For many property managers, general managers, or facility managers, elevator maintenance issues often fall into the category of “out of sight, out of mind.” As long as the elevator is running it is ok. Until someone complains. Until an elevator breaks down. Until an inspector cites a violation. Or worse—until someone gets injured.
Instead of tackling problems head-on, some managers delay critical repairs, missed maintenance, constant callbacks, avoid informing ownership, or sugarcoat elevator issues because they fear the impact on the owners financial metrics. But this strategy is short-sighted. Neglecting elevator maintenance doesn’t make problems disappear it usually makes them more expensive, more dangerous, and more disruptive.
If you manage a commercial building, hospital, hotel, condominium, or retail space with elevators, you cannot afford to ignore maintenance issues. Here’s why pushing off elevator problems is one of the most damaging decisions you can make—and what you should do instead.
Deferred Elevator Maintenance: A Ticking Time Bomb
When an elevator issue is ignored, it doesn’t resolve itself it gets worse. What starts as minor operational inefficiencies slower ride times, unusual noises, leveling inconsistencies can escalate into major failures, costly emergency repairs, and extended downtime. It is always in the best interest to address these sooner than later, the elevator service company does not mind doing costly repairs because they will make more money especially if it is emergent.
Delaying maintenance for financial reasons often backfires in the following ways:
Increased Repair Costs
It is common for routine elevator maintenance to be skipped. Some buildings think this is okay because the elevators are running. Think again. Small issues like a worn cables, misaligned doors, or failing relays can be repaired inexpensively if caught early. If ignored, they lead to complete part failures, system malfunctions, and emergency repair costs that can be significantly higher even 10X higher.
More Frequent Breakdowns
An elevator that hasn’t been properly serviced will experience more unplanned shutdowns, entrapments, and downtime. This affects tenants, guests, and visitors ultimately damaging your building’s reputation and having frustrated users. It is common for the building to experience higher elevator costs to service these issues usually on a callback which can be costly.
Compliance Violations & Code Fines
Many jurisdictions require buildings to meet strict elevator safety codes. If issues are left unaddressed and a city inspector finds violations, you could face hefty fines, compliance orders,
and even forced elevator shutdowns. If required maintenance is not completed before inspections it snowballs and jurisdictions require work to be completed within a timeframe and if it is not completed more fines can occur. In today’s times elevator service companies have a shortage of labor and it is typical to have long lead times to have any work completed.
Decreased Property Value & NOI Impact
A well-maintained elevator enhances tenant satisfaction and retention. Frequent breakdowns, extended downtime, and safety concerns hurt leasing potential and property value. Owners who are blindsided by major elevator expenses will see their NOI and IRR take a hit far worse than if maintenance had been properly managed from the start.
The Right Approach: Transparency & Proactive Maintenance
Rather than concealing or postponing elevator issues, property managers, general managers, or facility managers should adopt a proactive strategy that includes:
Maintenance Contract Service Visit Logs
Not all elevator service contracts are created equal. Many property managers, general managers, or facility managers assume their service provider is handling everything until a costly repair pops up. Having an elevator consultant review your contract and maintenance records ensures you’re getting the service you’re paying for. It is also important for buildings to keep their own service logs whether writing them down at a common area or using the ElevatorApp to do it electronically. This is such a critical step that is missed by 90% of people.
Honest Reporting to Ownership
Keeping owners informed about necessary elevator work protects their investment. Rather than hiding or delaying elevator expenses, communicate the risks and potential long term savings of addressing issues now instead of later. In our experience it is common to see property managers, general managers, or facility managers delay or hope that the elevators can be repaired through routine maintenance and most of the case this is not what happens.
Modernization Planning
If your elevators are aging, waiting for a total failure is not a strategy. A consultant can help you develop a phased modernization plan that aligns with your budget and prevents disruptive failures. There are numerous strategies that a building with elevators can undertake when their equipment is no longer reliable or prevalent in the marketplace. An elevator consultant can help with a building to meet their budget and their operational goals.
Ignoring Elevator Maintenance Is a False Economy
Deferring elevator maintenance is a gamble and one that rarely pays off. What appears to be a decision today can turn into a financial, operational, and legal nightmare in the future when elevator maintenance is ignored. Buildings may not intentionally ignore elevator maintenance
that should be routine it is just difficult for any property manager, building engineer, or facility manager to monitor when an elevator is being serviced.
Building owners and asset managers rely on property managers, building engineers, or facility managers to protect their investment, not jeopardize it. A proactive elevator maintenance strategy isn’t just a good practice it’s a necessity for maintaining property value, compliance, and tenant satisfaction. Most buildings have an elevator maintenance service contract which is to be a proactive preventative maintenance contract however in today’s times these contracts are written with terms and conditions that favor the elevator service provider. It has terms in them that are vague and not clear to exactly what is to be completed in the contract. At a bare minimum property managers, building engineers, or facility managers should make sure that the elevators are serviced in an orderly fashion to maintain its life cycle. An elevator consulting firm can definitely help any building with elevators in this process.
If you need expert guidance in evaluating your elevator service, managing repairs, or need a elevator audit also called and elevator service audit or elevator assessment, The Elevator Consultants can help. Our team provides independent, data-driven insights that keep your building running smoothly and cost-effectively.
Don’t sweep elevator maintenance under the rug because when the floor collapses, the fall is expensive.
FAQs About Elevator Maintenance & Financial Impact
How does neglected elevator maintenance impact NOI and IRR?
Delays in maintenance lead to increased repair costs, increase labor cost, frequent downtime, tenant dissatisfaction, and potential compliance fines all of which lower NOI. Additionally, unexpected capital expenses from breakdowns or emergency repairs reduce IRR over time.
What’s the best way to present elevator issues to building owners?
Be transparent and present a data-driven assessment referred to as an elevator audit (or escalator audit), elevator survey, elevator assessment or elevator performance audit. This will outline the current issues, potential risks, and the financial benefits of addressing them proactively. Using an elevator consultant will provide a building with eh true information needed to make decisions.
How can I tell if my elevator service provider is doing their job?
Review your service contract and maintenance logs. If you’re experiencing frequent issues or breakdowns, receiving unexpected repair proposals, or seeing delays in service response times, an elevator audit can confirm whether you’re getting the service you’re paying for.
What’s the most cost-effective way to handle aging elevators?
Instead of waiting for failure, develop a long-term modernization plan. Phased upgrades, if it is possible, can help you spread out costs while improving efficiency and reliability.
When should I involve an elevator consultant?
If you’re dealing with persistent elevator issues, have elevator concerns or questions, uncertain about maintenance contracts, questions about a proposal, need a new elevator maintenance service contract, or considering modernization, involving a consultant early can prevent costly mistakes and ensure you’re making informed decisions.
Protect Your Building’s Value—Take Action Today
Elevator maintenance is key it is an expense you are already paying, an investment in your building’s performance, tenant satisfaction, and long-term financial health.
If you’re unsure whether your elevators are in top shape, let The Elevator Consultants help. Contact us today for an independent elevator assessment and ensure your building remains safe, compliant, and financially sound.