Everyone is talking about saving money and cutting expenses these days- but what does that really mean to you and your association? With assessment income down and operating expenses up, many associations find it hard to pay vendors and continue services, so how does an association cut expenses?
Here are a few real, inexpensive ways to save a little – and perhaps a lot of - money in your association.
This seems obvious, but many associations are wasting money and valuable resources. If your association pays for water for owners, encourage owners to check for leaking toilet flappers and check hose bibs. A leaking toilet can waste hundreds of gallons of water a day; multiply that by the number of units or homes and that can add up to big bucks! Check out how Weathermatic's smart water program makes it easy to save green and give back to communities worldwide.
Install a rain gauge and make sure it works. This is mandatory in many cities, but even if you have one, check that it works properly. Rain gauges are inexpensive, but they can save an association quite a bit of water expense if used correctly by reducing the use of the irrigation system.
Check and adjust the sprinkler system. Some people think watering three days a week for 10-15 minutes per day per station keeps the landscape looking nice. It might, but it also burdens the association by requiring frequent watering. Watering for longer periods of time and less often, maybe two days a week, helps plants dig deeper, stronger roots. As the water penetrates the dirt and goes deeper, so do the roots. This, over time, helps plants survive with less watering.
Switch light bulbs to compact florescent or LEDs and save the association some money and the earth some energy.
Review the association’s electricity bill. If the association is in a deregulated area, shop around for less expensive providers. Everyone is looking for business right now, capitalize on it! Also, don’t assume the provider you have is billing correctly, always double check the bill for wrong billing rates or additional service fees.
Consider turning off non-essential equipment. If there is a clubhouse or onsite office, look into what can be unplugged or turned off when not in use. Appliances and equipment that have transformers always are drawing small amounts of electricity. Unplugging these can save resources as well as a little green.
Integrating these quick tips into your community's operations may not provide overnight savings, but they will definitely pay off and help the bottom line in the long run.