Top Three Ways Property Management Companies Can Keep Costs Down

Guest blog from Premiere Works

Property and facility managers know profit margins are tight. It’s important to keep your fees competitive, however, you also need to keep your business financially viable. Controlling your costs helps strengthen your budget.

Consider how these three areas could help you streamline your operations to make them more profitable and productive.

Invest in Energy Efficiency

Energy efficiency can help your profitability, and it can also appeal to potential renters who appreciate your efforts to be “green.”

The two main categories of energy efficiency are passive and active efficiency. You can improve passive efficiency by purchasing energy-efficient appliances and implementing low-flow toilets and showers. While these items may cost more upfront, the energy savings can be substantial over time.

Active efficiency means using less water and power during maintenance procedures and choosing reusable products instead of disposable. These methods may include changing HVAC filters, cleaning the condenser more frequently, and landscaping with plants that do not require frequent watering.

Implement CMMS Software

Computerized maintenance management system (CMMS) software organizes all of your property or facility maintenance work orders and service requests. CMMS software provides scheduling, tracking, and reporting tools, so you can improve your organization’s efficiency and productivity.

For property or facility managers, CMMS software also enables tenants to request maintenance service electronically, and the system will automate communication between your maintenance team and your service requestors. Implementing CMMS software helps you stay on top of scheduled tasks, plus tenants will feel more confident in your ability to address issues.

Establish a Preventive Maintenance Program

While implementing a CMMS is the best way to organize maintenance needs, an even better way to save money is to take care of maintenance tasks before they become a problem.

CMMS software helps managers establish a preventive maintenance (PM) program, so you can schedule of maintenance tasks and prepare your managed properties for the months ahead. These tasks might include maintaining HVAC systems, scheduling vendor visits, cleaning the gutters in autumn, installing storm windows before the rainy season, and cleaning the roof.

By controlling your costs, it’s easier to keep your fees competitive and provide the management services that your customers want and need. Take the time now to plan ahead. You can make your job easier—and more profitable.

Steve Fountaine is the Owner of Premiere Works, general contractors providing commercial property management in Maryland, Northern Virginia, and Washington D.C. Premiere Works’ other services include commercial painting, construction, contracting, build outs, office renovations, and more.