Several years ago, my town was struck hard by a recession. Businesses closed. Unemployment grew.
You could see the effects in the business district—empty storefronts and office buildings. The town had a glut of business space. And, as demand fell, so did the prices.
My friend and MPulse customer, Rebecca, owns several properties downtown. But Rebecca stayed afloat when many others did not.
Over coffee recently, I asked Rebecca how she survived when others failed. Timing and sound business practices helped. But so did something else that was much simpler.
"We kept up on our property maintenance," she said. "It makes a difference when you need to attract and keep tenants."
Facility Maintenance is an Investment
Buildings are assets, and nothing is better for managing assets than CMMS software.
Rebecca invested in MPulse CMMS software about 10 years ago before the downturn hit. “But when things were tight, it became more important,” she said. “It was easier to see where we need to spend money to keep things up, and we also knew where to cut back to stay solvent.”
Rebecca used MPulse Software, Inc for...
- Employee schedules
- Elevator inspections
- HVAC maintenance
- Vendor management
- Custodial services
- Repair cost history
- Service requests
Keeping her properties in good condition helped Rebecca maintain the value of her investments. Her current tenants were happy and more likely to stay. And new tenants were attracted to the property.
This strategy sounds simple, and it is. But it's a business practice that not everyone follows—which gives property owners like Rebecca a competitive advantage.
The proof lies in similar properties that weren't maintained. When the market turned a few years ago, their owners had to spend more to make sure their facilities could compete. At least, those that survived. Plenty did not.
CMMS Software Improves Service Request Management
“Responsiveness is a big part of property management,” she said. “MPulse helped our maintenance manager track service requests and communicate with tenants. Our track record of good customer service kept us operating during a difficult time.”
Rebecca's investment in maintenance is paying off now as the market continues to expand. Her buildings are full, and she increased her rates as demand grew. It’s a position too many others failed to achieve.
How could CMMS software help you stay competitive? Leave a comment or contact me.