Small changes to contracts and operations can add up to large savings. Here are five areas that almost always pay off.
Most associations can lower their costs without lowering quality. It rarely takes dramatic decisions — it takes a systematic review of what is already in place.
1. Review the electricity contract
Electricity contracts often renew automatically on worse terms. Running a procurement every second year usually pays off.
2. Review the management agreement
Check what is actually included and what is invoiced separately.
3. Bundle service agreements
Lifts, ventilation and cleaning can often be procured as a package.
4. Revisit the loans
Fixed periods and interest rates should be reviewed before every reset date.
5. Update the maintenance plan
A current plan lets you schedule work in the right order instead of reacting to emergencies.