Reducing expenses at your multifamily property

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9 years 8 months ago #14884 by Sagi Alkobi
I am wondering what methods you (property owners and managers) take to actively find ways to reduce expenses at your multi-family property?
9 years 8 months ago #14884 by Sagi Alkobi
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9 years 8 months ago #14890 by Mary Gwyn
We try to get every employee engaged in cost savings.
Each Managers emails a Weekly Manager's Report - a very brief summary of achievements for last week, goals for next week, and specific action(s) they will take to insure achievement of their goal(s). It has a space to indicate what cost savings they employed in the last week.
If we can, we share that cost savings area with our whole team so they can do the same thing. We sometimes report to all who saved the most and on what in the previous week.
This helps everyone to focus on doing the same but for less $$$!
9 years 8 months ago #14890 by Mary Gwyn
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9 years 8 months ago #14891 by April Scripture
Mary's ideas definitely work!!!
Have you also considered looking at it from a different perspective? How about increasing income to offset the expenses? Some items are definitely worth a little bit more if they will help to generate additional income.
👍: Mary Gwyn
9 years 8 months ago #14891 by April Scripture