If a property manager makes energy saving investments, they can save a large sum of money over time. It is important to save as much money as possible on energy costs when operating the property.
Real estate and property managers often spend a lot of money to make money so it is important to look for ways to save. The property manager can control the energy used by making some energy-saving investments. Here are some tips to reduce the spending on energy. These tips can offer some significant savings over time.
1. Purchase New Appliances
While many property managers look for the least expensive products it can cost them more in the long run. The cost of energy saving appliances may be higher at first but they use 50 percent less energy than regular appliances. Look for appliances that have the Energy Star rating. They have been proven to use less energy. This equals savings in the long run.
2. Energy Management
If the energy output is not watched the price can go up very quickly. Managing the output is important but so is predicting future usage. As the market changes due to things such as whether having the right items and the correct information is needed. There are so many factors which affect property management that are beyond the control of a property manager. Spending on energy should not be included. When watching the output changes can be made as needed to save additional money.
3. Switch to LED
LED’S are 75 percent more energy efficient then other bulbs, they are weatherproof, and as an added bonus they are better for the environment. They last for a much longer period of time than regular bulbs as well. These bulbs may cost a little more but they will save money over time. There are also tax rebates and other incentives. Companies will often add the installation costs to the monthly electric bills. This will provide options on how to pay for the lights over time.
4. Retro Commission
Everything needs an inspection from time to time. The property should be inspected to see that it is operating at its peak performance. This is called retro-commissioning. Anything from the HVAC unit to the electrical systems can be inspected. This will reduce the amount of energy that the building is using. It may lower operating costs by at least 15 percent if not more. This may catch smaller issues before they become an expensive repair in the future. A property manager may have to invest in upgrades but the benefits in the long term can be well worth the cost.
If you are in charge of a real estate company or work as a property manager, then you know that saving money it important. Saving more means a higher profit. It takes planning and precision to save money. Smart spending can put you ahead of your competitors. These tips will help you come up with a business plan on how to save money and increase your profit in the long run.
Red Hawk Property Management