4 Smart Ways You Can Reduce Property Management Costs
The cost of living continues to rise, and naturally, people have to think about cost-saving measures. Business owners and property managers are no exception.
Property managers need to find a way to keep overhead expenses low and tenant morale high, and property management companies are fishing for smart ways to keep costs down; from utilities to building maintenance and everything in between.
If you call in the above categories, here are four ways that may be able to help you lower the operating expenses at your rental property.
1. Save water
A lot of owners and managers are never aware of how much water is being wasted at their properties.
Did you know that undetected leaks have the capacity of increasing your water consumption by nearly one-third of regular usage rates? A small leak can drown your profits down the drain. It is important to watch your water meter closely to spot sudden increase in water use. A leak could also emanate from somewhere underground, and it may be causing significant water damage as a result. Identify the problem and have it fixed immediately.
Another important step is to reduce the rate of use. Consider incorporating special features designed to improve the tenant experience while also making the costs of daily operation more affordable. For example; installing highly-efficient alternatives for plumbing fixtures. These include dual-flush toilets, which reduce water use by up to three gallons per flush, and water-efficient showerheads that boast a flow rate of less than traditional showerheads. If that is a bit costly, there is another option: Instead of new fixtures, consider buying aerators and installing those on your faucets and showerheads. They are proven to be more efficient by comparison, even if they don’t offer the same conservation rates as entire fixtures.
2. Switch up landscaping
Your choice of landscaping can be a tremendous strain on your resources. Consider swapping out your bushes, trees and grass for less water-dependent options. Reduce grassy areas in favour of more inviting common areas that your tenants can enjoy without the need for costly water sprinklers and irrigation systems. This will help to dramatically lower your costs.
3. Go green
Going green is the in thing for Property managers. More energy-efficient options are being installed in rental units as it is affordable. Reducing your building’s energy consumption leads to a reduction in the water usage. Plus, green energy incorporates a variety of measures aimed at reducing carbon footprint and saving money on your energy bills – a win.
Use of smart thermostats have become increasingly more popular as consumers can program these devices to turn the air conditioning on and off automatically — even when they’re away from home. And LED lighting is the way to go now. Install this in common areas and outdoors and save money in the process.
You should also consider installing energy-efficient washers and dryers for tenants. If you supply the appliances in your units, look for refrigerators that come highly rated for energy efficiency. Taking the time to evaluate the electricity bill in your properties can also give you a clearer picture as to how much energy you could be conserving.
4. Regular maintenance
Failure to practice even the most basic maintenance on your properties could lead to more problems later. Today’s building materials are built to last, but when they are neglected, they will degrade much quicker than you may anticipate.
In most cases, the reason for costly repairs is due to a part of the property that wasn’t regularly cleaned. For instance, branches, leaves and other various debris can collect on the roof of a house or an apartment building and cause serious damage if left unchecked. A damaged roof is a leaky one, and that is very expensive to repair.
A well-maintained rental property continues to generate revenue because tenants want to live there. All of these ways mentioned above require financial investment. But you need to keep in mind that spending a little now can make sure you pay a lot less later on.