Asset Condition Audits provide vital management information to our clients enabling them to assess and evaluate the performance of their specialist maintenance service providers through a detailed independent third party report, enabling us to measure their performance against Key Performance Indicators (KPI’s) which tend to be written into their Service Level Agreement. It also provides useful quantifiable data that can be used to assess the effectiveness of the planned preventative maintenance (PPM) and also highlight any corrective/reactive maintenance necessary to bring any assets found in sub-standard condition up to an acceptable level of performance and/or efficiency.
The asset manufacturers’ have documented test data which provides a good guide to useful life expectations and expected wear data for both parent and child assets and we would then use that to benchmark the existing condition as it stands now and provide a “Gap Analysis” to enable the finance team to evaluate the cost of corrective maintenance and then the recommendations to improvements of current PPM for that asset to effectively evaluate whether or not it is in fact cost effective to improve the PPM, thereby extending the useful life of the asset or it may highlight that it is more economically viable to maintain at the present standard and plan for its refurbishment, reconditioning or replacement.
In Strata Associations or joint ownership of property, service charges are taken from individual owners to cover the maintenance of common assets and facilities. Asset Condition Audits are a vital pre-requisite in the apportionment of service charges to separate out the day-to-day maintenance budget from the reserve or sinking fund allocation.