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Real estate asset management requires experienced individuals who know how to optimize the value of properties. This is true for both single buildings, and a vast holding of multiple properties under one owner. A solid lifecycle plan consists of desired improvements and/or changes and then an organized schedule of maintenance, for example patching the roof, power-washing the building, repairs to flashing or gutters, etc. On one side, a long-term maintenance plan is like a wish list.  It is a comprehensive list of all the things an owner might want to improve and all the things they’re required to do to maintain their building. Both the wish-list items and the maintenance items are assigned a time line so that the owners are aware of when these changes should happen.
 
Maintenance planning should define the "what," "why" and "how."  More specifically, what you’re going to do, how you’re going to do it, and what resources you’ll need to get it done efficiently. Scheduling consists of determining when you’re going to do it. A maintenance plan should be well defined, periodically reviewed, and adjusted as needed.
 
The essential purpose of a long term maintenance plan is to identify future maintenance requirements, estimate associated costs, establish a long-term managements budget, and provide ongoing guidance regarding annual maintenance decisions. For instance, if the plan foresees a group of larger ticket items requiring attention in a short time frame and the current contingency fund does not contain enough money to cover it, you’ll be able to prepare. You’ll want to develop a preventive maintenance checklist that includes not only predictive maintenance (conducting maintenance based on what could typically go wrong) and regularly scheduled inspections (to help head off any unexpected potential issues). This is particularly important with older buildings, which is our specialty in and around the Boston area. 
 
Maintaining an older building can be a difficult, multifaceted responsibility, but a good preventive maintenance plan and budget will help control spending and prioritize projects. A solid long-term maintenance plan will keep your building running at optimal efficiently and with the least disruption possible to your business operations. This same principle can be applied to a large collection of buildings. With a large portfolio, budgeting for maintenance simultaneously becomes more complex and more critical. Having annual inspections to monitor changing needs and budgeting requirements helps circumvent surprises, and protects real estate assets. Know where to spend your money for the biggest return on investment. Trust the experts with your biggest assets.