It’s no secret that the economy isn’t what it used to be, and perhaps no industry has felt the impact more significantly than the real estate industry. Property management professionals across the globe have had to make adjustments and cut costs wherever they can in order to stay afloat and continue to realize profits. Cutting back on expenses is never easy, but there are a few ways that you can save some money without having to sacrifice service or efficiency. Here are 5 simple ways that you can start cutting costs in your property management business today.
Go Paperless
Cutting back on the amount of paper you use can have a huge impact on your bottom line. It’ll also help you reduce your carbon footprint on our precious environment. Plus, not only will you save money on the amount of paper you’d be purchasing, but you’ll also save money on ink and toner and mailing costs. (If you need help getting started, check out our article that highlights 5 simple ways to bring your property management organization paperless.)
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
Be Smart About Travel
There’s probably no way around having to travel to the various properties you manage, but you can save money on fuel by being smart about how you plan your route. Whenever possible, take the time to arrange your route by geographical location so that you’re not traveling back and forth over long distances. Group properties by location and schedule visits accordingly.
Leverage Social Media Marketing
One of the biggest expenses for property management professionals is marketing materials. It’s a necessary evil, right? Well, yes – you do have to market in order to be successful, but how you choose to do so can save you money in the long run. Social media provides the perfect platform on which to increase brand awareness and gain more reach, and it doesn’t cost a dime! Balance your print advertising with more social media marketing and you’ll notice a significant savings almost immediately. (Here’s a guide on choosing the right social media strategy to help you get started.)
Pay Attention to Energy Costs
You obviously have to keep your office at a comfortable temperature, but you might be surprised at how much of an impact just adjusting the thermostat a little bit can have on your utilities bills. Consider lowering the heat just a little in the winter and knocking back the air conditioning in the warmer months and you might just see some savings on your next invoice.
Invest in the Right Tools
You’ve heard the expression “you have to spend money to make money”, but sometimes investing money can also save you money in the long run. When you use the right tools, such as property management software and other cloud technology, you can better streamline your operations, improving efficiency and productivity, which means a better bottom line in the long run.
Being successful in today’s difficult economy is a challenge, but when you know the right areas to cut costs, you’ll have a much better chance of not only surviving, but thriving in these trying times.
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Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
