Retirement villages are more than just places to live, they are your Organisation’s most valuable investments that must be protected and maintained. Retirement Village Asset Management is the process of planning, implementing, and monitoring the use and performance of the physical assets in your retirement community. It aims to maximise the value, functionality, and lifespan of the assets, while minimising the risks, costs, and liabilities associated with them – all worthwhile investments in the long run.

In this article, we will guide you through how to safeguard your assets with a retirement village asset management plan. We will also show you how MDFM can help you create and execute an effective asset management plan for your retirement village.

The Benefits of an Asset Management Strategy in Retirement Villages

Asset management is not only a legal requirement for NSW retirement villages, but also a strategic advantage. By having a clear and comprehensive asset management strategy, you can enjoy the following benefits:

  • Extend the lifespan and value of your assets. Asset management helps you preserve and enhance the physical and financial value of your assets by preventing or delaying their deterioration or obsolescence. This reduces the need for capital expenditure and increases the return on investment.
  • Optimise the performance and efficiency of your assets. Asset management enables you to monitor and measure the performance and efficiency of your assets, such as energy consumption, water usage, waste generation, or carbon footprint. This allows you to identify and implement opportunities for improvement and cost savings.
  • Improve the quality and safety of your assets. Asset management helps you identify and address the current and future needs of your assets, such as maintenance, repairs, upgrades, or replacements. This ensures that your assets are always in good condition and comply with the relevant standards and regulations.
  • Enhance the satisfaction and retention of your residents. Asset management improves the comfort, convenience, and security of your residents by providing them with well-functioning and reliable assets. This increases their satisfaction and loyalty, as well as their willingness to recommend your retirement village to others.

 

Creating an Effective Retirement Village Asset Management Plan

An asset management plan (AMP) is a document that outlines the objectives, policies, processes, and actions for managing your assets over their lifecycle. It covers aspects such as asset inventory, condition assessment, risk analysis, lifecycle costing, maintenance planning, performance monitoring, and improvement planning.

To create an effective AMP for your retirement village, you need to follow these steps:

  1. Define your asset management objectives. What are the goals and outcomes that you want to achieve with your asset management? How do they align with your organisational vision, mission, values, and strategies? How will you measure and report on your progress and performance?
  2. Identify your asset portfolio. What are the physical assets that you own or manage in your retirement village? How are they classified, categorised, grouped, or prioritised? What are their characteristics, such as location, age, condition, function, capacity, or value?
  3. Assess your asset condition and performance. What is the current state of your assets? How well are they performing against your expectations and requirements? What are their strengths, weaknesses, opportunities, or threats? What are the risks or issues associated with them?
  4. Estimate your asset lifecycle costs and benefits. What are the costs and benefits of owning or operating your assets over their lifecycle? How do they vary depending on different scenarios or assumptions? What are the trade-offs or implications of different options or alternatives?
  5. Plan your asset maintenance and improvement activities. What are the actions that you need to take to maintain or improve your assets? When, where, how, and by whom will they be done? What are the resources or constraints that affect them? How will they be prioritised or scheduled?
  6. Implement your asset management plan. How will you execute your asset management plan? What are the roles and responsibilities of the people involved? What are the tools or systems that support them? How will you communicate or coordinate with your stakeholders?
  7. Monitor and review your asset management plan. How will you track and evaluate your asset management plan? What are the indicators or metrics that measure your performance or outcomes? How will you collect or analyse data or feedback? How will you report or document your results or findings?
  8. Update or revise your asset management plan. How will you adapt or improve your asset management plan? What are the triggers or drivers that prompt changes or adjustments? How will you incorporate lessons learned or best practices?

Implementing your Asset Management Plan

Creating an AMP is only half of the equation. The other half is implementing it effectively and efficiently. To do so, you need to consider these factors:

  • Stakeholder engagement. You need to involve and consult with all the relevant stakeholders in your retirement village asset management, such as residents, staff, contractors, suppliers, regulators, or investors. You need to understand their needs, expectations, preferences, or feedback, and address them accordingly. You also need to communicate and collaborate with them regularly and transparently, and keep them informed and updated on your asset management activities and outcomes.
  • Asset management system. You need to have a robust and reliable asset management system that supports your AMP. This is a set of processes, procedures, standards, guidelines, tools, technologies, or data that enable you to plan, implement, monitor, and review your asset management. You need to ensure that your asset management system is consistent, comprehensive, accurate, and up-to-date, and that it complies with the relevant regulations and best practices.
  • Asset management team. You need to have a competent and committed asset management team that executes your AMP. This is a group of people who have the skills, knowledge, experience, or qualifications to perform the various tasks and functions of your asset management. You need to ensure that your asset management team is clear on their roles and responsibilities, and that they are trained, equipped, empowered, and motivated to do their job well.

MDFM: Your Trusted Partner for Retirement Village Asset Management

If you are looking for a professional and experienced partner to help you with your retirement village asset management, look no further than MDFM. We have over 10 years of experience in delivering high-quality and cost-effective asset management solutions for our clients.

We can help you with:

  • Asset registers. MDFM can create and maintain a comprehensive and accurate asset register for your retirement village. This is a database that records all the details of your assets, such as description, location, condition, value, or maintenance history. An asset register is essential for managing your assets effectively and efficiently.
  • Asset condition audits. MDFM can conduct a thorough and objective asset condition audit for your retirement village. This is an inspection that assesses the current state of your assets and identifies any defects, damages, or risks associated with them. An asset condition audit is crucial for planning your maintenance and improvement activities.
  • Asset management plans. MDFM can develop and implement a customised and realistic Retirement Village Asset Management plan. This is a document that outlines the objectives, policies, processes, and actions for managing your assets over their lifecycle. An asset management plan is vital for optimising the performance and value of your assets.
  • Asset maintenance services. MDFM can provide a range of asset maintenance services for your retirement village. These include preventive maintenance, corrective maintenance, reactive maintenance, or emergency maintenance. We can also handle any special projects or requests that you may have. Our asset maintenance services are designed to ensure the quality and safety of your assets.

We have helped many retirement villages across Australia with their asset management needs. Here are some examples of our recent projects:

  • Case study 1: Asset register for a retirement village in Victoria. We created an asset register for a retirement village in Victoria that had over 200 units and facilities. We used our proprietary software to capture all the relevant data of the assets, such as description, location, condition, value, or maintenance history. We also used our drone technology to take aerial photos of the site and create a map of the asset locations. The asset register helped the client to manage their assets more efficiently and effectively.
  • Case study 2: Asset condition audit for a retirement village in New South Wales. We conducted an asset condition audit for a retirement village in New South Wales that had over 300 units and facilities. We inspected all the assets on site and rated their condition on a scale of 1 to 5 (from excellent to poor). We also identified any defects or issues that needed attention or action. The asset condition audit helped the client to prioritise their maintenance and improvement activities.

If you want to learn more about how we can help you with your retirement village asset management, please visit our website or contact MDFM today. We would love to hear from you and discuss your needs and goals!