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.

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[]

group-purchasing-organization
 

5 Reasons to Join a Group Purchasing Organization

When you hear about group purchasing, most of us think of visiting our local wholesale club –Sam’s, Costco, BJ’s – and buying our favorite products in quantities that we may never actually use. But the reality of a group purchasing organization (GPO), is something much more useful. It goes like this: According to some well-known[]

multifamily-budgeting
 

5 Multifamily Budgeting Myths Debunked

“Budgets were originally designed as control mechanisms. As such, they are traps …” ― Stephen Bungay, “The Art of Action: How Leaders Close the Gaps between Plans, Actions and Results” Budgets are effective tools if implemented correctly. Understandably, they are large undertakings and require a lot of time and planning. The challenge is that good[]

Purchasing Strategy Multifamily
 

How to Capitalize on Your Purchasing Strategy

Multifamily properties are valuable to their vendors, but sharing the wealth could put apartments at a disadvantage. Jennifer Lester, Vice President Vendor Management/Strategic Purchasing Advisory Service at RealPage, says a common mistake properties make is having too many vendors in their stable. At RealWorld in July, a team of purchasing specialists talked about effective techniques[]

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