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Energy Savings Retain Profits and Customers

April 23, 2018

The Energy Efficient Property Manager

As a way to add value and reduce costly operating expenses, property management companies are being encouraged to practice energy efficiency. There’s no disputing the desirability of being energy efficient, yet going about it the right way, for the right reasons, can pay off well for you.

While many of the usual cost savings practices have left rental customers feeling ripped off, new practices are creating a win-win for them and for property managers and investors.

What many rental property managers and property investors forget is that energy savings translates to keeping profits, lowering costs, and keeping tenants happy. Whether long term leases or short term monthly rentals, being energy efficient is all about keeping your operating budget and profits.

Cutting Service is Never a Good Idea

At my recent vacation rental condo in Myrtle Beach, South Carolina, the property management company which manages the condo complex decided to close their big hot tub. The reason? A cooling weather trend blew into the area and it seems heating it is an expense they don’t need.

The hot tub pool itself is fine and is the biggest draw for renters on this big property.  They wouldn’t accept or return calls on the issue from renters who feel they didn’t get the vacation experience they paid for.

A vacation is an important time for the short term renters and for the full time residents who also live in the complex.

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This likely isn’t an uncommon practice, however, the issue could be resolved through better energy usage. It’s unlikely that renters would choose to rent in this complex again. Cold swimming pools, inaccessible hot tubs, toilets that barely flush, and dim yellow light bulbs made a poor impression.

The management company’s practices generate a long term rental income loss — basically chasing away hard won customers. It’s 6 times harder to acquire a new renter than to keep a current one. You can calculate the ongoing loss in income, and prove that saving a few hundred dollars on hot tub heating costs is a serious threat to property investor’s cash flow.

A smart property management company instead can adopt new technology solutions that will cut expensive utility bills.

Here’s 8 Ways You Can Modernize Without Alienating Renters

  1. a large hot tub cover placed on the tub nightly would save immensely on energy loss.
  2. solar roof shingles are a new innovation that could provide considerable electrical power
  3. tankless water heaters heat water instantly on demand
  4. LED light bulbs are very bright and use 20% of similar old style light bulbs
  5. large ceiling fans in bedrooms and living areas help cool rentals resulting in renters agreeing not to crank up the A/C
  6. new energy efficient washers/dishwashers/dryers use less power and wash and dry more efficiently
  7. plantation window shades block light and heat very well
  8. new water efficient toilets are less of a flooding risk and use less water

That’s 8 quick ways to make technology work for you to keep your vacation rental costs down and ensure renters have every reason to return. And for the tenants who live full time in these condos, ongoing property management costs are reduced as well.

Adopting property management software is yet one more way to leverage the power of technology to grow property investment returns and retain tenants.

ManageCasa property management software focuses on optimal tenant communications to help you improve tenant relations. Keep your tenants informed, capture valuable feedback, and streamline the provision of maintenance services all from one suite of software tools.

It’s easy to make the jump from spreadsheets and paper leases to an automated solution that cuts your time expenses. Your time is valuable. Keep it and watch your portfolio grow and profit performance grow.

Take ManageCasa for a Test Drive now.

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