Enhancing real estate value through qualitative proactive maintenance culture: The role of professional engagement

By ESV Adeyemo Mujidat Bolanle, ANIVS

As the Real Estate industry continues to evolve, maintaining the value of properties remains a pressing concern for investors, owners, and occupiers.

Effective maintenance is crucial to preserving and enhancing the value of real estate assets especially in this era of high cost of construction arising from skyrocketing cost of building materials.

Maintenance being a way to keep real estate in good state and extend the life span of the property is the way out of the current economic challenge in the built industry.

For this purpose, we will explore the importance of proactive maintenance culture and the vital role of professional engagement in achieving this goal.

What is proactive maintenance culture? Proactive real estate maintenance culture simply means taking a proactive approach to real estate maintenance with the aim of reducing equipment/components failure and minimising wear and tears which could affect the real estate asset instead of reacting to breakdown. This act involves identifying and taking measures to address potential problems/issues before they become major problems.

Neglecting maintenance can lead to significant financial losses, safety hazards, and reputational damage. A well-maintained property, on the other hand, attracts higher rental income, increased occupancy rates, and improved resale value.

Proactive maintenance approach requires:

•Regular inspections and assessments

•Timely repairs and replacements

•Preventative measures (e.g., pest control, waterproofing)

•Continuous monitoring and evaluation

The role of estate surveyors and valuers as management professionals in achieving proactive maintenance of properties

Engaging qualified professionals is essential to implementing a proactive maintenance culture. Estate surveyors and valuers, facility managers, and other experts bring valuable knowledge and expertise to:

• Conduct thorough property assessments

• Develop tailored maintenance plans

• Oversee execution and ensure quality control

• Provide cost-benefit analysis and budgeting advice

Benefits of Professional Engagement

• Enhanced property value and appeal

• Reduced maintenance costs and downtime

• Improved safety and risk management

• Increased tenant satisfaction and retention

• Better compliance with regulatory requirements

To foster a proactive maintenance culture:

• Establish a maintenance budget and schedule

• Conduct regular training for maintenance personnel

• Implement technology-driven solutions (e.g., facility management software)

• Encourage open communication between stakeholders

• Monitor and adjust maintenance strategies

Conclusion

In conclusion, proactive maintenance culture is critical to enhancing real estate value. By engaging professionals and adopting best practices, property owners and managers can ensure their assets remain safe, efficient, and valuable. Estate Surveyors and Valuers are committed to promoting this culture and supporting clients in achieving their real estate goals as investors.

ESV AdeyemoMujidatBolanle is a seasoned Estate Surveyor and Valuer with expertise in property management and maintenance.