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The role of maintaining residential properties in preserving and increasing their value is a key part of property management. A well-managed residential property retains its value for longer, providing its residents with a comfortable and safe living environment.
Systematic administration and management of the property management service network are key factors in high-quality maintenance management. Regular partner meetings, property audits, and the monitoring of resident satisfaction surveys and response times ensure the quality and further development of services.
High-quality maintenance ensures that residents enjoy their accommodation, and that retention and occupancy rates are higher, which in turn promotes the property’s financial profitability. The property’s technical functionality and safety will also be maintained. In turn, these help maintain and increase the value of the property.
“The property management model developed by Retta Management cost-effectively optimises the number of partners without compromising on quality. For example, our partners specialising in properties’ technical and security systems and equipment are responsible for annual maintenance and related reporting according to their respective specialities. The reports provide us with up-to-date information about the operating times and repair needs of the property’s technology and systems to support maintenance planning. In addition, our harmonised contract programmes ensure better prerequisites for their management,” explains Anssi Tikkanen, the Director of Retta Management’s maintenance management services.
Maintenance projects help ensure the preservation of the value and functionality of the property. Systematic maintenance prevents unexpected large costs that may be caused by neglect of maintenance and servicing. It is always more profitable to maintain and renew proactively than to repair reactively – when something has already suffered a fault. A professionally prepared and implemented long-term plan is typically manifested as a decrease in property flaw repairs.
For professional property owners, an investment strategy typically guides long-term planning. Strategies aimed at shorter-term ownership generally focus on minimising investment. Moreover, listings or portfolios that are nearing the end of their projected holding period will usually be excluded from investment plans.
“We prepare, maintain and implement long-term real estate plans in line with the client’s investment strategy. In long-term maintenance plan management, we also take the entire volume of portfolio-level repair operations into account, including unpredictable bug fixes and migration renovations specific to rental buildings. We are very familiar with different investment strategies, and as an agile operator, we can also react to any changes during the financial year. We ensure the predictability of projects and costs, and report on the progress of projects at both the target and portfolio levels. Last year, we carried out more than 1,100 maintenance projects worth more than EUR 10.5 million,” says Tikkanen.
One of the most important tasks of a property manager is to take care of the financial management of their client companies. Real-time monitoring of OPEX costs and reporting on budget deviations have become part of a property manager’s day-to-day activities. Regular analysis of cost outcomes and reporting of any deviations keep the property manager on top of the financial situation of the properties they manage.
In the optimisation of maintenance costs, steps must be taken to ensure that the functionality and living comfort of the property do not suffer. Carefully selected partners and easily managed and consistent service contracts contribute to the achievement of this goal. When competing for services and partners, the volume advantage of a large management agency can also be a significant factor.
“The role of maintenance cost monitoring and optimisation is emphasised in the current rental market. We have responded to this by providing property managers with digital tools for OPEX tracking and analysis. We will further refine the tools to extend their coverage with comparison data, and we will be able to offer the same data to our customers. The core objective has been to achieve a more analytical and proactive OPEX management model,” adds Tikkanen.
Managing the maintenance of residential properties requires a holistic approach that takes the goals and strategy set by the property owner into account at both the target and portfolio levels. High-quality maintenance management creates a comfortable living environment that serves both residents and property owners efficiently and sustainably.
At Retta Management, we bear the overall responsibility for the operational activities of the housing portfolio and take care of the life cycle of the property, as well as tenant satisfaction. Our maintenance management services include comprehensive administration and maintenance tasks, apartment inspections, the commissioning of apartment renovations, and comprehensive service network management, while preserving the value of the housing portfolio. We help property owners achieve their goals efficiently and professionally!
Additional information:
Anssi TikkanenDirectorRetta Managementanssi.tikkanen@rettamanagement.fiTel. +358 40 143 4450
