Consider More Than Cost and Style When Restoring a Property
Choosing durable, easy-to-use faucets can save a property time and money
When maintenance supervisors and property managers make product selections for a community, cost is a major factor, if not the most important factor. When selecting faucets for a multi-family property, it’s important to consider lifetime costs – the investment required to maintain a product over its useful life – including installation, maintenance, repair and replacement.
In today’s challenging economic environment, it is critical for building maintenance supervisors and property managers to take all possible steps to reduce costs and improve the Net Operating Income (NOI) for their properties. When repairing or renovating a property, the true cost of a product actually includes three key factors: installation costs, maintenance costs and purchase price. Initial purchase price is easy to determine, but maintenance and installation costs may not be as obvious.
- Installation Costs. One way to determine these costs is by how long it takes technicians to install a kitchen or bathroom faucet. For example, a CFG faucet takes 35.4 minutes to install (including replacement time); versus 44.4 minutes for other ceramic disc cartridge faucets. These faucets contain features such as flexible supply lines, integrated foam gaskets and a standard cartridge design, which allow for faster installation. This time savings helps improve a plumbing technician’s overall efficiency; while contributing to a property’s bottom line.
- Maintenance Costs. To reduce maintenance costs expenses and diminish the need for future maintenance, look for faucets that contain a robust construction, durable PVD finishes, brass waterways and a ceramic cartridge design, which can combat service issues associated with hard water and line debris. This translates to lower operating costs and out of pocket expense, increased NOI, and ultimately, higher property values. Plus, it increases operational efficiency, returning units to service faster and creating more time for your maintenance team.
- Replacement Costs. By choosing a quality product you can extend the overall life of the faucet, reducing the need for replacement. Which is why when repairing units or renovating a property, it’s important to understand how even the smallest updates and changes – such as installing durable, low-maintenance faucets – can help reduce a property’s operating expense and positively impact its NOI over time.
By considering all of these factors, property owners and managers will have the opportunity to make a significant impact on the operational efficiency and overall value of the property or portfolio that they manage.
Article by Deena Cave, Brand Manager for Cleveland Faucet Group® (CFG), a Moen Incorporated brand.
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