Retirement living plays a crucial role in supporting Australia’s aging population. More than just housing, retirement villages offer seniors the opportunity to lead secure, low-maintenance, and connected lives.
The Retirement Villages Amendment Act of 2021 established a compliance framework to drive responsible and transparent asset management. While asset compliance is essential, it’s just the starting point for better asset management.
Retirement living operators face additional challenges beyond regulatory requirements. Aging infrastructure demands proactive maintenance to avoid costly repairs, and residents expect secure, low-maintenance environments that enhance their lifestyles.
By using advanced technology and adopting a data-driven approach, operators can turn these challenges into strategic advantages.
Benefits of a future-focused approach
With a strategic mindset, retirement living operators can unlock the full potential of their asset data. Take IRT for example.
In response to the Retirement Villages Amendment Act of 2021, they conducted a detailed assessment of their portfolio, comprising 28 retirement villages across NSW. Within just five months, they established a comprehensive asset register for 1,400 units including tens of thousands of assets, ensuring full compliance with the amended legislation.
Beyond compliance, IRT's strategic use of asset management technology delivered significant long-term benefits, proving the value of a future-focused approach:
Enabling financial ROI
IRT used accurate, real-time data to prioritise operational expenditures (OPEX) and capital expenditures (CAPEX) investments. Simplified and configurable reporting supported the decision-making process, enabling better financial returns through efficient asset upkeep and replacement spending.
Moving from a reactive to a proactive maintenance approach
A live asset register and condition-based assessments transformed their maintenance strategy from reactive to proactive. This shift reduced unexpected costs and downtime, extended the lifespan of assets, and avoided costly repairs by addressing potential issues early.
Informing village strategy via capital renewal and repurposing modelling
Detailed asset data allowed them to model and forecast capital renewal and repurposing needs. This insight directly informed their village strategy, enabling them to plan future investments, optimise asset utilisation, and extend asset life while maintaining operational efficiency.
IRT’s example highlights how operators can exceed compliance to achieve strategic planning, operational efficiency, and transparency for residents.
How technology empowers asset management
Great decisions start with great data. By harnessing technology for asset management planning, retirement living operators can predict the cost, risk, and performance of assets throughout their lifecycle – enabling them to plan and prioritise maintenance and CAPEX.
Advanced asset management planning technology provides:
Scalability
Modern asset management tools enable operators to scale seamlessly as their portfolios grow. Whether managing a single community or multiple sites, the platform should easily accommodate increasing volumes of data, assets, and users.
Repeatability
Consistency is essential for operational success. The right tools help standardise processes – ensuring that strategies and outcomes are reliable and repeatable across various locations.
A robust and consistent framework
Making informed decisions with a comprehensive framework built on real-time, actionable data is easy. From risk profiling to lifecycle forecasting, asset management planning technology empowers retirement living providers to make data-driven choices with confidence.
Integration
Integrating asset management tools into existing customer technology ecosystems significantly enhances operational efficiency. Operators can access up-to-date and accurate asset registers by seamlessly connecting with other systems, eliminating the need for manual data entry.
Advanced technology simplifies the entire asset management process for operators. By using data and technology, they gain clear insights and can take a whole of life approach to their assets – from procurement and maintenance to disposal.
Choosing a defensible solution for the future
With the right tools and approach, operators can transform asset management into a strategic advantage, unlocking operational efficiency, financial ROI, and resident satisfaction. As the retirement living sector anticipates the challenges and opportunities ahead, those who go beyond the minimum compliance requirements will be better positioned for sustainable growth.
Choosing a defensible solution ensures that your asset management approach can withstand scrutiny, whether from regulators, internal audits, or stakeholders.
AssetFuture’s methodology provides a defensible framework that is:
Accurate: Built on a condition-based methodology, it eliminates guesswork and ensures precise predictions for CAPEX and OPEX, free from subjectivity.
Simple and reliable: A trusted solution that consistently delivers dependable results. With configurable and simplified reporting, it supports decision-making for the aged living industry, operators, and residents alike.
Compliant: Seamlessly meeting regulatory standards, our framework protects operators from fines and enhances trust with residents.
AssetFuture’s proven methodology ensures compliance while enabling proactive, data-driven decisions that optimise the lifecycle of your assets. Whether you’re preparing for future regulatory changes or seeking to enhance your operational efficiency, AssetFuture is the partner you can trust for the next phase of your asset management journey. Contact us today to find out how our solution can help you with your asset investment decision-making.