Five More Cost-Cutting Tips for Property Managers

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Nia Walters, regional vice president for Irongate, says communities her company manages are also cognizant of water usage, even using landscaping that requires minimal water, among other initiatives. The list of green practices that property owners can deploy is virtually endless, she says, and often not costly.

But what about practical tips beyond green property management? She gave us five things to think about.

1. Schedule Events

“Coordinate low-cost events for residents by providing the venue and concept,” she tells GlobeSt.com. “A great example of this is our weekly coffee hour.”

Walters says this event regularly has about 20 residents in attendance, and all her team has to provide is the space, coffee and a $10 coffee cake. Irongate holds the coffee hour during business hours, so the landlord does not incur additional payroll burden. For a small amount of money, property managers can create events that demonstrates that we care about our residents.

2. Think Outside the Box

‘Think outside of the box when considering additional amenities at little or no cost,” she says. “For example, we started a free library exchange at one of our properties. The residents borrow and return books on the honor system, and enjoy the access to new reading material.”

3. Donation Drives

“Hold donation drives to give residents the opportunity to help their communities,” she says. “These can be blood drives, coat drives, school supply drives, Harvesters drives, et cetera. Often, we will offer a small rent concession and encourage our residents to give as much as they can by offering raffle tickets for each item donated.

4. Get Staff Involved

“Staff involvement in outreach marketing is a must–and this includes the involvement of the maintenance staff,” she says. :We’ve trained our team members to capitalize on the goodwill that we generate. When they receive compliments from a tenant, they know that that is a good opportunity to ask the resident to refer the property to others. This helps us to keep marketing expenses to a minimum and empowers our residents to play a role in choosing their neighbors.

5. Keep the Property Clean

“We have a ‘Disneyland philosophy,'” she says. “We don’t have to be the newest kid on the block, but we will always be the cleanest! It is every team member’s responsibility to pitch in and help with this task.”

Source: globest.com