Remember, it’s important to look for both things you should not be paying for and things you are paying too much for. It’s also worth creating budgets and KPIs so you can track and curtail expenses.
Please note, however, there are some costs you should never cut. Like tenant screening—never cut that!
Utilizing Technology to Reduce Expenses
There are countless technological solutions that can be used to reduce costs. ShowMojo or Rently are much cheaper than leasing agents. AI or Fiverr can be used for graphic design and to create logos, as well as help with writing property descriptions, employment ads, etc. AI Chatbots can answer simple questions for prospects. DocuSign can reduce the costs of office supplies. Smart thermostats or leak detectors can reduce utility costs, particularly on larger and commercial units that you pay the utilities for. In dangerous areas, the cost of security equipment, like SimpliSafe, has fallen dramatically in recent years.
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