Please note that while this guide is aimed at the Block and BTR/PRS markets, Lettings clients can also use Fixflo for asset management; please reach out to our support team for more assistance.
Assets - tangible, physical goods that are generally referred to as equipment and inventory - are important to the success of your business. Without fully-functioning assets, occupiers won't be content living in properties managed by you, and would be raising maintenance requests for fixes.
As such, it's important to acknowledge that assets have a life cycle; they don't last forever and need to be maintained! Often they need to be fixed and inspected, sometimes refurbished or upgraded. From a business perspective, you will want to get the most out of your assets for a return on financial investment; it's imperative that you keep them in good working order - and Fixflo can help with that.
What is an asset - Block management
'Assets' within this industry are often tied to key infrastructure of estates/buildings. Examples include:
- Door entry systems
- Gates
- Lifts
- Water pumps
- Sewage systems
- Smoke vents
- Smoke alarm systems
- Emergency lights
- Electrical equipment
What is an asset - BTR/PRS
If you manage a development/estate, then all of the above 'block' assets would apply to you. In addition, you may have assets within private units/properties to think about too:
- Washing machines
- Dryers
- Fridges
- Cooking hobs
- Microwaves
- Ovens
In residential lettings, the landlord often provides these assets for the tenant. In these instances, the landlords will have an asset register.
What is an asset - Commercial
If you're a commercial client, the assets you have would completely depend on the type of business you run; e.g. a cafe compared to a clothing store. However, some examples include:
- Industrial coffee machines
- Deep fryers, popcorn machines, sandwich presses, George Formans, Ovens
- Computers, printers, monitors, phones
- Lifts
- POS systems in retail/hospitality environments
- Door entry systems
Due to the volume of assets you're likely to have in your business, it's essential that you manage them to ensure that each physical asset provides the level of service required in the most cost-effective manner. While some assets may last for decades, it's important to understand the risk associated with assets and the condition they are in. For example, what impact could a seriously faulty lift or a water pump system have on a building? What are the safety implications of this, as well as financial implications?
Generally speaking, poor asset management is linked to reducing the frequency of maintenance on an asset without understanding the impact of doing that - or not carrying out any maintenance and letting the asset depreciate faster than it should!
How can Fixflo help?
Your Fixflo system can help you track assets in one centralised place by creating an Asset Register. This will provide a clear list of all assets per building/property, and key information about each asset.
You are also able to review repair history linked to each specific asset to help determine if it is still worth its value. You can split this history down by planned works/inspections scheduled against each asset, as well as reactive repairs.
If you have service agreements in place with companies to maintain assets, Fixflo allows you to configure service events to be scheduled to the relevant party in the agreed frequencies. This provides you with the confidence that each asset is being maintained to its highest standard.
Please do refer to the other guides found within this folder, which are also linked below: