Sales and Marketing Director
Era Real Estate
As they say, “the best investment on earth is earth itself…”
Accomplishing anything great in life requires significant change that pushes us beyond our comfort zone. Many times, the only way to improve our lives is to power ourselves towards difficult change. The landscape of the construction industry has changed enormously in the last couple of decades – and so must our approach to manage and maintain it.
Change is the only constant, and to keep up with the huge strides in real estate development, it is important that we recognise the need for progress in the way we operate, the technology we use and the way we interact among ourselves. Management of a property is not as simplistic as buying it. It requires nuanced oversight that only trained agencies can recognise and deliver. With progress in technology that allows for efficient use of energy, recycling of resources, waste management, etc., it is only a skilled eye with a stake in the upkeep of the property that can manage the technical aspects to justice.
In the residential arena, the evolution of nuclear families has seen transformation from large joint households living in ancestral properties, to small nuclear families opting for convenience over traditions. With men and women being equal partakers in bringing food to the table, it is little surprise that they would expect their homes to be a refuge from their daily responsibilities, rather than an additional workplace for them to manage. Consequently, homes are designed with the utmost of luxuries in mind, which come along with an equally extravagant price tag – a necessity for the discerning working professionals of today. And yet, the most important aspect of enhancing your investment that is often undermined, is its maintenance.
Homes have progressed from being single dwellings to large complicated townships, with each type of property requiring its own customised plan of maintenance. This would include not only the management of machines – sewage treatment plants, water treatment plants, swimming pool, water bodies, health club, gymnasium, power distribution systems, backup generators, elevators, etc. but also a range of soft services like housekeeping, horticulture, security and even people engagement. Compliance and ensuring that by-laws are adhered to is another aspect that might be overlooked without an educated judgment. One facet that is most often ignored is an analytic view towards improving the management of a property – big data, a field gaining fast importance, is applicable even to the management of your property.
Effective storage and analysis of maintenance data and its trends can help agencies make intelligent decisions to improve processes, predict and mitigate breakdowns.
Commercial properties are in a league of their own, with each type of development requiring a different approach to maintenance, be it retail, office spaces, industrial or even newer entrants like high-end data centres. Transitioning from haphazard management to a streamlined process by itself can be a project, followed by customised plans for preventive maintenance of high-value equipment that is usually associated with such developments. Gone are the days when basic housekeeping and security would suffice for a good service model. Today’s complicated environments require an equally discerning approach to allow them to function at peak optimisation. If handled correctly, efficient maintenance of a property can appreciate its value at a much faster rate and increase its lifespan well beyond the expected period.
And as with any specialised service, it comes at a cost. It is imperative that society today accepts the requirement of this investment towards the upkeep of their assets, as in the long run, it can only be beneficial in return. It is also equally important to have advisors to guide asset owners towards the right solution for their property.