We need to do more with less. At work, at home, in our communities … the mandate is unrelenting. It’s a challenge; but it’s also a reality. So let’s approach it with a positive mind set. After all, doing more with less means becoming more efficient.
Here are 5 tips to consider when taking on the challenge:
1. Get creative. Look for revenue-generating opportunities. I know a property manager who has set up bins to collect paper and aluminum cans for recycling. The drive fosters a sense of community. And the revenues are funneled back into the property’s activities budget, so residents are directly rewarded for their efforts.
2. Communicate smarter, not less. Communication always ranks high on resident satisfaction surveys. But today, newsletters and flyers are costly and ineffective. People rely on voice, email, text and social media to stay informed. Get in step with how your residents communicate. A good message notification service can greatly improve your resident communications and save money, too.
2. Look for energy rebates. Are there energy rebates available in your area? Is it feasible to power your hot water heaters with solar panels? Or install energy-saving appliances, solar screens or insulation that will cut costs and generate rebate dollars?
4. Take advantage of economies of scale. Can you partner with other properties—residential or commercial—on large-scale projects? Are there cost savings opportunities for you on landscaping, paving, appliances, carpeting or pool supplies?
5. Tap your most valuable resource… your staff. Do you regularly ask your staff, “What can we be doing better?” “Where are we wasting time… money?” If you’re not tapping into the inside knowledge of your staff, start!
When looking at cutting costs, understand your resident base, be creative and give special consideration to areas that influence satisfaction and retention.