There is a presumption that houses, apartments and buildings do not need maintenance as they are not assets, they are not even large pieces of machinery. Obviously they do not break down or tear like the assets do. But always remember that what matters the most in Preventive Maintenance is taking Preventive Actions. Prevent the issues before they even occur, at least decrease the frequency of effect. This Preventive Maintenance can play a major role, as these issues can build up and become massively expensive. In later stages the issues can be difficult to fix if they are not dealt with on time. It can even be dangerous for the tenants living in the building.
Let us assume that some property manager started seeing some insects more than what they generally noticed. They presumed that they are just bugs and nothing else. They totally ignored it at that point. In later stages, they realised that the whole apartment is covered with fumigated due to insect infestation. Now this is going to be much more costly. What if they would have never ignored the incest situation in the very beginning.
It is also important to keep the infrastructure of the buildings intact, one can not let the leaves pile up in the gutters and under the roof, that might damage the whole infrastructure of the building and then cause trouble to the tenants. Hence it is important to take care of all this before it grows up and becomes a bigger problem which then leads massive cost.
HVAC systems, air filters, electrical devices and other things are also important to take care of not just the infrastructure. These can cause a real big problem for the building if ignored.
At the end only investing in Preventive Maintenance can save the organization from heavy losses. It is more like insurance; you might see it as useless until some real problem arises which might cause heavy losses. For example, if a tenant notices fungus growing in their bathroom which then they ignored can cause a major problem for the whole premises and all the tenants and also lead to heavy losses. Hence, set up a solid Preventive Maintenance Program and avoid all these kinds of issues.