Asset Preservation Project Management
When either an individual buys or builds a residence/home or a developer buys or builds either a commercial property or a multi-unit residential property (apartments or condos), it is considered an investment. To an individual it is probably the biggest investment in their entire life and to a developer, the significance of one property will depend upon the investment in one building compared to the size of their overall real estate portfolio.
Real Estate Properties need asset preservation maintenance as they age – these are usually big ticket items such as roofs, elevators, concrete spalling or waste and vent line replacement. In addition, local rules and regulations change and where grandfathering is not an option, buildings are forced to spend money to be locally compliant – for example the upgrading of fire alarm and sprinkler systems in multi-unit complexes. Over the past 25 years added to the aging process of a building has developed the construction defect element which normally takes the form of a Class Action against the provider of a component of the building’s structure/infrastructure. This may be related to the quality of product (and subsequent failure) used in the construction or sometimes the installation of same.
Consumer Plumbing Recovery Center (“CPRC”) handled a $1 billion Class Action between 1995 and 2009 relating to a polybutylene plumbing system (PB). It involved claims management as well as oversight of over 350,000 replumbs nationwide. Such cases are handled under the umbrella of a Court.
As the PB case closed out, the Management Team from CPRC formed Total Class Solutions LLC (“TCS”) in 2007 to handle Construction Defect Projects as well as other types of Class Actions. (see Construction Defect Litigation page). At the same time an opportunity arose to oversee the re-piping of the potable water system of the Ko’olani Condominium high rise luxury building on the island of Oahu in the State of Hawaii. This complete re-piping of all occupied 367 condo units was required due to defective plumbing products being installed by the original developer.
With such knowledge and experience in place as part of a litigation environment, it became very clear that similar oversight know-how was needed when it came to Asset Preservation Project Management.
A significant number of condo and apartment buildings were built in the 1960s and 1970s in Hawaii and despite reserve studies being performed on a regular basis, HOAs and AOAOs had not taken the appropriate steps to maintain their buildings.
Added to the aging population of many properties, it was clear that many of the HOAs and AOAOs needed help and direction. TCS created a niche as an Owner’s Representative.
An owner’s representative is exactly what it sounds like, a representative of the owner of a construction or remodeling project of a building.
The owner of a building is mostly interested in the final product after the construction or renovation has been completed. However, owners generally are disadvantaged when it comes to dealing with a general contractor and the construction of their project since the elements of construction are not normally part of their daily lives. This creates the need for a skilled oversight management professional to protect the interests of the owner.
An owner’s representative has many responsibilities during the course of a construction or remodeling project. The design must meet the owner’s needs for both function and aesthetic appeal. Bids must be solicited, change orders analyzed and approved, and the budget must be managed, as well as the general management of the prime contractor and or its subcontractors.
Total Class Solutions LLC can help owners every step of the way in such asset preservation projects from inception to completion at a fixed cost. For a sample of projects handled to date, see the Asset Preservation page.
Ensure quality service
Ensure timely service
Minimize change orders and their impact on the project
Keep the budget in check
Provide maximum protection from contractor default and litigation
TCS has assembled a first-class management team in Hawaii to handle the oversight of Asset Preservation projects. See the About Us page for more information about the TCS Team.Back to top