5 Key Areas to Cut Costs – Best Practices for Affordable Housing [eBook]
Affordable housing, while providing an invaluable service across the country, can prove challenging when tasked with the uniqueness of offering quality residences with limited resources. Keeping up with payroll, maintenance, inefficient utilities, overhead costs and various other tasks can cause property owners to struggle to provide an ideal community. With the right software however, properties can minimize and manage expenses while also saving time and money on operations. Here are five key areas to cut costs in affordable housing.
Automate your utility invoice processing
When utility systems are automated, property owners can easily manage rate changes and manage them with greater accuracy.
Automated processing ensures a keen eye is kept on utility usage, allowing for regulation of energy spikes and close monitoring of potential utility theft. Invoices can be expedited and fees can be collected more quickly, thus avoiding unnecessary shut-offs.
Adopt an integrated mobile maintenance app
Get more efficiency from your maintenance staff with an integrated Mobile Facilities App. Maintenance apps allow staff to document repairs, update progress and send communications from the field. The property manager also stays informed of every step of the job with real-time visibility. The app can also simulate HUD REAC (Housing and Urban Development Real Estate Assessment Center) inspections and MOR (Management Occupancy Review) findings, letting property owners, managers and maintenance staff know the details of what needs to be fixed. More so, it will tell you when things need to be fixed to avoid costly surprises down the road.
Standardize your vendor selection
With the right Spend Management Software, you can gain access to a list of approved vendors and products custom matched to your property. All vendors and products on the list provided would have online purchasing and invoicing capabilities to ensure property managers know where to buy and what to spend. In addition, this software can align your property with the right GPO (Group Purchasing Organization) to help save time and money, eliminating risk and maximizing purchasing power.
Eliminate paper documents
Mistakes in paperwork can be easy to achieve and costly to pay. A good resident-based document management system should enable you to upload all resident information to a secure database, providing an even deeper level of security than paper. These systems reduce and eliminate the need for paper, mail, file clerks, couriers, and paper storage. An efficient document management system not only adds data security and saves money from paper expenses, but also puts tenants in units faster by accelerating the approval process.
Ensure accuracy and optimum pricing
A revenue management system with an optimized pricing system can ensure properties achieve their ideal pricing and performance outcomes. Property owners are able to save time with effortless financial workflows and management fee calculation features.
Getting the most out of your housing community can be tricky, but with help from the right systems in place you can ensure your property is operating with the utmost efficiency.
To learn more about the Five Key Areas to Cut Costs and to review a checklist with your property in mind, download this free eBook now.