Four Easy Ways To Reduce Property Management Expenses

With tax season quickly approaching, you are probably reviewing your finances for the past year. If you find that your profit margins are low because your operational costs are high, there are some ways you can scale back while still offering great service. Here are some simple ways to reduce your property management expenses.

 

1. Look Into Sustainability Solutions

Sustainability not only has the benefit of reducing your costs, but it is a key amenity that attracts new renters. Replacing your common space light bulbs with LEDs, improving your insulation, and installing energy star rated appliances can save you big on your utility costs.

2. Prevent Damage Rather Than Repair Damage

Investing in routine maintenance to prevent damage to your property can save you costly repairs. There are several ways to do this such as creating a checklist of routine maintenance checks, hire a handyman to fix minor issues, implement strong damage terms in your leasing agreements. How you implement this process depends entirely on the specifics of your rental.

3. Automate Business Processes

There are plenty of ways you can automate processes like payroll, rent collection, and even marketing. Automation can save man hours, leaving your employees free to cross-train and take on more duties. Automation is also very affordable and there are a ton of options available for nearly every job function.

4. Reduce Renter Turnover

It is much more cost effective to keep existing renters than finding new ones. Audit the costs of filling vacancies from marketing overhead to background checks to empty rentals and determine an average figure. With that figure as a baseline, you then can offer special rates, deals, and discounts when a renter informs you they are moving. Discounts will reduce turnover rates and save you money in the long run.

 

There are a lot of ways to reduce the costs of property management expenses. These are just four of the easiest to implement. For other money saving ideas, contact Occupancy Solutions. Our experts will review your current financials and offer ways to help you save even more!

 

Building Community Spirit In your Apartment Community

It’s no secret that today’s apartment managers need all the help that they can get when it comes to keeping residents happy and satisfied with their apartments. But did you know that if you take the time to boost morale and spirit in the apartment community that it can have a big impact on your resident retention and more?

Low Cost Online Marketing For Property Managers

For most who oversee apartment buildings, rentals, retirement communities, and other similar properties, just making sure that things are taken care of at the rentals can be difficult enough. Add in the fact that many other factors have to be dealt with to ensure that your profits stay high and it becomes clear that there are more things to consider than most realize.

Better Staging For Apartments

Apartment and condo managers have a lot of different responsibilities that they have to handle throughout their daily routine. While just managing the building and parking areas will be one of the primary focuses, it’s also important to remember that attracting new potential occupants is important as well.

Standing Out From Other Apartment Complexes

Managing any kind of property is a huge task, but when you are in charge of apartments it can be very difficult to keep up with all of the different things that need to be done. One of the biggest things you’ll need to focus your attention on is your marketing efforts, and before you go too far into developing marketing plan the first thing you need to focus on is making sure that your apartment property stands out.

Inspiring Your Residents To Market Your Property

It’s no secret that property managers and owners have to be able to effectively market their properties in order to keep occupancy levels high and profits up. But marketing can be a major expense, and not always as effective as you would like. One thing that is often overlooked is the fact that with effective property management strategies you can actually enlist the help of your residents.

Building Better Curb Appeal For Your Apartment Community

It’s obvious that a lot of different things go into making a great apartment complex – and a successful one. But while property managers have to focus on everything from hiring employees to reviewing resident applications and beyond, there are overlooked areas that have to be considered as well. A perfect example of this is curb appeal.

4 Ways To Use Facebook To Improve Your Property Management Efforts

Overseeing and managing a property can be complex and take up huge amounts of your time and energy. That’s why it’s so important to make sure that you’re doing all that you can to constantly improve things. From the engagement with your employees to your marketing for new residents to interactions with current residents, it’s vital to pay attention to every aspect of your property.

Resident Retention And The Power Of Social Media

When residents renew their lease, you’re not left with an empty spot to fill in your community. Not only does this help your management team to preserve resources, it also helps to keep that desirable community feel as neighbors continue being neighbors for years to come.

Using Social Media More Effectively At Your Apartment Complex

Apartment complexes are an important part of communities around the country. But those who are in charge of overseeing them face some of the biggest challenges out there. From maintenance to safety issues to just attracting potential residents, there are a lot of different things that owners or managers must consider on a regular basis.

How To Turn Phone Calls Into Visits

What is the initial point of contact for most potential residents looking for a home? In many cases today, it may be an online search. But eventually, a phone call will likely be made. When that happens, it’s up to the facility manager or someone in a similar position to take control and make sure that the phone call turns into a visit.

Avoiding Liability Issues On Your Grounds

There is no question that property management can be a complex process, or that it offers numerous challenges to those who own or oversee a building. But one thing that you can’t afford to ignore is the importance of taking steps to avoid liability issues, and doing so is a must for any facility owner or manager.

A Closer Look At Curb Appeal For Apartment Communities

No matter the location of the facility, apartment communities can seem like an automatic draw for residents. But as more and more facilities are built, standing out and getting noticed becomes more important. Your website can be as slick and well designed as possible, but if the property itself doesn’t really wow them, it will be harder than you might think to fill up all of your units.

What Not To Do When Staging Residences For The Holidays

While spring and summertime are usually the prime times for attracting new prospective residents, there are plenty that will be looking for communities around the holidays as well. Staging residences for tours around the holidays can be a fun and creative experience, and while you will enjoy getting into the spirit, it’s important not to go too far. A few things not to do when staging your residences for the holidays include:

4 Tips For Asking Prospective Residents All The Right Questions

Typically, at some point during the prospect leasing process, you’ll sit down with prospects and interview them. They’ve learned about your community, they’ve toured your residences, and they’ve gotten to know you – so now it’s your turn. This interview process can go very well, but it can also go very poorly, and you want to make sure you get all the information you need without turning off prospects and sending them off to another community.

How Can I Make My Follow Up More Effective?

When a prospective resident inquires about a tour, your effort doesn’t stop there. Leases have not been signed yet, the prospect may be looking at other communities along with yours, and this is your real opportunity to stick out. The way to hook their memory back is to nail the follow-up process, and we at OccupancySolutions.com are prepared to help you with just that.

Make Your Prospective Resident Tours More Memorable

Touring your residents presents to you a unique opportunity. You’re able to frame and provide the first impression, and the impression that is likely to last throughout the tour, the interviews, the application process, and the lease. Naturally, because this is such an important moment, it’s one that community management teams should prioritize getting right. Making prospective resident tours more memorable will ensure that you stick out in their minds, and in a positive way that puts you ahead of the competition in your general area.

Four Festive Holiday Party Ideas Your Residents Will Love

With the holiday season right around the corner, it’s a great time to start planning an event for your residents. A holiday party can help you connect your community, help increase resident satisfaction, and increase retention. However, throwing a holiday party people actually want to attend can be tricky.