In today's economy, everyone is looking to save money-and that includes your condominium corporation. But it's difficult to determine what is essential and what can be cut. Here are 10 ways your condominium corporation can reduce costs without sacrificing quality of life.
1. Slash lighting costs
Switch from incandescent bulbs to low-energy compact fluorescent or LED light bulbs to see instant savings. You can also use motion-controlled sensors in public areas to quickly reduce your energy bill.
2. Use timers on thermostats
How much are you wasting on heating and cooling spaces when no one is there? Make sure your common areas are on fixed timers so that you're not spending money on climate control during off hours.
3. Maintain the property
This likely sounds obvious, but keeping up with preventative maintenance can be key in reducing long-term expenditures. Ensure that small problems don't become big ones by performing regular maintenance on everything from the roof to mechanical systems.
4. Reduce legal expenses
Often, when there is a dispute with a delinquent homeowner, legal costs can quickly spiral out of control. Consider alternatives to a long court case, such as placing a lien on the property.
5. Eliminate paper costs
It's easier than ever to reduce printing and postage costs. Make all relevant communications with community members-such as newsletters, updates and memos-electronic to reduce paper costs. Condo owners will appreciate this move, as they won't have to throw away or store every item the corporation sends them.
6. Negotiate service costs
On everything from landscaping to pool maintenance, contractors should go through a competitive bidding process. Who knows how much extra you're paying simply because a contractor has been working with the property for a long time!
7. Carefully consider every capital expense
For many condo corporations, capital expenses are the largest line item. Before making these investments, ensure that the expense has gone through a rigorous bidding process and is something corporation members really want.
8. Review insurance policies
In many cases, getting multiple quotes for insurance can save your association money. Make the insurance companies compete for your business and you'll reduce expenses.
9. Making payment easier for tenants
Do you only accept payment by check? If so, you're reducing cash flow opportunities. Giving tenants multiple payment options-including the option of paying online-makes it easier for them to pay on time. That means better cash flow in the long run.
10. Make some features available to the public
Do you have extra parking, a pool or tennis court? If so, you can sell access to these to the public. It's an easy way to increase cash flow that costs you next to nothing. It can also help to develop good will within your larger community.
Imperial Properties is a leader in condominium property management because of our deep knowledge and focus on our customers. Our reputable team offers unparalleled management expertise, paired with exceptional service, knowledge, efficiency and cost effectiveness when serving our diverse client base. If you're interested in learning more about how your condominium community can save money, contact our team today.