Why Facility and Asset Managers Need a Repair Cost Estimator: A Game-Changer for Condition Monitoring

Why Facility and Asset Managers Need a Repair Cost Estimator: A Game-Changer for Condition Monitoring

As a facility or asset manager, you likely face a range of challenges daily, from overseeing operational efficiency to managing the long-term health of your built assets. One of the most pressing issues is staying on top of maintenance, especially when unforeseen repairs can quickly blow out your budget and disrupt services. Without the right tools to help prioritise and estimate repair costs, even a minor defect can escalate into a significant problem.

That’s where Asseti’s Repair Cost Estimator comes in. This feature is designed to give you instant insight into potential repair costs, allowing you to make informed decisions and allocate resources more effectively.

The Problem: Unplanned Maintenance Costs

Unexpected repairs can be a headache for any asset manager. Whether it’s corrosion on a building membrane or a crack in a skylight, not knowing how much repairs will cost—and when they should be done—can make it difficult to manage budgets and keep everything running smoothly. According to the Facility Management Association of Australia (FMA), nearly 30% of all maintenance costs are unplanned, and these unforeseen expenses often result in higher costs due to rushed repairs and emergency fixes.

Without a proactive approach, these unplanned repairs can lead to downtime, tenant dissatisfaction, and safety risks, all of which can put a strain on your resources.

Why a Repair Cost Estimator is Essential

The Repair Cost Estimator is more than just a feature—it’s a critical tool that helps you stay on top of maintenance and ensure you’re making the best possible decisions for your assets. Here’s why it’s essential for facility and asset managers:

1. Prioritisation Based on Data: Instead of relying on guesswork or gut feelings, the Repair Cost Estimator provides data-driven insights into which repairs are most urgent. It ranks repair tasks by priority—high, medium, or low—based on the severity of the issue, so you can focus on what needs immediate attention and budget for less urgent tasks accordingly.
2. Instant Cost Estimates: The feature provides real-time repair cost estimates directly within your condition monitoring system. This means you don’t have to wait for external contractors or third-party quotes before taking action. For example, if corrosion is detected on an external membrane, you’ll instantly know it’s a high-priority repair costing approximately $1,433.50.
3. Improved Financial Planning: By having access to accurate cost estimates, you can manage your budget more effectively. Well-planned maintenance activities can reduce repair costs by up to 20%. Knowing the expected costs upfront allows you to allocate funds more efficiently, preventing unexpected budget blowouts.
4. Clear Communication with Stakeholders: Whether you’re presenting to senior management, building owners, or tenants, having clear, real-time data on repair costs allows for more transparent conversations. The Repair Cost Estimator gives you solid figures, making it easier to justify your decisions and demonstrate the value of proactive asset management.

How We Calculate The Estimated Amount

At Asseti, we calculate repair costs using a combination of proprietary data and localised factors to provide accurate, real-time estimates. Our algorithm considers multiple variables, including component material costs, the specific issue type, and local hourly labour rates, ensuring our estimates reflect real-world conditions. This approach allows you to make more informed, data-driven decisions when managing repairs and maintenance, saving time and optimising costs across your portfolio.

Practical Application

Consider this: corrosion has been detected on the external membrane of one of your buildings. Without a tool like the Repair Cost Estimator, you’d have to wait for quotes from contractors or potentially leave the issue unchecked until it becomes a bigger problem. By the time you get an estimate, the damage may have worsened, leading to even higher repair costs or, worse, the need for a complete replacement.

With Asseti's Repair Cost Estimator, you're instantly alerted to the issue, shown that it's a high-priority task, and provided with an estimate of $1,433.50 for the repair. This allows you to act immediately, fixing the problem before it worsens—and before it further impacts your budget. Moreover, it empowers you to challenge repair quotes, ensuring you're not overcharged by local tradespeople.

Part of a Comprehensive Asset Management Platform

It’s worth noting that the Repair Cost Estimator is just one of the many capabilities offered by Asseti’s platform. As a facility or asset manager, having a comprehensive, data-driven tool at your disposal not only helps you stay ahead of maintenance but also supports your long-term asset management strategy.

From monitoring the condition of assets to providing actionable insights on repair costs, Asseti’s platform is designed to simplify your role and help you make smarter, faster decisions that benefit both your facility and your bottom line.

Take Control of Your Asset Management

In an industry where unplanned maintenance can cause major disruptions, having the right tools to estimate repair costs and prioritise tasks is essential. With Asseti’s Repair Cost Estimator, you can reduce the risk of costly, unplanned repairs and take a more proactive approach to asset management.

By using this feature as part of Asseti’s broader asset management platform, you’ll not only keep your facility running smoothly but also make informed decisions that extend the life of your assets and improve your financial planning.

Is it time to take control of your repair costs and move away from reactive maintenance? Get in touch with us today to see how Asseti’s Repair Cost Estimator can transform your approach to asset management.