The traditional way of creating a commercial property asset register has been to capture the details of the building at the time of purchase or completion, and then through inspections – sometimes just once every 10 years or so – update the details.
But such a process contains a lot of downsides – most especially that the data about the status of your property assets is always at risk of being significantly out of date. A lot can happen in a building in the time between reports! It’s highly likely that you’ll carry out renovations and upgrades, make repairs and welcome and farewell multiple tenants which will all make a mark on the building.
However, new technology is making it easier than ever before to capture information about your property assets and maintain an accurate asset register. Here are three ways that modern platforms like AI Assets work.
- Collect assets more quickly and easilyOne of the biggest issues with traditional asset management is the slow and laborious way data has typically been collected and logged. Armed with just a clipboard and a camera, property surveyors have painstakingly manually collated and entered data.AI Assets speeds up the data capture process significantly making it possible to collect asset data in one-tenth of the time by using an iPad and centralised database. This means you can afford to have inspections conducted more frequently and makes it easy to do inspections when tenants leave or after renovation or repair work.
- Identify assets more accurately
Traditional methods of capturing data for reports includes taking a lot of photos and writing notes. The notes and the photos then have to be matched together painstakingly. AI Assets simplifies this significantly with a centralised database with more than 1800 assets.Having the majority of the assets pre-identified also allows the typical cost and the lifecycle of each asset to be linked and ensure the information is in one place (not inside spreadsheets, pdf documents and inside a filing cabinet!) This saves huge amounts of time, removes any guesswork from the equation and makes reporting and budgeting more accurate.And if you can’t find an asset, it can be easily added so that your database becomes more detailed with every inspection, repair or walk-through.
- Update your assets register more often
Five to 10 years is far too slow to wait to update an asset register. In today’s competitive world, you need access to information that you can be confident is accurate. When you remove the pain of both collecting asset data, identifying the assets easily, and ensure that all of the information is in one centralised location, all of the impediments to carrying out inspections or producing reports more regularly are overcome.
With AI Assets, we make it easy to update your asset register every time you carry out maintenance and repairs, or whenever you complete a major upgrade. The simple process for capturing assets, matching them to the database and then creating reports means even casual building walk-throughs can add to your data and you never need to worry about data being 10 years out of date again.