Lowering Expenses: Management Is Key
Are you looking at property management from the wrong angle? You should think ahead and look at it from an expense reduction stand point. There are several aspects to a property many managers overlook. When was the last time you paid for a hydro jet service to clean out roots and build up from your plumbing lines? You can pay for the maintenance on the front side or end up paying two or three times the amount for the repairs on the back end when a serious plumbing issue comes along due to drain blockage. Labor costs have been shown to typically cost more than the materials needed for maintenance. As a property owner, you should also be thinking about the quality of materials used when making repairs and replacements. Higher quality materials with warranties have been proven to exceed the life span of less expensive products. Let’s think about your insurance for a while. Are you paying for coverage you don’t need? You should have a consultation with multiple insurance brokers yearly. This is a tactic of top performing owners. We should let you know that it’s possible to have multiple properties under one policy to save money. Take a moment to consider your dumpster hauling service provider. Some owners have been known to cut their policies by 50% after shopping around their service provider. A savings like that can result in a tremendous amount if you own more than one property. You should consider these aspects of property management if you would like to be in the top tier of property managers across the country.