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.
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.