Steps for Creating a Budget for Your Roofing Portfolio
Roofing project costs may vary greatly from one project to another, but one thing’s certain: you need to budget for them wisely. It doesn’t matter whether your portfolio has a dozen roofs or a hundred, planning your roofing budget takes a lot of consideration to avoid making costly mistakes that could blow your budget and leave your facilities vulnerable to leaks and damage.
Step 1: Take Inventory of Your Assets
In order to accurately create a budget for your roofing portfolio, you need real-time data on all of your assets. This is necessary to allow roofing professionals to help you establish an accurate budget. To get this data, you will need to work with your roofing contractor to get up-to-date information on all of the roofs in your portfolio. Here at RoofConnect, we keep every bit of data we pull from each property we have ever worked on, to give you a complete historical view of the repairs and maintenance performed during our service history.
Step 2: Prioritize, Not All Repairs are Equal in Urgency
By completing step one, you can now focus on prioritizing which of your properties need to be repaired first. While you may have a large number of properties that need repairs and maintenance, you should first focus on the roofs that are in average to good condition. Roofs in this condition are the best place to start because you can prevent them from deteriorating in bad or worse conditions, which are often impossible to fix, and pouring money into repairs is a bad investment. Average roofs can be made into good roofs and good roofs are easily maintained and can be managed relatively cheaply.
Now that you have a plan for these properties, you can then focus on your bad properties and getting them back into shape.
Step 3: Plan Your Repairs
Planning saves money, period. Nobody is going to give you preferred pricing while rushing out in a rain storm to perform a temporary repair (which is all you can do while it’s raining). Proactive repairs are, on average, $.04 a sq ft while reactive repairs are closer to $.16 a sq ft.*
Not only are reactive repairs 4 times as expensive, but they are much less effective. For example, having your roofing contractor rushing out in an emergency to make repairs means the roofer is going onsite without knowing precisely what materials and tools they will need to complete the repairs. Roofing contractors are much more productive when planning out the repairs, getting the right materials and tools, and performing the work in accommodating weather while fitting it into their routes.
Effectively planning out your budget creates organization and helps eliminates surprises from unforeseen expenses, roof performance issues, and out-of-control invoices from roofers.
Step 4: Find a Reliable and Trustworthy Contractor to Partner With
Partnering with a large roofing contractor, like RoofConnect, can be very advantageous. As an example, these larger contractors can leverage your warranties. For example, most school districts do not get value out of their warranties because they try to negotiate with the manufacturers themselves. You can partner with a larger contractor, who buys the materials themselves, to negotiate for you. Working effectively with manufacturers is the key to making sure warrantable problems don’t blow the established budget because it wasn’t addressed properly.
A reliable and experienced contractor will have the ability to service your roofing needs over a large region, or as in RoofConnect’s case, the entire country. This allows them to quickly address a small, $1,000 problem and prevent it from becoming a $20,000 catastrophe or worse, a complete replacement that would completely derail your budget.
Step 5: Join Our Leak Free Program
RoofConnect offers an asset management program we call our Leak Free Program. We will work with you to create a detailed budget to manage your roofing portfolio for years to come.
Benefits of Leak Free Program:
- Gives the customer complete control over budget expenses.
- Provides budget planning for large-scope repair items.
- Annual repair costs decrease over time while extending the useful life of your roofs.
- Roof Life expectancy grows from 10-15 years to 25+ years with routine roof maintenance.
- Provides budget plan for replacement (no unexpected capital projects).
Below, we have provided a free case study showing the benefits of using RoofConnect’s Leak Free Program over a 5 year period. You to download your free copy below.
RoofConnect Can Help
If you’re looking for help with your 2021 roofing portfolio budget, RoofConnect is here to assist you. It’s as easy as filling out and submitting the form below!