Thanks Wallace. Great post.
Although my property management business is an S-corp entity, I am the chief, cook and bottle washer and as such I have found that by being totally and completely involved in the day-to-day operation, I can make decisions regarding my bottom line that may go against the grain of many corporate real estate firms.
1) I use USPS stamps and delivery confirmation, priority and express mail. I don't use FedEx or UPS and if I have to send something overseas, I use our local DHL from our local pack n'mail. I don't pay for a postage machine lease or have a lot of money loaded into a postage machine waiting for use. I receive my business mail at a post office that is near my home and utilize their window hours when necessary.
2) I no longer make bank deposits for my client/escrow account. Late in 2008, I started using a wealth management account through Merrill Lynch and so now I remote scan checks directly from my computer and desktop scanner. No going to the bank, writing out deposit slips and while the account gains interest, the big savings is in my time and being able to do banking anytime from my desktop.
3) After over 8 years of using laptops for my business and home, I elected to have a pc computer tower and specialized drives installed and operate two monitors for faster processing and storage and multi-tasking. I had an additional shadow drive installed with software that automatically backs up my work. Additionally, I have photo and other important data backed up on jump/travel drives and use them transport data to my home laptop. No expensive monthly online backup service.
4) After years of growing my business with quarterly printed client and farming newsletters, I have stopped them and am now concentrating on my blogging efforts. I promote my blog on my business card, website, return address on my correspondence, owner financial reports and owner property presentation. The propertymangementmaven is EVERYWHERE!
5) Finally, I no longer have any print media ad costs except for a business card size ad in a monthly newsletter that is delivered to an area where I have a large inventory of rental homes. The cost is about $45 per month and I enjoy working with the firm that puts it out. By aggressively marketing rental listings on my website and promoting my website on Craigslist, postlets and their partner sites, I am able to put my listings and company name out and feel that the additional time spent on these daily posts is well worth my efforts as my properties rent faster, my company name is high on search engines and prospective clients appreciate my diligence in posting my property listings. I gave up my yellow page advertising over 5 years ago and now I take the time to review Google and Yahoo as well as other online business listings for my company and monitor entries and reviews with ALERTS for my and my company name.
These items may appear small in the day-to-day of running a real estate business; however, the savings add up and show on my bottom line!!!
Wallace S. Gibson, CPM
GIBSON MANAGEMENT GROUP, Ltd.
View our available rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous