My business partner and I recently participated in a strata industry owner’s event where we enjoyed fielding lots of interesting questions, but there was one question, in particular, that stood out.
“How much does it cost to hire a lift consultant?”
Too often, the concepts of costs and investments are confused. Sure, you need to consider the costs of engaging a lift consultant, but it’s also worthwhile knowing that as a general rule, the consultant will save the strata plan money – and usually within a fairly short time frame.
Here’s how:
- Reduced service costs
Lift service agreements automatically escalate annually. If your contract has been in place more than three years, chances are it is now above the current market price. By leveraging their relationships with the lift companies, consultants can negotiate better rates and better terms. They can generally reduce annual costs significantly, and often by more than 50%.
- Improved preventive maintenance impacting lift safety and reliability
Lifts are designed “fail safe” but if yours breaks down more than a few times a year the maintenance is not up to scratch. Consultants provide service audits to identify what needs fixing and use their influence to make sure the lift company replaces worn or faulty components at their cost, as per their service contract.
- Saving your time and client dissatisfaction
An old or faulty lift generates heaps of phone calls and exhausting email trails. If a lift needs fixing, upgrading or replacing, your consultant takes the burden off you by communicating directly with the Strata Committee, specifying what needs to be done, organising tenders then supervising the work.
- Enhancing Property Value
A shabby and unreliable lift drags down the property’s value and can be a high safety risk too. A professional assessment of your lift will reveal if proper preventative maintenance is getting done or if an upgrade may be necessary. Rule of thumb, property value improves 2 x per dollar invested in the lift.
Conclusion
Lift consultants add value and save money – so engaging one is usually a pretty good investment.
Prepared by Rex Henning- Lift Consultant and Director at Equity Elevator Management