Buildings constantly change. Building owners need to constantly adapt to changing building conditions. That also means making decisions. Historically, calculating the return on investment (ROI) of a decision – e.g., maintenance, repair, capital improvement – is what has driven many building owners’ decision-making. Does the ROI yield real value?
But ROI can’t be the only factor driving decision-making. What about the cost of doing nothing? That is the negative impact to their building by not changing. If it’s not broken, why spend the time and money to fix it? Complacency often ends up doing more harm than good. Check out the famous quote from the late, great Ben Feldman who was one of the greatest salesmen in the history of the world and has been written up in the Guinness Book of World Records for his accomplishments.
Some building owners invest $0 in their buildings. What can happen? Loss of tenants. Loss of time. Unplanned major expenditures. Loss of peace of mind. And much more.
Let’s use a building HVAC system as an example. 80% of buildings do not invest in HVAC preventive maintenance (PM). Sometimes this is due to not having a reliable HVAC contractor but often it is a lack of understanding of how much money is wasted by not doing PM.
In this example, the $ shown in the last column is specifically based on the costs and savings to run a 5-Ton HVAC unit in Buffalo, NY.
As you can see, the savings more than justify the cost of the services alone and don’t take into account the additional benefits:
- Reduce Operating Costs
- Stop Wasting 30% to 70% on Cooling
- Improve Workplace Comfort
- Avoid HVACR Downtime
- Prevent Unexpected Expenses & Crisis Management
- Reduce Complaints – which Improves Productivity & Customer Experience
- Increase Equipment Longevity & Lifetime Value ~30%
- Minimize Equipment Failures
- Avoid Unnecessary GHG emission
- Offset Increasing Electricity Rates
- Save on Labor Rates
The cost of inaction for building owners is unaffordable. The charts below illustrate the impact of doing nothing vs focusing on PM for reliability.
Building Assure has designed and developed my Building Alerts with the small building owner in mind. Our low-cost solution provides all the necessary data to monitor energy consumption and waste, air quality, thermal comfort (temperature and humidity), water leak detection, equipment maintenance, service quality check (was the service conducted, and did it achieve the desired results), and much more. All while providing full transparency to your tenants and service contractors.
To learn more contact us at firstname.lastname@example.org