Controlling Your Property Management Budget

Feb 23, 2017

Maintenance can be a huge financial drain on your commercial property budget, unless you control the financial loss through proactive measures. By setting a budget at the first of your fiscal year, you plan how the building is maintained throughout the year. Here are some tips to help you develop a plan:

  • Make regular inspections of the building
  • Reach out to industry experts for audits of a particular system, allowing architects and engineers to examine your records and the actual system to make suggestions for improvements
  • Communicate with building owners about potential issues
  • When there are unexpected expenses, discuss this with the owners as the project is in motion
  • Use technology to enhance communication between stakeholders
  • Expect to have emergency repairs
  • Track the patterns of repairs and look for trends to stay ahead of the game
  • Study the history of the building and know which systems will need upgrading each year
  • Get written documentation for all maintenance work, not only from the vendor, but also from the building owner
  • Do your research on labor costs and materials. Buying in bulk could save you money

Make an Investment in the Building

There are going to be times when you have to update an entire system, for example, the commercial lighting might need to be improved. Instead of simply considering it a maintenance item, look at the long-term return on investment. Updating the lighting with newer fixtures and bulbs will save you money by reducing electricity costs and maintenance over the next few years. You may also see improved productivity in employees and security of the site. Regular updates of systems also make the building more attractive.

NCLED specializes in the sales and installation of LED lighting, focusing on commercial and industrial properties, not residential homes. LED saves on energy usage and cost vs. traditional incandescent bulbs. Contact our team to get more information.

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