Property Maintenance and Asset Preservation
Property Maintenance and Asset Preservation
This domain tests maintenance operations: work-order prioritization, preventive maintenance, make-ready turns, vendor management, capital planning, and curb appeal. Asset preservation protects safety, NOI, and long-term value.
Core rules and concepts
- Work-order priority: emergency for life safety, no heat, active leak, or security; urgent for appliances and plumbing; routine for cosmetic items. Set response times and communicate.
- CMMS: log every request, assign it, track parts and labor, close with notes, and review trends.
- Preventive maintenance: schedule HVAC, plumbing, roofs, gutters, fire and life-safety systems, and pest control. Deferred maintenance raises future capex.
- Make-ready: set a turn-time target; inspect after cleaning, paint, and repair; complete a punch list before showing.
- Vendors: define scope of work, obtain bids, contract, verify insurance, supervise, and inspect the final work.
- Capital reserve: fund replacement of roofs, HVAC, paving, and appliances; distinguish capex from routine repair. Use inventory minimum and maximum levels.
Worked example
A water heater leaks in a second-floor unit. Priority is emergency: shut off water, isolate power or gas, contain damage, call restoration, notify the resident, and document. Then repair or replace. Waiting until morning risks ceiling collapse, mold, and liability.
Traps
Do not let routine work crowd out preventive maintenance. Do not close a work order without confirming the fix. Do not use an uninsured vendor. Do not skip the make-ready inspection. Do not treat a recurring repair as capital when it is deferred maintenance.