Leveraging Reserve Study Planning for Smart Property Management
When it comes to managing a property, thinking long-term is key to reducing surprises and maintaining or increasing the value of your property. A reserve study enables you to plan and execute smart property management, including mapping out major repairs and replacements before they sneak up on you - meaning fewer surprises and a lot less stress. Whether you have some idea of your needs or have no idea where to start, Building Reserves’ engineers have decades of experience delivering customized solutions to serve your reserve study needs, as well as offer ongoing support throughout the life span of your reserve study.
Here are some things to consider when you’re deciding how to go about planning for smart property management:
Does the Reserve Study Provider Deliver Customization and Personalization?
Did you know that standardized useful life charts are used by some reserve study providers? We don’t take shortcuts because our observations are more accurate than standardized charts. Our experienced, degreed engineers provide inspections of physical asset conditions every 3-5 years to enhance prioritization and funding accuracy. This also includes conservative pricing estimates covering all aspects of project costs you may or may not be aware of such as engineering, project management, design, and more for full transparency. Take a look for yourself at a sample report for your property type.
Do You Get to Partner with an Expert Engineer?
Automation is everywhere; and while tech has its place, when you’re responsible for a property, nothing replaces a human with extensive knowledge that can answer nuanced questions and assess critical issues. Building Reserves not only matches you with one of our expert engineers, we also supply you with ongoing support and consultancy at any point during the time period covered by your reserve study. This includes in-depth financial updates in years 2-4 that may shift depending on state mandates or frequency of on-site condition assessment inspection. This helps to make sure you are up to date on current changes and that you have the knowledge and support behind you to successfully execute smart property management.
Does Your Reserve Study Pro Include Tools to Help You Manage Your Property’s Finances and Maintenance?
A reserve study should be more than just a report. While our reserve study reports are benchmarked for their detail and thoroughness (including detailed photos and in-depth information on each component), we also provide tools to help you manage your property after the report is delivered.
We are known for our proprietary Excel file, which enables you to endlessly experiment with budget and planning. You also receive access to our calendar tool. This powerful tool provides preventative maintenance recommendations and scheduling, so you don’t have to worry about trying to figure out what your building needs, what it’s going to cost, or how to fix it; we can provide that for you. These platforms are included in our reserve study offering, uniquely pairing our personalized, expert partners with robust technologies and tools to blend the best of all resources.
Is the Reserve Study Company Making the Process Simple and Offering Assistance?
There are many property management tools out there because of the growth of technology, but many of them can be confusing. Softwares such as Smart Property offer financial reporting that you can certainly find useful, however, it doesn’t offer the same depth of reserve forecasting, condition assessments, or prioritization that Building Reserves does. Additionally, some of the new software offerings manage reserve studies in their own cloud-based property management software, but without the proper knowledge, many users find it difficult and complex to set up and use.
Building Reserves provides the same all-encompassing capabilities, but in a software clients are much more familiar with: Excel. No need to worry about a cloud-based software disappearing overnight, not being available on the web, or being too confusing to leverage its value. You own your Excel file for a lifetime.
In the end, we want to see everyone making decisions that will lead to smart property management. Whether you’re looking for long-term reserve study services, a transition study or a preventative maintenance plan, Building Reserves is here to support you the entire way through.
To request a proposal, please visit us here.
