How Property Managers are Reducing Operational Expenses

Property managers continue to battle increasing operational costs as material and labor prices increase. The short term solution has been to raise rental prices, but that will only go so far. In some cases, rental agreements prohibit this, and pricing too high will leave properties vacant. With no end in sight, property managers and owners are in a difficult position. When looking to reduce expenses and increase profit, property managers and owners have narrowed their focus to three key areas: reducing utilities, routine maintenance, and durability and longevity. 

Liberty Hill Sawn Flagstone Patio by Green Monster Landscapes, with stone supplied by NH Thinstone.

Electricity is the most common utility to reduce because it has an immediate impact. Simple changes like smart thermostats, LED Bulbs, and energy-efficient appliances are quick, easy, and cost-effective. 

Electricity isn’t the only utility with an opportunity to save. Property owners and managers are looking at water usage as an opportunity to save and conserve energy. Xeriscaping, landscape design that reduces irrigational needs, started in desert climates and is now becoming more mainstream regardless of location. 

One of the biggest expenses property owners and managers incur is landscaping. Everything from mulch, to mowing, and watering lawns increases the cost of operational expenses. The change being made is using low-maintenance products including natural stone, to help reduce this expense. 

Mulch is being swapped out for pebbles or crushed stone. Various types of flagstone creates beautiful outdoor gathering spaces and reduces the need for lawn care and water consumption. Easy-to-care-for plants add to the aesthetic and also use less water.  

It’s not uncommon to build or repair something for the short-term without considering the additional cost to repair or replace. Property managers and owners are starting to realize the savings and profitability that comes with using durable materials that can hold up for years without losing their luster.

Two of the most common changes: 

• Granite countertops look great and can withstand usage over time
• Natural stone walkways and patios add value, withstand the elements, and have minimal, if any, wear in high-traffic areas. 

This durability reduces the frequency and cost of repairs and replacements, offering long-term savings for property owners.

For more on how to create beautiful, functional spaces including interior, exterior, and landscape designs, download our e-book, "27 Ways to Upgrade Your Home Using Natural Stone."