Property managers can be your most valuable ally if you’re a landlord looking to maximize the potential of your rental property. They are tasked with conducting regular property inspections, responding to maintenance requests, interacting with tenants, and helping you manage your properties daily. A property manager can also save you money.
Property managers conduct inspections for landlords and property owners and can advise tenants on reducing their energy costs. This is especially important for new tenants who might not be aware of how to cut back on their energy use. Even the smallest changes can result in cost savings and energy conservation.
Renting out energy-efficient properties means cutting utility costs and potentially increasing profit margins. Here are a few ways to increase your property’s energy efficiency and unlock property profitability.
Perform An Energy Audit
Every building is different in terms of size, fixtures, and construction, which determines how much energy it uses. A good place to start assessing how much energy rental properties are consuming is to conduct a comprehensive energy audit. The audit will help you set each rental property’s energy efficiency goals, budget, and cost savings objectives.
An energy audit is a determination of your properties’ energy effectiveness. The audit will show which areas are consuming a lot of energy and where there is waste. A great fact about conducting energy audits is that property managers might encounter issues that may have gone unnoticed.
The auditor will offer suggestions on where improvements can be made and outline problematic areas that impact your energy bill. The energy audit report allows you to prioritize necessary upgrades, stay up to date with energy costs, and make the required changes to cut costs and reduce consumption.
Implementing Energy-Efficient Measures
Investing in energy efficiency improvements in your rental property does not have to strain your budget or disrupt your schedule. The smallest changes can make a massive difference in reducing your utility bills.
Install Smart Meters
Smart meters can be a great way to prevent estimated billing and guarantee accurate readings if renting out a property. With no need for manual readings, the in-home display shows the digital meter reading, which is automatically sent to your energy supplier at least once a month.
Smart meters allow tenants to take charge of their spending. This also allows them to monitor their energy usage and billing during their rental period because of the real-time usage data provided by smart energy monitors. In addition to saving them from waiting for energy supplier bills, this guarantees landlords and property management companies have a consistent cash stream.
Invest in Smart Thermostats
Smart thermostats are a fantastic investment for rental properties. These gadgets can help your rental properties run as efficiently as possible by allowing you to control heating remotely and can save over £300 annually on energy bills. Your tenants can create an energy-efficient heating and cooling schedule using smart thermostats. For instance, the system can keep indoor temperatures a few degrees above or below the outside temperature or automatically turn off the HVAC at night.
Additionally, some smart thermostats enable tenants to turn on the HVAC system just before they return and turn it off remotely while they are away, ensuring the property’s temperature is comfortable. This automatically increases tenant satisfaction while reducing energy use.
Switch to Energy-Efficient Lighting
It’s easy to replace light bulbs to make your rental property more energy-efficient. Switch to LED bulbs instead of conventional incandescent or halogen ones, lasting five to ten times longer and consuming seventy-five percent less energy.
Although LED bulbs may cost more upfront, their longer lifespan and reduced energy consumption make them a better long-term investment. By selecting energy-efficient lighting, you can cut your energy usage for many months or years and save money on replacement costs.
Use Smart Plugs
Appliances like televisions, ovens, game consoles, and others drain energy even when not in use, causing your energy bills to increase. Using smart plugs or switches to manage electricity distribution to these appliances can significantly cut energy consumption to solve this problem.
Tenants can use smart plugs to reduce energy use when devices are plugged in. Leaving large electrical setups plugged in even when turned off is among the most prevalent sources of energy waste.
Appliances and devices that use phantom energy while in standby mode are a computer, home entertainment systems, dishwashers, and washing machines. With smart plugs, property managers can reduce unnecessary energy waste in rental properties and save money.
Final Thoughts
Saving energy might feel out of the hands of tenants renting a property you are managing. However, many affordable ways exist to reduce energy consumption, save money, increase profit margins, and lower energy bills. As a property manager, the best thing you can do for property owners and landlords is find ways to make the rentals energy-efficient to improve their bottom line.
