What is an Elevator and Escalator Strategy?
Simply stated, an elevator and escalator strategy is a detailed plan to proactively inspect, maintain, manage, audit, and upgrade elevators and escalators.
Why do I need an Elevator and Escalator Strategy?
The intention of an elevator and escalator strategy is to:
· Have a thorough understanding of the condition and risk of each elevator and escalator
· Increase elevator and escalator reliability
· Decrease elevator and escalator failures and building disruption
· Decrease unexpected trouble call and repair costs
· Increase the beneficial life of the elevators and escalators
· Budget for repairs and modernizations proactively to reduce price and disruption
The elevator and escalator industry is very niche and knowledge is not widespread, even within facilities management and property management. We consistently find customers are only receiving approximately 50% of the value of their elevator and escalator contracts. Lack of maintenance results in equipment malfunction, high-priced repairs, and early modernization. Without a well-developed strategy or in-house elevator knowledge, building owners and managers can get stuck in costly reactive cycles. These cycles often end in high-priced emergency repairs, breaking the budget and disrupting tenants.
What does an Elevator and Escalator Strategy entail?
At AuditMate, our elevator and escalator strategies are unique for each client’s needs. The strategy will vary based on your type of portfolio size, business type, type of equipment, age of equipment, and budget goals. The strategies will include:
A physical audit of all elevators and escalators to have a deep understanding of the equipment condition and risk.
o Audit of all elevator and escalator components
o Capital budget & lifespan analysis
o Vendor punch-list of any outstanding maintenance or repair work
o Project management and tiered approach to vendor punch-list
A maintenance scope of work and legal protections to extend the life of the equipment and control the budget. Each contract will include:
o Specific maintenance tasks based on your equipment
o Specific maintenance frequency
o Specific maintenance duration
o Clear obsolescence language
o Liquidated damages for failure to perform
Continuous vendor auditing and portfolio management to ensure 100% of the value of the contract is received and equipment is maintained properly.
o Maintenance auditing
o Invoice auditing & resolution
o Repair proposal auditing & negotiation
o Compliance auditing & risk reduction
o Expiration recommendation
o Vendor communication
o Liquidated damage collection
o Monthly contract Insight Reports
o Annual budgets
Repair and modernization planning and management to ensure a fair price and scope of work.
o Physical Inspection to determine the scope of work
o Audit of vendor’s proposals
o Proposal negotiation
o Vendor recommendation
Isn’t my elevator vendor already providing an Elevator and Escalator strategy?
Elevator and escalator companies manufacture, install, maintain and repair elevators and escalators. Elevator and escalator companies are trusted vendors, but they are in the business of selling equipment and labor. It is important for building owners and property managers to have a strategy separate from your specific vendor. This allows for a holistic long-term plan which extends the life of the equipment and reduces costs using a proactive approach.
How do I get an Elevator and Escalator Strategy?
AuditMate believes that every building owner should have a clear understanding of their elevator and escalator portfolio and this is the first step of building a strategy. Due to this, we provide a Vertical Transportation Contract Analysis and propose a strategy designed for you at no cost.
Gather all your information
Your elevator and/or escalator contract
Your maintenance records
If your vendor is Kone, Otis, Schindler, or Thyssen Krupp – Request access to your online maintenance record portal
Invoices and proposals (Optional)
Compliance or inspection reports (Optional)
Schedule a 15-minute video chat with AuditMate
On a quick call, we will gather information about your equipment portfolio, condition, vendor relationship, and budget needs.
Upload your information
Follow the link in your Contract Analysis email
Upload your current contract
Provide access to your maintenance records
Review your Contract Analysis
A Mate will review your analysis over a video call. The contract analysis will include:
Elevator and escalator scope, terms, and conditions analysis
Equipment condition report