Rental Property Owners and Managers need to constantly look for ways to save money and increase
there bottom-line. Every dollar that is saved can go towards maintaining the property and improving
units in order to receive higher rent. Here is a list of some ways you can decrease overhead and increase profit.
Cutting Energy Costs- Leap, a company that specializes in saving buildings money on energy costs, lists several way landlords and property managers can save money on energy cost. Suggestions include adding insulation to walls, ceilings, or other parts of the building and replacing windows skylights, and exterior doors which product that meet energy star guidelines
(full list here)
Cutting Water Costs- Wasted water can be a massive unneeded cost for landlord overtime. Property owners and managers need to take basic steps to ensure that there are no leaky faucets or running toilets in their units. If you have a large property that needs a lot of irrigation then an advanced irrigation system might save you thousands. ET water uses weather forecast and other variables to determine how much irrigation your property needs and then sends a signal to your system to water the appropriate amount.
Lowering Property Tax- Deane Eastwood (partner in the Baltimore office of Ernsty & Young) suggests in his CCIM Institute blog post that property owners should analyze their local property tax laws to save money on property tax
Save on Insurance-City Builder Owners Insurance list 28 ways to lower your property insurance
costs. They recommend improving your risk factor by taking several steps which could lower
your liability and save you money on insurance premiums.
Having an Effective Property Management System- Property management takes time and
having building management software that has special features like the ability to run credit
reports and easily organize data can save you time and money. RISSOFT software for property
management is the best commercial property management software because it has exclusive
features that will save you time and money.
This post is provided by RISSOFT Residential and Commercial Property Management Software,
specializing in innovative and cutting-edge property management software for all 50 states. Request a
demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor
should it be considered a substitute for obtaining individual legal counsel or consulting your local, state,
federal or provincial tenancy laws.