Property managers are hired to manage complaints from tenants but are also expected to keep the costs for management as low as possible in order to increase profitability. While this is a tough challenge, there are some proven ways that property managers can get better results over the long term. Here are the top 7 ways to increase profitability for property managers.
1. Monitor Utility Usage
When you receive your monthly utility bills, you should check them carefully to ensure that there are no irregularities. A spike in a utility bill may indicate that a repair needs to be made or that you need to update the building with energy efficient improvements.
2. Turn Off the Lights
If you want to lower your electricity bill, start by turning off the lights when they aren't in use. Additionally, the majority of spaces in a building tend to be over-lit, which wastes electricity. Consider upgrading the lights to more energy efficient lighting and installing motion sensors that will turn off the lights when they are not in use.
3. Lower Water Usage
For the water bill, you may consider reducing the number of waterings each week for the property grounds. Installing shrubs and plants that require less water, such as evergreens and ornamental grasses are a few types of plants that can offer color and structure while needing less water.
4. Upgrade Heating and Cooling Systems
Upgrade your heating, ventilation and air conditioning (HVAC) system can help you to lower your energy bills and make your property use energy more efficiency. If your HVAC system is older than 10 years, then it is probably time for an update. The options for your system will depend on your specific needs. However, before you start, you should have a technician check to make sure that the ductwork is properly sealed, that the thermostat works and that you have adequate insulation. Many times, these issues can actually be the source of your high energy bill problems.
5. Reduce Fan Running Times
If you are constantly running fans or motors in the building, you should reduce the amount time of that these items are running. By doing this you can cut electricity costs and you may also be able to slightly increase the lifespan of your equipment.
6. Fix Leaks
Leaks should always be repaired promptly by a qualified plumber. By repairing leaks, you will save on your water bills and you can also avoid the costly repairs that can result from water damage to your property.
7. Find a New Cleaning Company
Maintenance for your property is an unavoidable cost. However, it is a good idea to periodically review the costs of the cleaning services and see if you can find a better deal. Hiring a new cleaning company to handle the maintenance for your building can help to lower your costs and may also result in a cleaner property.