Top Five Ways for Property Managers to Cut Costs
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This presentation is meant to help both commercial and multifamily property managers save significant money while maintaining the overall quality of their properties. Includes: energy efficiency techniques, tips to standardize procurement, utilizing preventative maintenance and more.
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Top Five Ways for Property Managers to Cut Costs
- 1. Kings III’s TOP 5 ways for property managers to CUT COSTS
- 2. LOWERING COSTS: Always a desired objective across ALL workplace industries.
- 3. THE PROPERTY MANAGEMENT INDUSRTY IS NO EXCEPTION.
- 4. BUT HOW CAN THE PROPERTY MANAGER CUT COSTS WITHOUT SACRIFICING QUALITY FOR THEIR TENANTS?
- 5. SEE 5 TIPS FROM KINGS III:
- 6. PRIORITIZE
- 7. PRIORITIZE1 PRIORITIZE ALL OF YOUR COSTS to assess where adjustments should be made for cost efficiency.
- 8. PRIORITIZE1 Look at all your building assets and systems at a company and/or regional level and put them in sequential order based on importance.
- 9. PRIORITIZE1 This will give you the ability to assess which building systems (i.e. life safety) are necessary to avoid huge disasters AND HUGE COSTS… THE IDEA:
- 10. PRIORITIZE1 …as well as building activities that you may be performing too frequently (therefore spending unnecessarily). EXAMPLES: EMPTYING THE TRASH, CHANGING LIGHTBULBS
- 11. PRIORITIZE1 The key to effectively cutting costs without compromising quality when prioritizing maintenance items is to have a clear idea of the following:
- 13. THE FREQUENCY OF EACH MAINTENANCE TASK PRIORITIZE1
- 15. HOW THE MAINTENANCE AFFECTS THE BUILDING AND ITS PERFORMANCE PRIORITIZE1
- 16. THE POTENTIAL COST OF REPAIRING AN ASSET/SYSTEM ASSOCIATED WITH THE MAINTENANCE TASK SHOULD SOMETHING GO WRONG PRIORITIZE1
- 19. Instead of cutting back, ENERGY EFFICIENCY PRACTICES involve making alterations to or even enhancing existing building systems in order to achieve long term cost reductions. ENERGY EFFICIENCY2
- 20. PASSIVE EFFICIENCY TECHNIQUES involve altering, enhancing or adding building systems and/or fixtures in order to achieve significant energy and cost savings over an enduring period of time. ENERGY EFFICIENCY2
- 22. ENERGY EFFICIENCY2 Implement LIGHT SWITCH SENSORS that control light based on daylight, occupancy and/or schedules.
- 23. ENERGY EFFICIENCY2 Use ENERGY EFFICIENT LAMPS that use less than 1 watt per square foot. SEE EXAMPLES IN GUIDE
- 24. ENERGY EFFICIENCY2 Optimize your lighting systems holistically- install luminaires.
- 25. ENERGY EFFICIENCY2 More Tips with Specifics
- 27. ENERGY EFFICIENCY 2 Add BUILDING INSULATION to diminish the amount of heat and air conditioning lost by the building.
- 28. ENERGY EFFICIENCY2 Double or triple glaze windows with COATED GLASS to avoid escape of heat through windows.
- 29. ENERGY EFFICIENCY2 Install an ENHANCED AUTOMATED CONTROL SYSTEM and compatible control equipment on your building’s mechanical and engineering systems to keep your HVAC system from overworking.
- 30. ENERGY EFFICIENCY2 More Tips with Specifics
- 31. You can receive funding, rebates and tax reductions for your sustainability efforts through energy efficiency incentive programs. ENERGY EFFICIENCY2 Learn more PRO TIP:
- 33. STANDARDIZE PROCUREMENT 3 Effective building management involves purchasing a multitude of products, as well as services, in order to keep everything looking and running like a well-oiled machine.
- 34. STANDARDIZE PROCUREMENT 3 These products and services can greatly affect the PROFITABILITY of a building.
- 35. STANDARDIZE PROCUREMENT 3 Having a strategy for making purchases will allow for efficiency and provide more visibility for POTENTIAL COST CUTTING OPPORTUNITIES.
- 36. STANDARDIZE PROCUREMENT 3 STRATEGIES FOR SAVING MONEY THROUGH PURCHASING STANDARDIZATION:
- 37. STANDARDIZE PROCUREMENT 3 Avoid spending unnecessary money on replacement items that are covered. KEEP TRACK OF PRODUCT WARRANTIES
- 38. STANDARDIZE PROCUREMENT 3 Improve your rates through volume discounts. NEGOTIATE PRICES AT PORTFOLIO LEVEL
- 39. STANDARDIZE PROCUREMENT 3 Ensure proper negotiations and appropriate quality through a pre-approved product list. REVIEW PRODUCTS & STANDARDIZE AT COMPANY LEVEL
- 40. STANDARDIZE PROCUREMENT 3 More Tips with Specifics
- 42. PREVENTATIVE MAINTENANCE 4 PREVENTATIVE MAINTENANCE: performing maintenance tasks on a routine basis with allotment for checkpoints of existing machinery.
- 43. PREVENTATIVE MAINTENANCE 4 There are LARGE COSTS associated with unexpected issues stemming from POOR MAINTENANCE.
- 44. PREVENTATIVE MAINTENANCE 4 Furthermore, regularly performing necessary maintenance items likely will increase the longevity of your buildings and the items within it.
- 45. PREVENTATIVE MAINTENANCE 4 IMPORTANT PREVENTATIVE MAINTENANCE ITEMS INCLUDE:
- 53. PREVENTATIVE MAINTENANCE Items Joseph DeCarlo, CCIM, CPM considers to be preventative maintenance items that save costs. Source ITEM REPAIR/MOD SAVINGS Cracks in the property’s exterior near windows, doors & joints Check caulking and re-caulk when necessary Reduces heating and cooling costs by up to 25% Gas & electric Separate or submeter tenant utilities Reduces direct costs; studies show tenants reduce energy consumption by up to 20% when they have to pay costs directly Water Install flow restrictions on showers and 1.6 gallon toilets Reduces water usage by up to 50% ITEM REPAIR/MOD SAVINGS Energy Insulate hot water pipes Reduces gas consumption for water heater Insects, cockroaches & rodents Have a licensed pest control service inspect & spray each month Prevents costly infestation 4
- 54. PREVENTATIVE MAINTENANCE 4 More Tips with Specifics
- 56. HOLD TENANTS LIABLE 5 Property managers can potentially cut costs by HOLDING THEIR OCCUPANTS RESPONSIBLE for some costs associated with the property.
- 58. Hold tenants responsible for certain justifiable maintenance repair areas within their control. RISK TRANSFER HOLD TENANTS LIABLE 5
- 59. HOLD TENANTS LIABLE 5 Require tenants to pay usage bills on their own. A study cited by CCIM Institute showed that when residents directly paid water and sewer charges that overall usage decreased by almost 30%. SUBMETERING
- 60. HOLD TENANTS LIABLE 5 More Tips with Specifics
- 62. See our free guide for more tips on cutting costs and detailed instructions on carrying them out: Download Now
- 63. Click video to see the Kings III difference:
- 64. (Click for website) Let us take help phone monitoring off your plate while saving you $$$. Your tenants will thank us (and so will you)! Contact Us