Acquisition and disposition are typically the times when a property’s full lifecycle is taken into consideration. Significant time and effort are put into inspections and reporting. But a property’s lifecycle is something that should be considered well before it is bought and sold.
Every tangible, moveable item at a community impacts the property’s lifecycle - from lightbulbs to golf carts, from door knobs to drill bits. But let’s not forget digital assets as well. While not a moveable item, all reports, ledgers, resident records, and employee files factor into a property’s lifecycle.
Once someone wraps their mind around exactly how many assets make up a property (think millions), it becomes clear there has to be an effective and efficient way to track and manage the full property lifecycle. When we dig further into the current hiring and retention challenges multifamily is facing, the reality of a solution feels even more pressing.
Mobile workflow platforms, built for multifamily by multifamily, have embraced the challenge of capturing every facet of the property lifecycle. They are strategically engineered to optimize due diligence, procurement, physical and digital asset tracking, inspections, dispositions and preventive maintenance. These solutions go beyond saving time and expense by streamlining the routine workflow. When fully deployed, they improve budgeting, procurement, troubleshooting, tracking and reporting, reducing overall operating costs and preserving assets in the long run.
By taking a holistic approach and empowering teams with comprehensive solutions that account for asset needs throughout the property lifecycle, management companies can establish an operational advantage across their portfolios that will benefit them for years to come.