One of the biggest keys to being successful in the property management business is finding ways to cut costs wherever possible. The lower your expenditure, the higher your overall profit and the healthier your company will be over the long haul. Aside from the money saving tips you can use in your office that we’ve shared in previous posts, there are also ways that you can maintain your properties that will save you money over time. Here are six things that you can do at your properties to start saving today.
Keep grout lines clean and sealed
One tiny opening in a grout line can spell expensive disaster over time, as water can seep in and cause everything from mold to rot. Avoid this by always making sure any grout lines within your property remain clean and adequately sealed. If you notice a problem, take care of it right away.
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
Invest in a carpet cleaner
If you stay on top of keeping the carpets within your properties clean, they’ll last much longer and save you from having to keep replacing them every time a tenant moves out. If possible, work with your tenants to schedule cleanings every 6 months or so. Most renters appreciate this service, and you’ll get the benefit of knowing your carpets are being well-maintained.
Fix leaks immediately
Even a dripping faucet could be costing you a lot over time, so make sure any leaks reported to you are properly fixed as soon as possible. Not only will this cut down on water costs, but it will prevent the possibility of future water damage.
Keep a close eye out for pests
You should be inspecting your properties regularly for any signs of pests getting in, such as rodents or insects. If you catch these issues early enough, you could save a lot of money on future extermination fees. You’ll also be keeping your tenants happier by keeping their home pest-free.
Keep a clean chimney
If your properties have chimneys, it’s important that you have these appendages inspected and cleaned at least once a year. Being proactive can keep the costs of chimney maintenance down and can reduce the risk of a dangerous and costly fire to your property.
Stay on top of routine preventative maintenance
Most large appliances, like furnaces and HVAC units, come with the option of routine maintenance. While it may be tempting to forgo having to pay someone to come out and service your appliances every so often, it’s much less expensive than having to pay for a significant repair or replace them if something goes seriously wrong.
Not only will these simple property maintenance tips save you money, but they’ll also go a long way toward keeping your tenants happy and healthy, which will reduce costly turnover. The more you save, the more profit you’ll turn and the more successful your business will be over time.
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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.
