What is Predictive Maintenance for Condo and Co-op Buildings?

Property management 101
Calendar Icon - GoRead Webflow Template
September 28, 2021
Clock Icon - GoRead Webflow Template
min read
What is Predictive Maintenance for Condo and Co-op Buildings?

Developing an effective and efficient approach to condo/co-op building maintenance is a critical aspect of successful property management. Essentially, there are three main types of building maintenance: preventative, reactive and predictive. With predictive maintenance, building managers consider the current condition of equipment, facilities and infrastructure to guide future repairs or work orders. Think of it like a crystal ball that actually works.

‌The goal of predictive maintenance is to make tasks like equipment repair or renovation more efficient. Property managers can accurately plan for repairs by evaluating the projected lifespan of different building components. Unlike preventative maintenance, which is done on a predetermined, cyclical schedule, predictive maintenance monitors and analyzes statistical data points, allowing building managers to effectively “predict” when equipment will begin to degrade. Predictive maintenance often allows property managers to repair equipment while it’s in operation or with limited downtime. Sounds dreamy, right?

By using this maintenance strategy, building managers can keep their buildings in pristine condition without inconveniencing residents, wasting money on inspecting new equipment or waiting until something breaks down to schedule a service call. Properly coordinated predictive maintenance is an excellent option for those interested in increasing condo/co-op building value while simultaneously improving the experiences of residents and board members. And, really, who doesn’t want that?

But what exactly is predictive maintenance for condos and co-ops? At Daisy, we firmly believe that predictive maintenance is the best path forward when it comes to residential building care. We think it’s so important we wanted to share how we do it. So read on to learn the secrets behind our crystal ball.‌

Predictive maintenance

The problem with reactive maintenance

‌‌The current status quo of building maintenance too often takes a reactionary approach to property upkeep, equipment repairs and resident requests. With reactive maintenance, property managers only respond to issues after equipment breaks down, leading to costly downtime and higher repair quotes – frustrating, right? Having a comprehensive system in place to track data and work orders makes matters much easier.

‌‌To illustrate the inefficiency of reactive maintenance, consider the classic sitcom example of an elevator outage. After you’ve rescued two of your residents midway through their meet-cute, the technicians arrive to examine the cause of the problem and determine they need to order a part that’s only available overseas. You’re then handed an invoice for an emergency repair visit for the elevator and will be looking at another hefty bill when it’s time to install the replacement part in two weeks. If a predictive maintenance plan were in place, a lot of these complications could have been avoided – a situation only the two new lovebirds would be disappointed about. But how exactly can predictive maintenance save us from those sorts of situations? Let’s take a closer look to find out.

‌‌For instance, after analyzing some data regarding the average life expectancy of your elevator before parts need replacement, you determine the part in question will likely require replacement within a year. Instead of waiting for the part to break down, you order a replacement and schedule the repair ahead of time. When you have the time to compare vendors and costs, you make informed decisions you feel good about instead of running yourself ragged trying to speed up the timeline or finding yourself locked into an expensive agreement after discovering a better deal after the fact. This strategy avoids the high cost of emergency repair services or expedited part deliveries while also minimizing disruption to your building. Less frustration and fewer aspirin required!

‌The same preemptive logic applies to more serious maintenance concerns like structural issues, sewer lines or electrical systems. Property managers are discovering that it’s harder to keep a condo/co-op building up to code with reactive maintenance – seems kinda obvious to us – and the consequences can be significant. By recognizing the value of data and statistical analysis to enable the smart planning used in predictive maintenance, it’s possible to get ahead of many problems long before they begin to impact tenants. And though it probably goes without saying, anything that makes life easier for the building’s residents will make life easier for its board members and building manager.

‌Understanding predictive maintenance

Predictive maintenance is a relatively new concept that relies on technology and data to monitor the working condition of various systems or equipment in the building. While preventative maintenance relies heavily on historical data to guide future repairs or upgrades, predictive maintenance goes a step further by actively evaluating building components in real-time. Board members and property managers can strategically plan for maintenance work before equipment and systems even show signs of failure. Easy peasy, lemon squeezy!

Establishing a predictive maintenance framework mitigates the financial burden and stress of dealing with sudden equipment failures or other unforeseen problems with the building. You’ll also be mitigating the risks that may be associated with these issues, giving you some much needed peace of mind. Employing a more proactive form of maintenance also ensures all renovations, upgrades or repairs are done efficiently and on time. By preparing for every possible contingency, building managers can preserve property value for board members and improve condo/co-op comfort for residents.

Photo by Pietro caspani on Unsplash

Predictive maintenance in practice

‌‌The first step to establishing a predictive maintenance system is to document the condition of all machines and equipment in the building. Start by creating a timeline for repairs or replacements based on installation dates and create a consistent calendar for inspections. Accurate record keeping of inspections and repairs helps to build a complete history of the building and this information will prove invaluable in calculating the service life of the equipment. By taking all the guesswork out of building maintenance, we will ensure your condo or co-op continues to run like a well-oiled machine, day and night.

‌‌At Daisy, our maintenance calendar helps ensure all aspects of buildings are properly inspected and monitored to ensure optimal operational efficiency. Our tools detect any anomalies in your building systems to identify areas of concern before they turn into larger problems. We establish system baselines by leveraging the data from our network of buildings, that way we can make preemptive, informed decisions.

‌Benefits of predictive maintenance

‌‌For both board members and building managers, predictive maintenance offers many distinct advantages. Navigating resident repair requests, regular building upkeep and ensuring your building is up-to-date on local laws can quickly become an overwhelming task if you don’t have a well-organized system in place to manage everything. Taking a more preemptive approach to building care can make matters much easier. Benefits of establishing a predictive maintenance routine for your building include:

  • Peace of mind + fewer headaches: Being proactive about building maintenance alleviates many of the worries and stress that can come with condo or co-op property management. Through predictive maintenance, you can rest assured all aspects of your building continue to function smoothly. When an unexpected issue does arise, chances are you’ll be prepared to confront it with confidence. Predictive maintenance also provides assurance that the integrity of the building is constantly monitored to identify structural problems or engineering oversights long before they present a danger to residents. That peace of mind can never be overrated.

  • ‌More time + less stress: Fewer complications means you’ll have more free time and resources to focus on governing and making the building better. A major component of predictive maintenance is leveraging technology to organize, monitor and automate as many responsibilities as possible. This efficiency extends beyond internal staff as well, ultimately making maintenance less time-consuming for board members, building staff, residents and technicians alike. It may not be AI, but your building will still seem futuristic, especially compared to buildings who are not using this level of technology.

  • Better budget health + money saved: Being able to vet vendors, review costs and make those strategic repair and upgrade plans in advance means you’ll be able to avoid high priced emergency repairs. Put that money towards new cardio equipment for the building’s gym, not a disgruntled contractor who arrives late and leaves early.

  • ‌Increased building value: Predictive maintenance can help you preserve the visual appeal of your building, increasing its value in the long term. Since everything is organized and documented – we like to think of this as the type A+ approach – you’ll never overlook inspection details that could have revealed issues sooner. With predictive maintenance, you’ll ensure all equipment and systems in your building operate at peak efficiency, and that the building itself is kept in tip-top shape, making your condo or co-op more attractive to residents.

  • Greater resident and board member satisfaction: Both tenants and stakeholders will appreciate the efficient convenience of predictive maintenance support. For example, scheduling service calls in advance and sending out notifications demonstrates respect and consideration for residents. Meanwhile, board members and owners will be grateful to see their investment protected by a well-planned maintenance strategy. With all the bases covered, residents and board members alike will have fewer concerns to contend with, making your building a shining example of how a condo or co-op should operate.

  • ‌Fewer emergency repairs: With reactive maintenance, you are more or less at the mercy of contractors or repair technicians to resolve problems quickly – “A situation I want to be in,” said no one, never. Taking a proactive approach ensures that renovations or repair work occur during a timeframe that works best for your staff and residents. Likewise, board members will be thankful to receive notifications regarding repairs long before they’re due.

  • Fewer maintenance redundancies or oversights: Since predictive maintenance utilizes real-time data and integrated technologies to monitor the building, you can avoid the unnecessary costs of constantly inspecting or servicing equipment that's already in good condition. Your building management team will also have access to an accurate track record of previous inspections and service calls, verifying that every part of the building meets compliance standards. By adopting a preemptive form of building care, you can take all the guesswork out of condo/co-op maintenance. That’s where that A+ we were talking about earlier comes from.

Photo by Nuno Silva on Unsplash

Our approach to building management

‌‌Daisy takes building maintenance seriously, and we think it’s high time smart technology was used to make buildings smarter and better. That’s why we employ predictive maintenance for all the buildings we manage. We use our own proprietary technology to digitally track and analyze the condition of your building from top to bottom. Our team will notify board members if any inconsistencies are found, so there are never any surprises. Imagine a world with no emergency weekend repairs or costly service interruptions to building equipment: Daisy can make that happen.

We create a yearly maintenance calendar to stay on top of pre-emptive upgrades and repairs. And our compliance tracker ensures buildings are always up to code. If there is ever a compliance problem, our violation tracker ensures nothing falls through the cracks – the proverbial ones, of course, because buildings powered by Daisy don’t have any actual cracks! Our preemptive maintenance strategy allows us to take on a wider range of building projects, accurately plan for them financially and continually make improvements every step of the way.

‌Predictive maintenance makes all the difference

Predictive building upkeep, inspections and repairs are a much better option than reactive maintenance. Aside from reducing costs and improving property value, predictive maintenance helps to foster a more comfortable environment for residents. For both property managers and board members, proactive maintenance can eliminate many inspection inaccuracies or compliance oversights that cause building disruptions. This means a happier home for residents and much less stress for board members.

Our team at Daisy understands the complexities of building maintenance and we are committed to providing superior management services for all our buildings. With our proactive maintenance strategy, condos and co-ops remain in pristine condition and continue to function seamlessly and efficiently for years to come. While residents experience fewer disruptions, board members can free up time to focus on other projects. If you’re interested in learning more about how proactive maintenance can make your life easier and your building better, contact our team today and experience the Daisy difference.

Subscribe to get the latest resources on property management straight to your inbox!