Managing condominiums can be an expensive and time-consuming process. No matter the number of units in a property, property management can become fiscally exhaustive. For your association to successfully navigate condominium management, you need to carefully handle your expenses. Here are a few areas where costs can usually be reduced.

How to Reduce Expenses in Property Management

1. Look for Competitive Vendor Pricing

Managing a condominium requires various vendors for services such as landscaping, general maintenance, and cleaning. Get quotes from competitors and compare their rates to their service offerings to determine which will work best. 

As your contract is set to expire, ask to renegotiate the contract at a board meeting. You might be able to negotiate for a lower rate in return for a longer service agreement. 

You can also join a bulk purchasing group. There are cost-saving benefits to buying goods and services in a large bundle. Many vendors offer bulk purchasing, so you can potentially get a better deal on services you already have. 

2. Manage Utilities

Automate any utilities you can, such as the landscaping sprinklers and common room lights. Encourage residents to switch to energy-saving light bulbs and high-efficiency showerheads to reduce energy and water waste.

You can even earn money back from the rebates offered by Hawaii Energy. By replacing your current air conditioner and lighting with energy-efficient alternatives, you’re eligible to receive cash back. The rebates also extend to appliances like your refrigerator, washer and dryer units, and your water heater.  

3. Reduce Costs & Save Money Over Time 

You can choose to have your audit done for one year or for the next three years. By choosing the three-year plan, you’ll fix the cost at a single rate for that period of time. If there’s an increase in your dues during the next three years, the cost of your audit will still remain steady. 

Addressing problems before they escalate will also save you time and money. Have AC units inspected at the start of a new season. Bring in maintenance technicians periodically to repair minor issues like loose or damaged doors and windows.

If your condominium board needs assistance managing your facilities in Honolulu or Kona, contact the experts at Hawaiian Properties. They have a local team of more than 30 property managers and 50 accounting and administrative staff members to help maintain your properties. Call the property management company today at (808) 539-9777 to schedule an appointment, or check out their website to find out more about their services.