartment asset management not only saves costs but also helps communities achieve financial sustainability. Investing in an apartment maintenance app ensures that assets are cared for systematically, benefiting both current and future residents.
Would you like to learn more about how community asset management can save your community money and enhance its sustainability? Talk to us today, and we’ll help you get started.
Would you like to know more about the importance of asset maintenance in the scope of a community’s financial sustainability? Talk to us and we will be happy to help.