Before you go ahead and create an Asset Management Plan for your retirement village, consider the critical steps we’ve outlined in this article, so the result is a robust AMP that gives you valuable insights to run your business, saves you from costly emergency repairs, and ensures your Residents’ safety and comfort for the next 10 years and beyond. 

A Retirement Village Asset Management Plan (AMP) is a strategic blueprint for maintaining and improving assets within residences, common areas, and recreational spaces. Effective from July 1st, 2022, all village operators in NSW are mandated to establish and sustain an Asset Management Plan. This plan encompasses three core elements: an asset register, a decade-long maintenance schedule for each asset, and a projection of repairs, maintenance and replacement costs over three years. Regular updates to this plan are essential. The three-year report coincides with the annual village budget, with further revisions mandated after budget endorsement and the acquisition of significant new assets.

Village operators are required to prioritize the implementation of an asset management system or maintenance software to successfully execute their asset management plan. If your village is presently utilizing a computerized maintenance management system, whether for the village itself or a related residential aged care facility, you may be able to customise the software and reporting for the purpose of running your Asset Management Plan. MDFM work with retirement villages across Australia to ensure they get the most out of their CMMS and AMP software data. Read our case study on how MDFM helped Goodwin get more out of their asset systems.

Did you know that asset registers must now include all capital items costing over $1000, expanding beyond traditional assets to cover items like roofing, flooring, and wall coverings?

Do you have a robust Retirement Village Asset Management Plan in place?

A thorough and well-structured Retirement Village Asset Management Plan yields benefits including systematic maintenance, prolonged asset lifespan, prevention of breakdowns, efficient resource allocation, and timely replacements. An AMP that is thrown together without software to deliver analysis or insights is not robust, and won’t save you time or money down the track.

The benefits of a robust Retirement Village Asset Management Plan include:

  1. Efficient Maintenance: A well-structured plan ensures regular upkeep, reducing unexpected breakdowns and the need for costly emergency repairs.
  2. Long-Term Planning: It allows for strategic budgeting and planning for asset replacements and upgrades, preventing financial strain.
  3. Resident Satisfaction: Properly maintained assets contribute to a higher quality of life for residents, fostering satisfaction and a positive living environment.
  4. Safety Assurance: Regular inspections and maintenance uphold safety standards, minimising risks and hazards for residents and staff.
  5. Regulatory Compliance: The AMP is mandatory for NSW and it is likely that the other states will follow in due course.

How to create a robust Retirement Village Asset Management Plan for your organisation:

  • Define Clear Objectives: Determine the primary goals of your asset management plan, whether it’s compliance, cost-efficiency, or long-term sustainability. Clearly outline what you aim to achieve.
  • Compile a Comprehensive Asset Register: Create a detailed list of all capital assets within the retirement village. Include essential information such as asset descriptions, purchase costs, installation dates, expected lifespans, and maintenance history.
  • Prioritise Asset Management: Identify critical assets that significantly impact the village’s operations. Prioritise maintenance, repair, and replacement efforts based on the potential consequences of failure. 
  • Develop Maintenance Strategies: Formulate comprehensive maintenance strategies for each asset category. Define maintenance schedules, repair procedures, and replacement plans to ensure assets’ longevity and performance. 
  • Integrate with Budgeting and Monitoring: Sync the asset management plan with the budgeting process, covering maintenance and replacement expenses. Utilise software that can generate the required AMP reports on demand for both compliance purposes as well as informed asset performance decisions. These steps form the basis of a strong asset management plan, guaranteeing efficient operation, longevity, and cost-effectiveness in the retirement village.

Overwhelmed by the idea of a Retirement Village Asset Management Plan?

Content guidelines online can lack specific methods, posing challenges and leaving Retirement Village management overwhelmed. However AMP specialists like MDFM, who are experienced in aged care and retirement village asset management, provide tailored asset management plan development support which can simplify and speed up the process for you.

Assistance from MDFM: MDFM is a prominent aged care asset maintenance and facility management provider in Australia. Operating across the east coast, we specialise in auditing, planning, and maintaining assets for aged care and retirement facilities. Rooted in compliance and safety, MDFM offers practical solutions aligned with facility needs and project limitations, showcasing dedication to efficiency and client satisfaction from their Sydney headquarters.

Contact MDFM: Those seeking guidance can reach out to MDFM through the website or phone to initiate a conversation and explore ways to ensure optimal service environments and compliance with evolving regulations.

View our information on Asset Registers: https://mdfm.com.au/asset-register-for-residential-aged-care-and-retirement-villages/