August 06, 2019
How to Conserve Energy and Save Money in Your Properties
Property managers and landlords are always looking for ways to reduce expenses but also maintain tenant satisfaction. Greening your property to make it more energy efficient is the way to achieve that perfect balance of cost savings and renter appeal. In addition to the obvious environmental and cost-saving benefits, making a few changes can also really increase the appeal of your property. Let’s dig in…
Replace Old Appliances
You can significantly increase the overall energy and water efficiencies by replacing outdated appliances with modern, energy-efficient ones. On top of the energy and water savings, these types of upgrades also lower maintenance costs.
Update the Bathroom
There are new affordable products on the market that look modern and stylish and don’t sacrifice water pressure for water savings. For example, by installing a low-flow toilet alone in a household with two people, it can save up to 3,000 gallons of water per year and $25 in utilities. Add on a new water-saving showerhead, and you’ll save even more.
For all your common areas, replace lighting with more energy efficient lighting solutions .There are many halogen, LED and fluorescent options. According to the EPA, “energy efficient light bulbs certified by ENERGY STAR use 70 to 90 percent less energy than incandescent bulbs to do the same job: light up a room.”
Keep the Heating and Cooling Bills Down
Programmable thermostats for the building and within tenant units can really help bring down energy costs and conserve energy as well. Installing ceiling fans help keep areas cool. As well, in the winter, energy is lost through the windows, with about 30% of a home’s heating energy being lost. In the summertime, about three quarters of the sunshine that falls on the window becomes heat, driving up cooling costs. Energy efficient blinds or other window treatments can lower heating and cooling bills in addition to improving home comfort.
And, lastly, don’t forget the air filters in your heating and conditioning system. Have maintenance crews ensure they are clean and in good working order.
Internal property management operations have a significant impact on the overall budget. If you are still using manual, paper-based processes, you are wasting a lot of valuable resources. Stacks of paper and rows of filing cabinets translate into increased paper and printing costs, admin costs and storage costs. Going digital makes a lot of sense. Digital files are quick and easy to search, and don’t require large physical storage spaces.
Use Property Management Accounting Software
Property management accounting software, like Property Vista’s has an online payment module, that makes e-billing and collecting rent online a snap. You shed the expensive paperwork, and conserve energy in terms of saving trees, and transportation costs to send invoices by mail.
The final verdict? By improving the energy efficiency of your building and you’ll reduce operating costs, increase the value of your property, and attract and retain high-value tenants. If you’d like to know more about our property management accounting software, or any other modules, check out our pricing and book a demo.