CREPN #147 - How to Reduce Your Multifamily Operating Expenses with Jack Howell

CREPN #147 – How to Reduce Your Multifamily Operating Expenses with Jack Howell

J. Darrin Gross Podcast, Real Estate

Learn how you can reduce your Multifamily Operating Expenses by using micro water meters.   

 

The ability to increase your net operating income and property value can be affected by either increasing your rents, lowering your expenses or both.

When you use micro water meters to measure your building water usage, you have instant actionable performance data that you can immediately respond to and correct the leak.  Your ability to timely stop your leak can reduce your operating expense, save money and water.

Jack Howell with ION Energy Solutions, monitors over 800,000 micro water meters daily.  Because ION measures so many units, they have the experience and data benchmarks to recognize instantly when one of your units has a leak.

Operating Expenses

The average cost of a gallon of water is $.01.  The average usage of a two bedroom apartment is 100 gallons per day.  If one toilet flapper chain gets hung up and the flapper does not close, and the toilet fills for six to seven hours, that toilet can waste as much as 3,000 gallons in one day.  That’s more water in one day than should be used in one month. If that one toilet leaks for 30 days, it’s easy for the cost of wasted water to add up.

Water leaks have little to do with gallons and everything to do with time.  An average medium leak will waste 1,000 gallons per day. How long would it take for you to determine you have  medium leak? How much will your medium leak cost you over 3 months?

There are multiple reasons to consider installing micro meters.  The primary reason are financial. Less water used, results in a lower water bill.  Additional reasons include that the micro meters qualify for Green Loan Incentives. Use of micro water meters can also fulfill some of your reporting requirements for Low Income Housing Tax Credits.   

If you own multifamily property and are looking for ways to reduce operating expenses, you need to know about the savings available through the use of micro water meters.

For more go to: www.IONENERGYSOLUTIONS.com

About the Author

J. Darrin Gross

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J. Darrin Gross is known to his clients & prospects as the most trusted insurance adviser for commercial real estate insurance. He is famous for helping apartment building and commercial property owners get high quality comprehensive protection at unbeatable rates. Download a free copy of the Real Estate Investors Guide to Commercial Insurance.