Expense Management

There is more to expense management than just reducing costs and operating expenses. It also involves streamlining and automating processes, identifying inefficiencies, and taking control of energy consumption and spending. These articles will steer you in the right direction.

Five Ways to Create a Powerful Spend Management Program

When revenue management gets more scrutinized during shifts in market cycles (such as is the case now in the apartment industry), focus on expenses becomes more intense. Offsetting deficits of dollars coming in can, in many cases, be achieved by juggling the dollars going out. That seems to be top of mind for many stakeholders,[]

Improving Expense Management with Mobile Facilities

Expense management is critical at any point during a run, but as cycles wane the need for preserving a budget lead or making up lost ground becomes more important. Eyes on spending get sharply focused on all operational facets, especially facilities management. The multifamily industry’s return to “normal” in 2018 has cast more attention on[]

How RealPage is Guiding PMCs to Better Purchasing Decisions

Software solutions have filled a big void in recent years to help property managers oversee vendors, from securing the necessary paperwork to getting the best deal on everyday supplies and big-ticket items. Through a spend management system, apartments can build a complete library of qualified plumbers, carpenters, suppliers and the like to establish continuity in[]

property management

7 Tips to Improve Your Property Management Expenses and Financials

The accounting, purchasing, and budgeting processes in property management don’t have to be painful. Managing the complexities of a large or small portfolio of apartments and other lease properties requires a keen eye and efficient processes. And as difficult and cumbersome as it may sound to blend all the moving parts of property management into[]

utility billing

Utility Billing Risk Assessment: Scary or Not?

Utility expense management for multifamily operators is about managing the balance between recovering resident utility costs and the regulatory requirements (including consumer protection provisions) that exist in different jurisdictions. Utility billing service providers endeavor to mitigate risk while maximizing recovery. Here are some of the considerations we face in today’s legal and regulatory environments and[]

renter turnover

A Property Manager’s Guide: Four Best Practices to Turn Multifamily Units

Renter turnover is inevitable in the multifamily industry. In fact, renter turnover has historically hovered around 50% nationally and remains a fairly predictable number. While every property manager would absolutely love each of his or her tenants to remain living on their property year after year, that’s not the reality of the situation. As such, you’ll[]

budgeting

Best Practices to Put Budgeting Expenses On the Right Track

Projecting revenue may only seem like the hardest part of multifamily budgeting.  The reality is that more mistakes are made in planning operating expenses, and those miscues can cause some unnecessary angst explaining variances to owners each month. Getting the numbers right requires thoughtful planning and goal setting, and sometimes a little luck. But planning[]

vendor credentialing

Hire At Your Own Risk: Why You Need a Vendor Credentialing Program

These days, with attorneys begging people to sue from commercials and billboards, it’s shocking there are still PMCs with no comprehensive system for screening the service providers they hire to come on to their properties. Most will eventually pay a high price in one form or another. Their insurer might be forced to pay a[]

purchasing strategy

4 Tips for Monetizing a Purchasing Strategy

Even with a fine-tuned purchasing strategy, the costs associated with maintaining an existing asset or upgrading a new acquisition can add up. These expenses make it critical to get the most out of your investments in fixtures, maintenance materials and even office supplies, especially for large rental portfolios. A solid purchasing strategy doesn’t just save[]

utility data

Mining Utility Data Saves Money and Mother Earth

Mining data to spotlight cost-saving opportunities is all the rage these days – and for good reason. But when it comes to one of the biggest expenses of all for multifamily properties, utilities, not everyone is exploiting the goldmine of information contained in utility bills and submeter data. The folks at RealPage Utility Management (formerly[]

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