Time is money.
As the old saying goes, what is your time worth? What if we told you hiring property management would not only save you time but also could save you money, especially if your holdings include multiple commercial properties or expansive dwellings like apartments, retail or office spaces. We’ll tell you how.
If you’ve held or managed commercial properties for any length of time, you know that the most costly issues that arise are the unexpected. From plumbing to HVAC to roofing repairs, these unexpected costs are often not covered by your commercial insurance policies—leaving you and your partners to foot the bill.
Create a schedule for each of your commercial buildings and focus on the basics:
If any of this sounds daunting, partnering with a trusted property management contractor like Rubicon can kickstart your preventative maintenance.
Preventative property management can be a great way to save money in the long run. By taking proactive steps to maintain and protect your property, you can save yourself both time and money by avoiding costly repairs or damage down the line. Regularly scheduling maintenance checks, cleaning, inspections, landscaping or pest control services are just some examples of preventative measures that can help avoid larger problems in the future.
Additionally, having a reliable and experienced team of professionals to monitor your property provides peace of mind that any irregularities at your premises will be addressed swiftly and effectively. With preventative property management, you can rest assured that your buildings are safe and sound – saving you time and money in the long run.
In summary, preventative property management can be a great way to save time and money. By regularly inspecting and maintaining your premises, you are ensuring that any potential issues can be addressed before they become more costly problems in the future.
Having professionals who are experienced in monitoring and proactively managing your property will help to keep it safe and secure – ultimately saving you money down the line.
Hiring reliable property management or contractors can also reduce your ongoing costs. For example, an expert who is well-versed in your particular landscaping can save you labor costs, money spent on water, and money spent replacing dead plants that you over-fertilize or over/under water. If you’re looking to reduce costs inside of your building as well, a facility manager can help make sure that utilities are used by tenants in an energy-efficient manner and help troubleshoot problems before they become costly.
One of the most effective ways to reduce ongoing costs for your property management is to increase efficiency. The more efficient you are, the less time and money you’ll have to spend on managing your properties. For example, streamlining processes with technology such as online rental applications or automated maintenance systems can help you save time and money.
Being organized and staying on top of things like tenant issues or financial records can help keep costs down. Finally, creating a budgeting system that works for you will also help ensure that all necessary expenses are taken into account before making any large purchases or investments. By taking these steps, you’ll be able to effectively manage ongoing costs associated with property management.
Another way to reduce ongoing costs for your property management is to negotiate better rates with vendors. Leveraging the power of competition can be a great way to get lower fees on services such as property maintenance, insurance, and other related expenses.
Additionally, seeking out discounts or loyalty programs from vendors can also help you save on these costs. Finally, being proactive in researching new trends and technologies that could improve your operations can help reduce ongoing costs associated with property management.
Taking the time to proactively manage your ongoing costs associated with property management will pay off in the long run. By increasing efficiency, negotiating better rates with vendors, and staying up-to-date on trends and technology, you’ll be able to keep your overhead costs low while still providing top-notch service to tenants. This will help ensure that your property management business is sustainable and profitable for years to come.
If you’re spending half your day answering calls from tenants about leaky faucets and clogged toilets, you’re wasting time. Let a trusted person handle these types of issues so that you can focus on what you do best—growing your portfolio and expanding your business. If you’re interested in learning more about Rubicon’ turnkey facility management service, let us know!