How To Lower Costs By Increasing Efficiency
Evaluating the profitability of your business requires an incredibly straightforward equation: Profit = Revenue – Expenses. Increasing profit is quite simple – increase your revenue or decrease your expenses. We’ve discussed a lot of ways you can increase your revenue in our previous videos. Let’s now turn our attention towards reducing costs.

There are a handful of practical ways to modify your business practices to minimize spending wherever you can. Each of these opportunities is tied to becoming more involved in your properties, so they offer extra benefits beyond reducing spending that will increase the overall health of your business. Our advice to you is don’t be afraid to get your hands dirty and think about your business as a business.

We’ve established 5 approaches that landlords can take on in order to minimize costs. These include –

Managing your own properties

Property managers are becoming more popular, but they’re also becoming more expensive. Typical fees range from 8 to 10% of rent collected. If you own and manage 10 units and they each bring in $1,000 per month in rent, that’s $800 to $1,000 a month in property management charges. Sure, that includes handling minor maintenance, filling your units, and communicating with tenants, but it’s still a steep price to pay. There are a handful of powerful reasons to manage your properties yourself.

Choosing the right property management software

Managing your properties yourself is a smart business move, but it can become overwhelming. Fortunately, modern property management software automates many of the responsibilities and tasks. What’s more, many systems, like Innago, provide these tools at absolutely no cost to you. If you go the route of selfmanaging, the property management software you choose will become an essential partner in your business.

Some of the most notable ways software can help is by

Collecting Rent Online

Automating Notifications and Bookkeeping

Finding Better Renters (through applications and screening)

Tracking Maintenance More Easily

And offering Cloud Storage



Minimizing maintenance costs
If you do go the route of selfmanagement, you’ll have more control over your maintenance processes and as a result, your maintenance expenses. The most important step here would be to learn the maintenance basics.

Touch up instead of replace
Just because something isn’t working doesn’t mean it needs replacing. And just because something is used doesn’t mean it can’t look brand new. Especially when renovating or rehabbing a property, finding ways to touch up and repair instead of replacing can save you plenty.

Take this same approach with your entire property. Finding ways to tune up, touch up, and maintain will keep your bottom line healthy.

Within these 5 approaches, we’ve outlined several ways that you can implement cost reduction. The only thing left for you to do is pick and choose the methods that will work best for your business.


About Innago
Innago is a free, easy to use online property management software designed for landlords and property managers of all sizes.
Innago allows you to create applications, screen tenants, sign leases, collect rent, manage work orders, organize financials, communicate with tenants, and much more.
Our mission is to make renting simple, accessible, and affordable for landlords of any size. Too many property management applications are overwhelming, bloated with unnecessary features that drive up the cost and turn their software solution into a software problem. From day one, we've met and collaborated with landlords of all sizes to produce software that is free, effective, and efficient.

Start Managing Rentals Better. For Free. https://innago.com/

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