Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Ways for a Property Manager to Save $$$$

Ways for a Property Manager to Save $$$$
  Perhaps the most crucial challenge facing a property manager is finding ways to cut cost and turn a profit.  The conscientious property managers are constantly looking for ways to meet this goal so, in preparing for this article, I reached out to a few clients and vendors who graciously shared their money saving ideas and experiences. One idea I found particularly interesting is to brainstorm with other property managers about common needs such as pest control, pool maintenance, trash collction, landscaping, etc. on how to reduce cost.  This economic approach is suggested by CCA Global Partners who created INNOVIA, a community management cooperative that provides members with opportunities to improve profitability.   "The purpose of INNOVIA is to bring together property management firms from across the United States so the services can be achieved at a greater discount than by going it on your own."   (Justin Gargiolo-senior VP of Corporate Management for Great North Property Management, 2013)  This method is designed to be an effective approach to cutting cost while maintaining quality services for residents.  Additional cost cutting ideas?  Start at the office by reducing  staff or closing on days when business is normally slow leaving the residents with an emergency maintenance number contact number.  Another office cost cutting idea is to "go green". This approach not only saves money but is good for the environment! Florida Power and Light (FPL) recommends switching from conventional light bulbs to compact fluorescent light bulbs (CFL) which will save as much as 75% on......
Continue reading
788 Hits