Continuing our expense reduction series, this week's article reviews the importance of preventative maintenance in curbing operational costs. At BLVD, we understand that proactive upkeep is not just a reactive measure but an essential strategy for long-term efficiency. We implement a dual approach to preventative maintenance: one that includes upfront actions upon acquisition and recurring annual procedures. This article outlines our most effective practices, designed to drive savings across the board. To access parts I and II of our Operating Expense Reduction plan series, click here.

Preventative Maintenance Checklist

Routine Property Walkthroughs

Performing routine walkthroughs is essential for the early detection of potentially costly issues. Our process involves inspecting all units annually and common areas quarterly, with both ownership and property management present. Just last week, we conducted a walkthrough of our property in the Kingfield area of Minneapolis (pictured above). During these walkthroughs, we engage with tenants to address any concerns, such as running toilets or leaky faucets. We also identify tenants who may not be properly maintaining their units.

Additionally, these inspections provide us with valuable opportunities to brainstorm strategies aimed at boosting income. Whether it's identifying areas for improvement in units scheduled for turnover, exploring possibilities for rent adjustments, or considering the implementation of value-added services, these discussions contribute significantly to maximizing the revenue potential of our properties while ensuring their long-term profitability.

Install Vinyl Plank Flooring

As part of our original cap ex plan, we prioritize replacing carpeting with vinyl plank flooring. Carpets show wear and tear easily and can rack up maintenance costs over time. By opting for vinyl plank flooring, we not only enhance the appearance of our properties but also cut down on long-term upkeep expenses.

Install LED Lighting

Installing LED lighting in apartment units and common areas allows us to reduce our electricity expenses. According to the Department of Energy, lighting typically makes up about 15% of the total electricity consumption in an average home. By switching to LED lighting, households can save significantly, with the average household cutting approximately $225 from their annual energy bills. This strategic change leads to substantial cost savings over time.

Install Energy Efficient Appliances

After purchasing a property, we immediately install energy-efficient appliances. These modern appliances, distinguished by their Energy Star rating, are significantly more efficient than older models, leading to lower operating costs.

Jet Sewer Lines

Annually clearing sewer lines is a crucial preventive measure we undertake to avoid major sewer issues. This is particularly important for older buildings, where main sewer lines are prone to debris buildup and small tree roots intrusion. By jetting these lines annually, we ensure they remain clear of obstructions, minimizing the risk of costly sewer problems.

Final Thoughts

In wrapping up our discussion on preventative maintenance, it's evident that proactive measures play a pivotal role in minimizing operational costs and maximizing efficiency. By implementing our preventative maintenance checklist, we not only improve the quality of our properties but also drive significant savings over time. This comprehensive approach reflects our commitment to proactive management and ensures that our properties remain resilient, and cost-effective investments, for years to come.

Thank you for reading and your interest in BLVD Ventures. We look forward to having you follow along. Feel free to reach out anytime with questions and connect with us further using the button below.