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Property Management
Five Simple Ways
Owners Can Reduce
Operating Expenses
OBy Joshua Rabinowitz, King George Property Management Solutions
plumber or electrician to check on fixtures and appliances.
3 - Call your insurance company.
It is more and more common for us these days when property insurance premiums slowly “creep-up” year after year. Without realizing it, as an owner, you may have renewed your insurance policy for several straight years at an increased rate. By calling different insurance companies you can get competitive rates and reduce your yearly premium without compromising your coverage. It is important that you do this at least once every three to five years to ensure you are paying the market rate and getting adequate coverage, and not overpaying for coverage.
4 – Service your HVAC units once per six months.
It is important to conduct preventative maintenance on your heating and air conditioning units. Additionally, changing out your heating and air condition filters once every six months will increase the life of your heating and air conditioning units. Clean air filters will ensure your heating and air conditioning units are functioning at their peak performance. This can also prevent a heating and air conditioning unit from breaking down on a cold winter or hot summer day, as the case may be. Changing out the filters is a relatively simple process, with many of the filter sizes available at local hardware stores.
5. Hire a property manager.
Sometimes, property managers can help property owners save through preferred vendor contacts, expertise in rental collection and tenant screening, and knowledge of local laws and regulations to keep owners in compliance and out of legal trouble. A good local property manager will maintain a list of often used, trusted vendors who will keep your property in “tip-top shape” through preventative maintenance and quality service. Additionally, a local property manager can help procure great tenants quickly and achieve market rents with limited turnover.
wning and managing a rental property is a challenging and often expensive business, especially in the Greater Los Angeles Area. Local regulations place heavy burdens on rental property owners who must always stay in compliance with layers of local ordinances and, at
the same time, provide great services to residents. I like to talk about two types of expenses any property owner has. They are: (i) predictable and (ii) unpredictable. Predictable expenses, like your monthly exterminator service or internet service, remain relatively consistent every month. On the other hand, you never know when you may incur and how much unpredictable expenses such as burst pipes, broken heating units, and roof leaks may be. The goal of any rental housing provider is to reduce predictable expenses while minimizing exposure to unpredictable expenses.
With that in mind, here are five ways to control and possibly reduce your overall operating expenses.
1 - Hire a roofer to service your roof regularly.
The great thing about California is that the weather is great, but that doesn’t mean you can leave your roof unattended for years and years. The hot sun can break down the roofing materials and create cracks, and then someday a large rain can create many leaks. Roofing companies offer yearly maintenance programs that can help prevent leaks. This will prevent unexpected costs associated with leaks that can start damaging interior ceiling drywall and flooring. Call a roofer to learn about the preventative maintenance programs they offer.
2 – Check your utility bills for abnormal monthly usage.
Many housing providers today keep their monthly utility bills on autopay - it makes it easier to pay these bills on time. However, it is important that owners check on the actual usage of water and electricity at their properties. It is normal for electric usage to spike during the summer months since hotter days require more air conditioning and fans. Look at the trendline on your utility bill to ensure that there are not any abnormal usage indicators that might mean a water leak, like a running toilet or leaky faucet. If you suspect some water run-off it would be prudent to call your local
King George Property Management Solutions is a Los Angeles based property management firm. For more information, please visit their website at https://www. kgpms.com/.
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