Less is more–unless it comes to profits.
For landlords and property managers of multi-family apartment buildings, it’s tougher than ever to tap into the more-is-more sentiment for profits. Inflation rates are on the rise. Electricity and water prices are climbing. And time is always in short supply.
Fortunately, “difficult” doesn’t mean “impossible.” From water management solutions for landlords, including IoT water management, and insurance strategies to easy swaps and smart choices, you can turn down the expenses and turn up the profits.
Ensure proper Insurance.
According to Consumer Reports, insurance rates jumped 7.1% in 2022. To help mitigate increases, which will likely continue to burgeon with inflation, consider bundling policies or increasing deductibles to lower premiums. Work with an insurance broker to explore different coverage options tailored to your property’s specific needs and location. Always ensure that you’re weighing potential savings against the increased financial risk as you review your policy to ensure adequate coverage at competitive rates.
Recognize that knowledge is power–especially when it comes to power use.
The first step to saving money on bills: understanding how energy is being used at your properties.
Energy audits can reveal inefficiencies, such as outdated equipment, poor insulation, or inefficient lighting systems. Hire a professional auditor. Use an energy management software to pinpoint potential areas of improvement. By addressing inefficiencies or overuse, property managers can reduce energy consumption and subsequently lower utility bills.
Give energy efficiency a plug
Conducted an energy audit? Great. Now put that knowledge to use by making energy-efficient improvements:
Replace old HVAC systems with energy-efficient models
Install programmable thermostats
Switch to LED lighting
Seal air leaks and ducts
Add insulation
Install energy efficient doors and windows
Upgrade to energy efficient refrigerators, clothes dryers, and hot water heaters
Conduct regular maintenance, like cleaning air filters, sealing drafts, and repairing leaks
Think these little changes won’t make a big impact?
Tell that to your utility bills. Depending on the change, property owners can see a 12% to 50% (or more) reduction in energy use with these easy edits.
Embrace IOT water management and other technologies
When it comes to saving time, money, and hassles, technology is your friend. Really.
The Internet of Things, which connects physical devices over the internet, empowers landlords and property managers to collect and respond to information, automate routine tasks, and reduce operational costs.
Tech-powered devices can help:
Automate cash flow prediction with systems that anticipate maintenance needs
Monitor water, gas, and electricity usage
Remotely manage and monitor access, security, lights, and climate control
Automate rent collection, lease renewals, maintenance requests, and financial reporting
Track utility use, analyze costs, streamline payments, and automate billing with utility expense management systems
IoT water solutions for landlords can specifically:
Offer water consumption and monitoring
Provide water leak detection
Alert landlords of water leaks with water leak detection systems
Empower tenant water billing solutions, including automated water billing
Together, these tools optimize cash flow, save time, minimize human error, and reduce instances of theft, vandalism, and unauthorized access. They also lower energy use–both literally and figuratively.
In fact, this technology offers powerful monetary savings–up to 49% and tens of thousands of dollars per year.
Save water (and money) with wise water use and water utility management.
As prefaced above, overuse of water wastes our planet’s precious resources and exponentially increases utility bills. As reported in The New York Times, water and sewer billing rates have dramatically increased over the past decade, leaving landlords and property managers drowning in high water costs.
Water leaks are a common culprit, due to faulty fixtures, leaky seals, running toilets, and structural problems, as is heavy shower use, both of which contribute to the waste of thousands of gallons of water per day across apartment units.
Of course, making repairs and turning off the tap is just one way to tap into water conservation.
Other options include:
Installing shower head limiter/shower head regulator
Installing water-conserving toilets
Using faucet aerators
Buying eco-friendly dishwashers and washing machines
Implementing pressure reducing valves (PRVs)
Maximize Profits with Water management
One of the easiest, most efficient, and most economical ways to maximize profits is by saving money on water bills through water management systems.
DrizzleX offers the most advanced water-saving technology to automatically track and report on water use in order to reduce water consumption, reduce water costs, and save time through automation.
This multi-family water system for landlords provides water leak detection, water usage tracking, a leak detection system, and water utility management to prevent water waste from taking profits down the drain.
DrizzleX:
Allows you to detect hidden leaks, such as running toilets and leaky faucets
Alerts you to excessive water use
Can inform tenants of water overuse
Emails notifications about the exact apartment and fixture that’s leaking, how many gallons were used, the cost if the problem isn’t fixed, possible causes, and suggested fixes
Enables easy automated water billing for those whose tenants pay for water consumption
Bottom line: DrizzleX multi-family property and water savings system saves 20-40% or more on water bills. Some multi-family properties save nearly 50%.
Plus, DrizzleX offers real-time information via its landlord dashboard and can be easily installed in any building without a plumber–or cutting pipes or walls.
Are you ready to lower costs and increase profitability with one simple change?
FAQs in Relation to Easy Ways to Control Expenses
How can landlords and property managers reduce costs in the face of rising expenses?
To mitigate increasing costs, landlords and property managers can reduce their insurance costs, energy costs, water costs, and manual efforts.
How can landlords reduce insurance costs?
To reduce insurance costs, consider bundling policies or increasing deductibles. These actions can help lower premiums. Working with an insurance broker to tailor coverage to your property’s needs and location is also crucial. Always balance potential savings with ensuring adequate coverage.
What are the benefits of conducting energy audits for multi-family properties
Energy audits pinpoint inefficiencies like outdated equipment and poor insulation. By identifying these areas, property managers can make targeted improvements, such as upgrading HVAC systems, installing LED lighting, and improving insulation. This not only reduces energy consumption but also lowers utility bills significantly.
How effective are small changes like switching to LED lighting and installing programmable thermostats in reducing energy costs?
Switching to LED lighting, installing programmable thermostats, and sealing air leaks can collectively reduce energy use by 12% to 50% or more. These simple upgrades improve efficiency without major capital investments, offering substantial savings over time.
What role does IoT technology play in property management, particularly with water conservation?
IoT devices enable landlords to monitor water usage in real time, detect leaks promptly, and automate billing for water consumption. This technology not only saves time but also minimizes water wastage, contributing to lower utility costs and enhanced operational efficiency.
How can property managers effectively manage water utility costs amidst rising water rates?
Implementing water-saving measures like installing shower head regulators, water-conserving toilets, and faucet aerators can significantly reduce water consumption. Additionally, adopting advanced water management systems, like DrizzleX, helps detect leaks and optimize water usage, ultimately reducing water bills by up to 40%.
What are the key benefits of using DrizzleX for multi-family water management?
DrizzleX offers automated water usage tracking, leak detection, and tenant notification capabilities. It helps landlords identify and address water waste promptly, leading to substantial savings on water bills—up to 50% in some cases—while providing real-time insights via a user-friendly dashboard.
How does DrizzleX detect and manage water leaks in multi-family properties?
DrizzleX detects leaks from sources like running toilets and leaky faucets by monitoring water usage patterns. It alerts property managers to abnormal water consumption, enabling quick intervention to prevent water waste and associated costs.DrizzleX can be installed without the need for plumbing modifications or major renovations.
By automating lighting and water systems, businesses can significantly reduce waste and optimize resource use. Adding a solution like Sensibo Sky for climate control further enhances this approach, allowing you to remotely manage and fine-tune indoor temperatures. With precise climate control, energy use is optimized, keeping costs down while ensuring comfortable conditions. Combining these smart technologies leads to a more efficient and profitable operation, as small adjustments add up to substantial savings over time.