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4 Tips to Reduce Your Property Management Costs

Moneymagpie Team 19th Aug 2024 No Comments

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Whether you own a business or are renting a property, you must take care of property management. Upkeep your property is often as important as its main purpose, and failing to do so can be costly. Since property management can be expensive, it’s also important to look at what you can do to reduce costs and make your system as effective as possible. Below, we provide four tips to reduce your property management costs.

Utilize a Property Management Call Answering Service
Keep Up With Preventative Maintenance
Shop Around for Energy Suppliers
Compare Options for Cleaning and Maintenance

Utilize a Property Management Call Answering Service

How many times have you had to pay someone callout rates to deal with a property issue, or had to rush to the property to let a contractor in? This can easily be avoided if you outsource your calls and look at a property management call service. This ensures your property can always be contactable, even on off hours. It can also offer a cost-saving depending on the type of property as you won’t need to hire a full-time receptionist.

Keep Up With Preventative Maintenance

We get that it seems easier to fix problems when they arise, but a more cost-effective approach with property management is to employ preventative maintenance. With preventative maintenance you are spending a little in advance to fix problems that could cost a fortune in the future.

Consider implementing a preventative maintenance checklist with things that you replace before they are broken such as lights, locks, heating, and decor. This should be reviewed on a regular basis. You should also ask for suggestions from people working or living inside the property and that they report any maintenance issues immediately.

Shop Around for Energy Suppliers

The energy sector is continually evolving, as are suppliers and costs. If you shop around, you can often find cheaper suppliers who offer the exact same service and level of customer support. Additionally, many energy suppliers offer introductory rates for new customers which could give you an initial saving for the first year for example. Be proactive with your energy supply and make sure you are getting the best value for money.

Compare Options for Cleaning and Maintenance

Cleaning and maintenance are important parts of property management but they can also be expensive. If you have in-house cleaners or are even doing the job yourself using cleaning hacks, now could be the time to outsource.

Using an external cleaning and maintenance company could save you in the long run as you won’t have to pay a fixed salary but only for the work completed. It also means that any jobs you were doing yourself, you don’t have to worry about, thus freeing up your time for other business aspects.

Endnote

Start by looking at your energy supplier and swapping to a cheaper option if needed. This is the easiest step to take. After that, you can be proactive and implement a preventive maintenance checklist. From there, you can look at more advanced cost-saving methods like call outsourcing and cleaning providers.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.