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ASSET TAGGING: HOW DOES IT BOOST THE BOTTOM LINE OF MULTI-UNIT PROPERTIES?



SAMANTHA LILE



How do multi-unit property owners track all their physical assets? Just think
about all the appliances, equipment and tools involved in operating multi-unit
properties: movable assets like vehicles, power tools and smartphones, as well
as fixed assets such as bridges, buildings and HVAC equipment. That’s a lot of
inventory to track. When assets slip through the cracks, expensive
inefficiencies, repairs, as well as dissatisfied tenants are sure to follow.
Without asset tagging, a property owner might not even know when a theft has
occurred. 

Asset tagging is an integral element of facilities management, and it occurs
when physical assets are labeled with unique identification numbers, QR codes or
barcodes in order to better track and monitor them. Asset tagging doesn’t
consist of labels alone. The tags and equipment details are entered into a
database, and specialized software organizes the physical inventory, tracking
details such as age of equipment, applicable leases, warranties and insurance,
usage, efficiencies, and scheduled preventative maintenance. Some even predict
needed repairs and replacements before malfunctions put assets out of service. 


WHAT IS HVAC ASSET TRACKING?

In terms of HVAC assets, asset tagging helps property owners and operators
organize the usage, history and maintenance requirements of property furnaces,
air-conditioning units and ventilation systems. Not only is the equipment
labeled, but asset tracking and management software provides valuable insights
that help to improve efficiencies and minimize costly malfunctions. 

When HVAC assets are tagged and tracked, each piece of equipment will be
assigned a number or other label, and a profile will be created, including
details such as:

 * Make and model of equipment
 * Location of the asset
 * Date asset was deployed
 * Serial and model numbers
 * User and repair manuals
 * Current state of equipment
 * Date of last preventative maintenance
 * Dates and types of any repairs made
 * Testing criteria and results
 * Product specifications
 * Photos

 


WHAT ARE THE BENEFITS OF ASSET TRACKING?

Asset tracking is valuable to property owners for a variety of reasons,
including cost savings, improved tenant satisfaction and added value to the
overall business. 

Specifically, HVAC asset tracking boosts multi-unit property’s bottom lines in
the following ways:

 * By documenting the details and histories of physical assets such as HVAC
   equipment, asset tagging helps ensure preventative maintenance is competed on
   schedule. Improved preventative maintenance results in better HVAC
   efficiencies and fewer malfunctions, both outcomes that make for happy
   customers. 
 * Asset tagging improves the safety of HVAC systems by organizing preventative
   maintenance schedules and predicting needed repairs. Poorly maintained HVAC
   equipment can be prone to dangerous gas leaks, frayed wires and electrical
   shorts, while well-maintained assets are safer for both occupants and the
   overall property. 

 * By tagging HVAC assets, multi-unit property owners and operators can better
   manage equipment costs. After all, while repairs are usually less costly than
   replacements, too many repairs can accumulate to more than the HVAC unit is
   worth. Likewise, poorly functioning equipment can result in high energy usage
   and associated costs. At some point, it is more cost effective for the
   property owner and the tenant to replace faulty assets. 


HOW DOES MOTILI ASSET TRACKING BENEFIT HVAC CUSTOMERS?

Motili launched its own asset tagging service with a 2020 update to its mobile
app. The Asset Tagging Wizard walks contractors through the entire process of
tagging and inventorying HVAC and hot water assets. By cataloguing all of a
multi-unit property owner’s HVAC properties, Motili clients gain access to
valuable insights through the company’s Motili Asset Condition Index reporting. 

“Motili’s new, updated mobile app with the Asset Tagging Wizard provides
contractors with the ability to more easily and quickly complete work orders and
SLAs for Motili’s customers,” Motili President Karl Pomeroy said in 2020. “We
look forward to seeing how the new wizard enables the time savings to accrue and
how that will translate to hours and dollars saved.”

An HVAC asset indexing system proprietary to Motili, MACI examines various data
indicators, including age, condition, energy efficiency and refrigerant type.
Based on those details, the app assigns each physical asset a score that
determines when equipment will need preventative maintenance and repairs. When
HVAC assets are running efficiently and effectively, property owners save on
energy costs and repairs, and they also enjoy improved tenant satisfaction. In
fact, multi-family communities have been known to experience 20% increases in
resident satisfaction after implementing Motili’s Asset Management program.

MACI has been shown to increase tenant satisfaction based on:

 * Proactively replacing aging HVAC and hot water assets before they experience
   downtime
 * Creating an executive overview of a client’s full HVAC portfolio, which
   facilitates improved planning and scheduling of capital improvement.
 * Determining which HVAC and hot water assets need replaced and when the
   replacement is needed.
 * Asset tagging isn’t the only way Motili boosts multi-unit property owner’s’
   bottom line and increases tenant satisfaction. Proactive preventative
   maintenance provides a variety of benefits, particularly more efficient and
   effective heating and cooling. This increases comfort and reduces energy use
   and costs. Motili’s HVAC Efficiency Tool goes a step further by calculating
   carbon emissions associated with HVAC operations. The tool also calculates
   the ROI time needed to reflect energy savings as compared to the costs of
   equipment and installation. 

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