green + white blog title graphic "How to Combat Elevated Costs with Property Management"
June 20, 2024

How to Combat Elevated Costs with Property Management

Navigating property maintenance can be complex. However, it’s even more difficult when money and finances get involved, especially when inflation is causing rising costs. Yet, there are ways to make sure your property is getting the necessary care while preventing you from breaking the bank. Here are four ways to combat elevated costs with property management. 

Implement Energy Efficiency

Energy consumption is one of the biggest sources of rising costs. By implementing energy-efficient practices, you can reduce your utility bills and also lower your carbon footprint. In your property, whether it’s a condo or apartment, you can think about installing LED lighting, smart thermostats, and motion sensors. Renewable energy resources like solar panels and wind turbines can also help with energy costs. 

Outsource Tasks

With maintenance tasks, whether it’s cleaning a property, fixing mechanical issues, or even implementing energy-efficient tools, outsourcing your tasks to other companies may be less expensive than handling them within your building. Before you pick a company for outsourcing your tasks, it’s important to intensely research the best maintenance company that will do efficient work that is not too expensive. 

Appeal Property Taxes

Oftentimes, taxes end up being the largest expense a property owner will have to deal with. However, there are ways to combat this, by actually appealing these property taxes. Hire someone knowledgeable in the area, preferably a tax specialist, and from there, they can help you determine whether you are paying more than necessary. 

Preventative Maintenance

Instead of waiting around for potential mechanical problems to arise, plan ahead to prevent them from occurring. It is always less costly to replace or fix an issue before it really causes destruction to your property. Simultaneously, having preventative maintenance measures in place can help assure your tenants that you are trusted and well-respected. 

How Property Managers Can Help

When dealing with elevated costs in your property, hiring a professional can ensure that you are taking the right steps. For example, at Thayer Associates, we can provide all the administrative services to help take tasks off your plate. We will do maintenance calls, help collect rent, and work to get you a better service rate for certain maintenance things. Contact us with any questions or concerns you may have regarding your property’s financial management, maintenance management, project management, or administrative services.

You do not have to navigate through property management expenses alone. With the right tools, the correct guidance, and help from Thayer Associates, managing your financials can be a smoother process.

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