Improving Your Multifamily Property’s Operational Efficiency

Posted by Braden Equities Inc. on Jun 16, 2016 9:00:00 AM

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In today’s world, both business and life move at such a rapid pace that everyone wants to do more in less time. For some, this type of increased productivity is also the definition of efficiency. These principles can help with improving your multifamily property.

Effectiveness is doing the right things, and efficiency is doing things right. That means the first priority is not necessarily to do things faster, but rather to make sure you are working on the right things.

In dense urban settings, commercial buildings can account for up to three-quarters of a city’s energy usage. This fact makes it critical that buildings operate more efficiently to help meet our country’s growing energy needs, reduce greenhouse gas emissions, save money and create jobs.

Related: 7 Tips to Help Lower Your Lawn Maintenance Bill 

Many of the steps toward improving multifamily property operational efficiency are relatively easy and economical to deploy. Here are some tips to help an owner or investor move toward better efficiency for his or her multifamily property:

Consider water conservation opportunities: Low-flow and dual-flush fixtures are already used in most facilities, but it may be time to evaluate more widespread use as technology has expanded choice and some prices have decreased. Use native species plantings for most landscaping along with moisture-sensing irrigation controls for the remaining areas.

Measure water consumption and waste: Conduct a water audit of your facilities, building or geography to determine where water is being used and wasted. Reduce water consumption by maintaining equipment and fixing leaks. Even a slow faucet leak can waste hundreds of liters of water per month. Pay special attention to toilets, sprinkler heads and ice machines.

Maintain equipment for maximum efficiency: Making sure equipment is properly serviced and maintained means lower energy costs and extended life. Proactive maintenance on larger mechanical equipment like chillers and boilers pays off quickly. Don’t forget steam traps – they are often overlooked but almost always show fast paybacks.

Purchase more efficient equipment: Replace or eliminate outdated equipment with modern devices. Investigate the use of smart power strips to eliminate smaller loads when they aren’t required. Consider remanufactured and recycled office supplies. Green your supply chain by giving preference to suppliers and vendors who follow specific environmental practices.

Understand and meet LEED standards: Build, renovate and operate your facilities according to Leadership in Energy and Environmental Design (LEED) standards. This will benefit your bottom line by lowering operating costs and increasing asset value. It will benefit the environment by conserving energy and water, reducing waste sent to landfills, creating healthier, safer occupant environments and reducing harmful greenhouse gas emissions.

Final Thoughts

There are remarkable economic and societal pressures on commercial building owners and property managers to use their resources more cost-effectively and to make their buildings operate more efficiently. Just remember that even if it’s something as easy as repairing leaky faucets, there are many steps a building owner or facility manager can take to immediately start the process, and improve their operational efficiency.

Thank you for taking the time to read our blog post. Did you find these tips on improving your operational efficiency to be helpful? Please leave your comments below.

 

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With nearly 40 years in business, Braden Equities Inc. is one of the premier property management companies in Edmonton and the surrounding area. Our management style is tailored to the unique needs of each one of our clients, and we work as a team to ensure that every project is treated with the care and attention it deserves. We pride ourselves on having the best staff in the industry, backed by strong, proven management systems that deliver results. We firmly believe that paying attention to the details can make all the difference.
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