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What Are Cost Containment Programs?

A very crucial aspect of hiring property managers for commercial or residential properties is to contain the costs and maximize the return. Cost containment programs are a truly effective component of budgeting. For most organizations, real estate expenses take up a significant chunk of the operating budget. Cost containment practices let you control the expenses necessary for operating a properly within pre-planned budgetary constraints. It’s an important management function to help keep costs down and to use them only for intended expenses.

T.R.A.M.S has a strong reputation in the field of property management and can influence vendor relationships and buying power to negotiate lower rates for necessary services for a property. Here’s a little more on what we can do with our cost containment programs.

Help you identify cost savings

By reviewing your property’s budget and analyzing it in comparison to similar properties we can help you determine if you’re overpaying for any goods or services you are currently purchasing.

Some things we can do are:

  • Identify utility audit savings
  • Conduct detailed contract reviews
  • Review collection practices to improve collection rates
  • Conduct periodic audits to ensure best pricing from suppliers

Cost containment programs can also help with optimizing space efficiency, can review your energy consumption to decrease total occupancy costs.

Provide Insurance Analysis

Detailed analysis of your association’s insurance policies makes sure that your coverage is adequate and that you’re not overspending on premiums.

Negotiation

By using our industry relationships, we can negotiate lower rates and preferred status in the market to increase your savings while keeping management fees affordable for you.

Improving your services through cost containment initiatives set out by a professional property management firm will help you identify where you’re losing money, let you see your weak points as well as your strengths and give you a strong sense of direction on how to proceed.

 

 

 

 

 

 

 

Property Management Checklist for Fall

Now that fall is upon us, it’s important to do some seasonal maintenance. Performing routine fall maintenance, cleaning and repairs will prepare your property for winter, helping to prevent harsh environmental conditions from causing damage. The fall is the best time to perform these routine maintenance projects before it gets too cold to work outside. Here is a helpful property management checklist for fall.

Animal Proofing

As soon as the temperatures start to drop, animals start looking for warm and dry places to nest for the winter. Many of these creatures, including rats, mice, and racoons, can burrow into small cracks and crevices in your property, disrupting the lives of all the residents and causing health and safety concerns. Sealing up any cracks or exposed entry points is a good way to prevent animals from infesting your property. Animal control experts can have the area around your property sprayed for extra protection.

Roof Protection

Your building’s roof is the premier barrier between your property and the elements. It’s important to make sure that your roof is cleaned and structurally sound before ice and snow can do any damage. Have any cracks or dents repaired to prevent leaks and flooding during the winter.

Insulation Inspection

Insulation is especially necessary during the winter. Not only does proper insulation keep your property temperature regulated, it also saves residents money on utility bills and prevent pipes from freezing, bursting and causing flooding. Have your insulation inspected and repaired to ensure that your property stays as warm and secure as possible this winter.

Getting your building prepared for winter can be a challenge as a property manager. For comprehensive property management you can trust, choose T.R.A.M.S Property Management. Our team of professional experts can make sure your property is prepared for winter with detailed cleaning and organizational assistance. Contact us today for more information about our property management services.

Our commitment can be your success!

Why Invest in Property Management?

As an owner of commercial or residential real estate, you need to get the most value out of your investment. To effectively achieve this, an experienced property manager can operate and oversee the building to make sure it is continually running optimally. Property management is also concerned with system processes known as the ‘life cycle’ of all acquired property. It covers acquisition, control, accountability, responsibility, maintenance, utilization and disposition. Overall, there are many reasons to invest in a property management company – here are a few of them.

Better Return on Investment

In many cases, having a strong property manager or management team on your side will increase the value of your property in the long run and help you earn more from your property. A property manager will:

  • Always keep your rental property rented
  • Strive to meet the expectations of tenants
  • Take care of maintenance requests
  • Report problems, damages in a timely manner (before they become too expensive to fix)
  • Increase the likelihood of your tenants renewing their leases (to create a low turnover rate situation)
  • Market your property
  • Screen prospective tenants (credit, criminal and eviction checks)
  • Get units ready for new tenants
  • Take care of billing

Having a property manager take care of these things will help you see a nice return on your property. The consistency a property manager will give to your building and tenants will lower your chance of damages and provide a solid system of operation within your property, increasing its value.

Attract Reputable Tenants

A property manager who knows what it takes to be a quality tenant does the best prospective tenant screenings. Screenings protect your property from abuse, damage and poor treatment that can not only cost you repairs but also cost you your reputation. While you can evict a bad tenant or two – it’s best you avoid it all together. Hiring a property manager will ensure that:

  • The people renting your property have good backgrounds
  • That rent is paid on time
  • That your property is respected

Fewer Legal Problems

It only takes one problem tenant to make a lot of legal problems for a property owner.  Property managers have the most up-to-date knowledge of tenant-landlord laws and will make sure your rights are protected.

Property management is simply the smarter way of organizing the care of your property to keep it in good condition for years to come.  Contact us at T.R.A.M.S Property Management to see how we can help you make owning and renting out property that much easier.

Keep Your Condo Clean with a Property Management Team

In communal living arrangements such as condos, it can be difficult to decide who should be responsible for the cleanliness and upkeep of the spaces that everyone shares such as lobbies, courtyards, gyms and recreational rooms. Hiring a property management company for your condo building is a great way to create a happy and healthy space for everyone.

A property management company will manage the cleanliness and organization of all communal spaces in a condo building so none of the residents have to bear the burden of that responsibility. Here are some of the ways that a property management company can improve the cleanliness and overall wellbeing of your condo building.

Protect Your Health and Safety

Unkempt communal spaces in your condo can have negative health effects for all the residents of your building. Germs from unwashed gym equipment, for example, can quickly spread through the halls and into the apartments on each resident. If garbage in the lobbies and courtyard are not dealt with properly, it could lead to insect and mold infestations. A property management team will make sure all communal spaces are properly maintained so that no harmful germs or bacteria will be able to grow, keeping you and your neighbors safe.

Avoid Conflicts

Messy communal spaces can also put a strain on the relationship between you and your neighbors. Without external support, many condo associations have trouble delegating cleaning tasks and monitoring the regulations of their building’s communal spaces. This can lead to conflicts and negative attitudes amongst residents.

A property management company will oversee the cleaning of the communal spaces in your condo so that you and your neighbors don’t have to worry about it. A property management team will keep communal spaces spotless and organized so the residents don’t have to take time out of their busy schedules to keep their building clean. Hiring a property management team is the most convenient way to ensure that the communal spaces in your condo building stay clean.

The experienced and qualified experts at T.R.A.MS. Property Management will hire and manage a professional janitorial service to ensure the cleanliness of your condo building. Contact us today for a comprehensive series of stress-free condo management services.